<SEC-DOCUMENT>0001292814-18-001977.txt : 20180530
<SEC-HEADER>0001292814-18-001977.hdr.sgml : 20180530
<ACCEPTANCE-DATETIME>20180530172850
ACCESSION NUMBER:		0001292814-18-001977
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		166
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180530
DATE AS OF CHANGE:		20180530

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:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		18869262

	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>20-F/A
<SEQUENCE>1
<FILENAME>sbsform20f_2017a.htm
<DESCRIPTION>FORM 20-F/A
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">FORM 20&#8209;F/A</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman bold">(Amendment No. 1)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;REGISTRATION STATEMENT PURSUANT TO SECTION&nbsp;12(b)&nbsp;OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">OR</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">OR</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For the transition period from ________________ to _______________________</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">OR</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">&nbsp;&nbsp;&nbsp; SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date of event requiring this shell company report__________________________</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">Commission file number 001&#8209;31317</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="Times New Roman">Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo&#8211;SABESP<BR>&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Exact name of Registrant as specified in its charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Basic Sanitation Company of the State of S&#227;o Paulo&#8209;SABESP<BR>&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Translation of the Registrant&#8217;s name into English)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Federative Republic of Brazil<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Jurisdiction of incorporation or organization)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Rua Costa Carvalho, 300</FONT></B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"><BR>&nbsp;</FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">05429&#8209;900 S&#227;o Paulo, SP, Brazil<BR>&nbsp;</FONT></B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">(Address of principal executive offices)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Rui de Britto &#193;lvares Affonso<BR>raffonso@sabesp.com.br<BR>(+55 11 3388 8247)<BR>Rua Costa Carvalho, 300 05429&#8209;900 S&#227;o Paulo, SP, Brazil</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Securities registered or to be registered pursuant to Section&nbsp;12(b)&nbsp;of the Act:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Title&nbsp;of each class</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Name of each exchange on which registered</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Common Shares, without par value</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">New York Stock Exchange</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">American Depositary Shares, evidenced by American Depositary Receipts, each representing one Common Share</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">New York Stock Exchange</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Not for trading purposes, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act:&nbsp; None</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d)&nbsp;of the Act:&nbsp; None</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">683,509,869 Shares of Common Stock</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark if the registrant is a well&#8209;known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">No </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">No </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements for the past 90&nbsp;days.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">No </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule&nbsp;405 of Regulation&nbsp;S&#8209;T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to submit and post such files).</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">No </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non&#8209;accelerated filer, or an emerging growth company.&nbsp; See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Large Accelerated Filer&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Accelerated Filer&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Non&#8209;accelerated Filer&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Emerging Growth Company&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">U.S.&nbsp;GAAP </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">International Financial Reporting Standards as issued by the International Accounting Standards Board </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item&nbsp;17 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Item&nbsp;18 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b&#8209;2 of the Exchange Act).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>o </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">No </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#254;</FONT></P>

<P style="MARGIN: 0in 0in 0pt 4.5pt; TEXT-INDENT: -4.5pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"><BR clear=all></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&#8224; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">EXPLANATORY NOTE</FONT></B></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment No. 1 to the Annual Report on Form 20-F for the fiscal year ended December 31, 2017 of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP, originally filed with the Securities and Exchange Commission on April 27, 2018 (the &#8220;2017 Form 20-F&#8221;), is being filed for the purposes of adding Exhibit 101 to Item 19 &#8220;Exhibits&#8221; and furnishing the Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. This Exhibit was not previously filed.</FONT></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment No. 1 to the 2017 Form 20-F also includes the following principal updates: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" 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: 9pt" face="Times New Roman">The following changes resulting from our annual shareholders&#8217; meeting held on April 27, 2018:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">The increase in the number of members on our board of directors from eigtht to ten;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">The election of members to our board of directors to serve until our annual shareholders&#8217; meeting in 2020. For the current composition of our Board of Directors, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;A. Directors and Senior Management&#8212;Board of Directors&#8221;;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">The election of members to our fiscal council to serve until our annual shareholders&#8217; meeting in 2019. For the current composition of our fiscal council, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;A. Directors and Senior Management&#8212;Fiscal Counsil (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Conselho Fiscal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">)&#8221;;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">The approval of the legal reserve, dividends and investment reserve for the fiscal year ended December 31, 2017. For more information, see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Reserves&#8221; and Item&nbsp;8.A.&nbsp; Financial Statements and Other Financial Information&#8212;Dividends and Dividend Policy&#8221;;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">The approval of R$4.7 million in aggregate compensation payable to members of our board of directors, members of our fiscal committee and our executive officers in 2018. For more information see &#8220;Item 6. Directors, Senior Management and Employees&#8212; Directors, Senior Management and Employees&#8212;B. Compensation&#8221;;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Certain revisions to our bylaws in order to comply with Federal Law No. 13,303/16 and the new </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">requirements, and other changes in our governance structure, such as the termination of the Regulatory Affairs Committee. For more information regarding our bylaws see, &#8220;Item 10. Additional Information&#8212;B.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Memorandum and Articles of Association.&#8221;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">For more information regarding the changes required to be implemented by June 30, 2018 under Federal Law No. 13,303/16 see, &#8220;Item 16G. Corporate Governance&#8212;Required Changes to Corporate Governance Practices of Brazilian Government Controlled Companies.&#8221; For more information regarding the changes required to be implemented by April 2021 under the new </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">requirements see, &#8220;Item&nbsp;9.C. Markets&#8212;Trading on the Brazilian Stock Exchange&#8212;The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> Segment;&#8221; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 72pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">The formalization of our dividend policy. For more information on our dividend policy, see &#8220;Item&nbsp;8.A.&nbsp; Financial Statements and Other Financial Information&#8212;Dividends and Dividend Policy&#8221;;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" 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: 9pt" face="Times New Roman">The election on May 14, 2018 of Karla Bertocco Trindade as our Chief Executive Officer. For more information, see &#8220;Item 4. Risk Factors&#8212;Risks Relating to Our Control by the State of S&#227;o Paulo&#8212;We are controlled by the State of S&#227;o Paulo, whose interests may differ from the interests of non-controlling shareholders, including holders of ADSs&#8221;;</FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" 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: 9pt" face="Times New Roman">The conclusion of the Second Ordinary Tariff Revision in May 2018 and our subsequent filing of a reconsideration request as well as a clarification and revision request with ARSESP on May 24, 2018. For more information regarding this tariff revision, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Tariffs&#8212;Second Ordinary Tariff Revision (2017-2020)&#8221; </FONT></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other than as expressly set forth above, this Amendment No. 1 to the 2017 Form 20-F does not, and does not purport to, amend, update or restate the information in any other item of the 2017 Form 20-F, or reflect any events that have occurred after the 2017 Form 20-F was originally filed.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">TABLE OF CONTENTS</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PART I&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 1.&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">OFFER STATISTICS AND EXPECTED TIMETABLE&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 3.&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">KEY INFORMATION&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">INFORMATION ON THE COMPANY&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">25</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">OPERATING AND FINANCIAL REVIEW AND PROSPECTS&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">79</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">106</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 7.&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">115</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FINANCIAL INFORMATION&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">124</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">THE OFFER AND LISTING&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">127</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 10.&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ADDITIONAL INFORMATION&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">132</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 11.</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK&nbsp;</FONT></P></A></TD>

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   <A href="#page_148">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">144</FONT></P></A></TD></TR>

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   <A href="#page_151">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 12.&nbsp;</FONT></P></A></TD>

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   <A href="#page_151">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES&nbsp;</FONT></P></A></TD>

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   <A href="#page_151">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">147</FONT></P></A></TD></TR>

<TR>

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   <A href="#page_153">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PART II&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <A href="#page_153">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">149</FONT></P></A></TD></TR>

<TR>

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   <A href="#page_153">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 13.&nbsp;</FONT></P></A></TD>

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   <A href="#page_153">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES&nbsp;</FONT></P></A></TD>

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   <A href="#page_153">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">149</FONT></P></A></TD></TR>

<TR>

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   <A href="#page_153">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 14.&nbsp;</FONT></P></A></TD>

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   <A href="#page_153">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS </FONT></P></A></TD>

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   <A href="#page_153">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;149 </FONT></P></A></TD></TR>

<TR>

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   <A href="#page_153">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 15.&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CONTROLS AND PROCEDURES&nbsp;</FONT></P></A></TD>

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   <A href="#page_153">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">149</FONT></P></A></TD></TR>

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   <A href="#page_154">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 16. </FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 1.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">[Reserved]</FONT></P></A></TD>

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   <A href="#page_154">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">150</FONT></P></A></TD></TR>

<TR>

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   <A href="#page_161">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PART III&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <A href="#page_161">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">157</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 17.&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FINANCIAL STATEMENTS&nbsp;</FONT></P></A></TD>

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   <A href="#page_161">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">157</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 18.&nbsp;</FONT></P></A></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FINANCIAL STATEMENTS&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">157</FONT></P></A></TD></TR>

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   <A href="#page_162">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 19.&nbsp;</FONT></P></A></TD>

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   <A href="#page_162">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBITS&nbsp;</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">158</FONT></P></A></TD></TR>

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   <A href="#page_163">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PART IV </FONT></P></A></TD>

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   <A href="#page_163">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">159</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SIGNATURES</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">159</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">PRESENTATION OF FINANCIAL AND OTHER INFORMATION</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">General</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We maintain our books and records in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; We prepare our financial statements in accordance with International Financial Reporting Standards, or &#8220;IFRS&#8221;, as issued by the International Accounting Standards Board, or the &#8220;IASB&#8221;.&nbsp; Our audited financial statements as of December&nbsp;31, 2017 and 2016 and for each of the years in the three year period ended December&nbsp;31, 2017 and are included in this annual report on Form&nbsp;20&#8209;F.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certain figures included in this annual report have been subject to rounding adjustments.&nbsp; Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Crisis</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our results and operational performance for the fiscal year ended December 31, 2017 were partially affected by the lowest stream flow measurements in over 80 years due to the serious drought in 2014 and 2015. With the return of the rainfall to its historical average for the rainy season that began in October 2015 and ended in March 2016, the level of water in the reservoirs that provide water to the population of the S&#227;o Paulo metropolitan region returned to normal and the measures taken during the water crisis to continue to service consumers were gradually discontinued.&nbsp; However, heightened public awareness of the need to conserve water during the crisis resulted in our customers adopting lower water consumption practices during the water crisis and these practices have been partially integrated into our consumers&#8217; daily habits.&nbsp;Another probable factor for why consumptions levels have not yet returned to their pre-water crisis levels despite the return of the rainfall to its historical average is the contraction of the Brazilian economy, which may have resulted in lower consumption of water by industry and other businesses.&nbsp; As a result, despite our reservoirs having a higher volume of water available for treatment, the total volume of water billed to our clients did not return to the volume of water billed in 2013, before the water crisis.&nbsp; As of December 31, 2017, the reservoirs in the S&#227;o Paulo metropolitan region, where our largest market is located, contained 916.8 million m<SUP>3</SUP> of water storage for treatment, compared to 951.1 million m<SUP>3</SUP> available for treatment as of December 31, 2016. The measurements for these years do not include the so called &#8220;technical reserve&#8221; of 287.5 million m&#179;. See &#8220;Item 4.B. Business Overview&#8212;The Recent Water Crisis&#8221;. &nbsp;Average monthly water production in 2017 for the S&#227;o Paulo metropolitan region was 60.6 m&#179;/s, compared to 58.5 m&#179;/s in 2016, 52.0 m&#179;/s in 2015, 62.2 m&#179;/s in 2014 and 69.1 m&#179;/s in 2013, the year before the water crisis started.&nbsp; For more information, see &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;&#8220;The measures we took to mitigate the effects of the drought that occurred in 2014 and 2015 resulted in a significant decrease in the volume of water billed and revenues from services we provide and, despite the discontinuation in May 2016 of the measures that were used to face the drought, new consumption habits were incorporated and the volume of water billed continues to be impacted by those measures.&#8221; and &#8220;Item 4.B. Business Overview&#8212;The Recent Water Crisis&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Convenience Translations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have translated some of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">amounts contained in this annual report into U.S.&nbsp;dollars.&nbsp; The rate used to translate such amounts in respect of the year ended December&nbsp;31, 2017 was R$3.3080</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to US$1.00, which was the commercial rate for the purchase of U.S.&nbsp;dollars in effect on December&nbsp;31, 2017, as reported by the Central Bank.&nbsp; The U.S.&nbsp;dollar equivalent information presented in this annual report is provided solely for the convenience of the reader and should not be construed as implying that the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">amounts represent, or could have been or could be converted into, U.S.&nbsp;dollars at the above rate.&nbsp; See &#8220;Item&nbsp;3.A. Selected Financial Data&#8212;Exchange Rates&#8221; for more detailed information regarding the Brazilian foreign exchange system and historical data on the exchange rate of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the U.S.&nbsp;dollar.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Rounding</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Some percentages and numbers included in this annual report have been subject to rounding adjustments.&nbsp; Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In this annual report, unless the context otherwise requires, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company,&#8221; or &#8220;SABESP&#8221; refer to Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, references to:</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;ARSESP&#8221; are to the S&#227;o Paulo State Sanitation and Energy Regulatory Agency (</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Ag&#234;ncia Reguladora de Saneamento e Energia do Estado de S&#227;o Paulo</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;ADR&#8221; or &#8220;ADRs&#8221; are to American Depositary Receipt or American Depositary Receipts, respectively;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;ADS&#8221; or &#8220;ADSs&#8221; are to American Depositary Share or American Depositary Shares, respectively;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Brazil&#8221; are to the Federative Republic of Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Central Bank&#8221; are to the Central Bank of Brazil;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Coverage&#8221; indicators are to (a) the number of homes that are actually connected to the water network or sewage collection network, plus the number of homes for which the water and sewage networks are available for connection but which are not connected to those networks (referred to as &#8220;feasible&#8221; or &#8220;connectable&#8221; homes), as a portion of (b) the total number of homes within the urbanized service area covered by our contract with the municipality (i.e., the &#8220;serviceable area&#8221;); </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;CVM&#8221; are to the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, the Brazilian regulator of securities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;federal government&#8221; and &#8220;Brazilian government&#8221; are to the federal government of the Federative Republic of Brazil and &#8220;state government&#8221; are to the state government of the State of S&#227;o Paulo;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;real,&#8221; &#8220;reais&#8221; or &#8220;R$&#8221; are to the Brazilian real, the official currency of Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Regional Systems&#8221; are to the area where the regional systems&#8217; executive office operates, comprising 330 municipalities in the interior and coastline regions of the state of S&#227;o Paulo;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;S&#227;o Paulo metropolitan region,&#8221; with respect to our operations, are to the area where the metropolitan executive office operates, comprising 38&nbsp;municipalities, including the city of S&#227;o Paulo; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Service&#8221; indicators are to (a) the number of homes that are actually connected to the water network or sewage collection network, as a portion of (b) the total number of homes within a given serviceable area;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Sewage Treatment Coverage&#8221; indicators are to the amount of consumer units connected to the sewage treatment system;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;State&#8221; are to the State of S&#227;o Paulo, which is also our controlling shareholder;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;U.S.&nbsp;dollars&#8221; or &#8220;US$&#8221; are to the United States dollar, the official currency of the United States;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;water crisis&#8221; are to the drought we have experienced from late 2013 and throughout most of 2015.&nbsp; This drought, the most serious that our service region has experienced in more than 80 years, primarily affected the Cantareira System, our largest water production system.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Information in this annual report related to liters, water and sewage volumes, number of employees, kilometers, water and sewage connections, population served, operating productivity, water production, water and&nbsp;sewage lines (in kilometers),&nbsp;water loss index&nbsp;and investment in programs has not been audited.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Market Information</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We make statements in this annual report about our market share and other information relating to Brazil and the industry in which we operate.&nbsp; We have made these statements on the basis of information from third-party sources and publicly available information that we believe is reliable, such as information and reports from the Brazilian Institute of Geography and Statistics (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Instituto Brasileiro de Geografia e Estat&#237;stica</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or IBGE, and the State Data Analysis System Foundation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o Sistema Estadual de An&#225;lise de Dados</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or SEADE, among others.&nbsp; We have no reason to believe that any of this information is inaccurate in any material respect.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">References to urban and total population in this annual report are estimated based on research prepared by SEADE entitled &#8220;Projections of Population and Residences for the Municipalities of the State of S&#227;o Paulo: 2010-2050&#8221; (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Proje&#231;&#227;o da Popula&#231;&#227;o e dos Domic&#237;lios para os Munic&#237;pios do Estado de S&#227;o Paulo: 2010-2050</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our Contracts and the Municipalities We Serve </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Throughout this document, we refer to the 368</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities we serve and to our 370</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">contracts.&nbsp; This difference results from the fact that we have two</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">partial water contracts with the municipality of Mogi das Cruzes.&nbsp; However, as the majority of the municipality is serviced on a wholesale basis, Mogi das Cruzes has not been included in the total number of municipalities we serve.&nbsp; Most of our contracts with the municipalities we serve are program contracts which have a term of 30 years </FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman bold">CAUTIONARY STATEMENTS ABOUT FORWARD&#8209;LOOKING STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This annual report includes forward&#8209;looking statements, mainly in Items 3 through 5.&nbsp; We have based these forward&#8209;looking statements largely on our current expectations and projections about future events and financial trends affecting our business.&nbsp; These forward&#8209;looking statements are subject to risks, uncertainties and assumptions, including, among other factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">general economic, political, demographical and other conditions in Brazil and in other emerging market countries;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">changes in applicable laws and regulations, as well as the enactment of new laws and regulations, including those relating to environmental, tax and employment matters in Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">availability of the water supply; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the impact on our business of lower water consumption practices adopted by our customers during the water crisis, which may remain in place despite the discontinuation of the measures adopted to serve the S&#227;o Paulo metropolitan region during the water crisis;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">any measures that we may be required to take to ensure the provision of water to our customers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our exposure to probable increases in the frequency of extreme weather conditions, including droughts and intensive rain and other climatic events;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">fluctuations in inflation, interest rates and exchange rates in Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the interests of our controlling shareholder;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our potential corporate reorganization, as approved by State Law No. 16,525 on September 15, 2017;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our ability to collect amounts owed to us by our controlling shareholder and by municipalities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our ability to continue to use certain reservoirs under current terms and conditions; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our capital expenditure program and other liquidity and capital resources requirements;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">power shortages, rationing of energy supply or significant changes in energy tariffs;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the effects of the agreement for provision of water and sewage services in the city of S&#227;o Paulo, which we executed with the State and the city of S&#227;o Paulo;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the lack of formal agreements between our company and certain municipalities to which we provide water and sewage services, including cities comprising metropolitan regions, urban conurbations, and the fact that the State and municipal governments share competency regarding these services;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the municipalities&#8217; ability to terminate our existing concession agreements prior to their expiration date and our ability to renew such agreements;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our ability to provide water and sewage services in additional municipalities and to maintain the right to provide the services for which we currently have contracts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the size and growth of our customer base and its consumption habits;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our ability to comply with the requirements regarding water and sewage service levels included in our agreements with municipalities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our level of debt and limitations on our ability to incur additional debt;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our ability to access financing with favorable terms in the future;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the costs we incur in complying with environmental laws and any penalties for failure to comply with these laws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the outcome of our pending or future legal proceedings;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the delay or postponement in investment in our sewage system;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our management&#8217;s expectations and estimates relating to our future financial performance;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the regulations issued by ARSESP regarding several aspects of our business, including limitations on our ability to set and adjust our tariffs; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the possibility to be subject to a regulatory agency, other than ARSESP; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">other risk factors as set forth under &#8220;Item&nbsp;3.D. Risk Factors&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The words &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;expect&#8221; and similar words are intended to identify forward&#8209;looking statements.&nbsp; In light of these risks and uncertainties, the forward&#8209;looking events and circumstances discussed in this annual report might not occur.&nbsp; Our actual results could differ substantially from those anticipated in our forward&#8209;looking statements.&nbsp; Forward&#8209;looking statements speak only as of the date they were made and we do not undertake any obligation to update or revise any forward&#8209;looking statements, whether as a result of new information, future events or otherwise, unless required by law.&nbsp; Any such forward&#8209;looking statements are not an indication of future performance and involve risks.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">Part&nbsp;I&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;ITEM&nbsp;1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;ITEM&nbsp;2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;ITEM&nbsp;3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">KEY INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.3in; TEXT-INDENT: -0.3in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Selected Financial Data</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following selected financial data should be read in conjunction with our audited financial statements (including the notes thereto), &#8220;Presentation of Financial and Other Information&#8221; and &#8220;Item&nbsp;5.&nbsp; Operating and Financial Review and Prospects&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The selected financial data as of December&nbsp;31, 2017 and 2016 and for the years ended December&nbsp;31, 2017, 2016 and 2015 have been derived from our audited financial statements, presented in accordance with IFRS, and included in this annual report.&nbsp; The selected financial data as of December 31, 2015, 2014 and 2013 and for the years ended December 31, 2014 and 2013 have been derived from our audited financial statements, presented in accordance with IFRS, which is not included in this annual report.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have included information with respect to the dividends and/or interest attributable to shareholders&#8217; equity paid to holders of our common shares since January&nbsp;1, 2013 in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and in U.S. dollars translated from </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">at the commercial market selling rate in effect as of the payment date under the caption &#8220;Item&nbsp;8.A.&nbsp; Financial Statements and Other Financial Information&#8212;Dividends and Dividend Policy&#8212;Payment of Dividends&#8221;.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.55pt" face="Times New Roman">For the year ended December 31,</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT></SUP></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11.2pt" face="Times New Roman">2014</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11.2pt" face="Times New Roman">2013</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">US$</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 70.7pt 0pt 0in" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(in millions, except per share and per ADS </FONT></I><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(2) </FONT></SUP><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">data</FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">Selected Income Statement Data:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">Net operating revenue</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">4,416.0</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">14,608.2</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">14,098.2</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">11,711.6</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">11,213.2</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">11,315.6</FONT></P></TD></TR>

<TR style="HEIGHT: 9.8pt">

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">Cost of services</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">(2,653.9)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">(8,779.0)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(9,013.1)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(8,260.8)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(7,635.6)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(6,816.3)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">Gross profit</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">1,762.2</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">5,829.2</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">5,085.1</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">3,450.8</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">3,577.6</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">4,499.3</FONT></P></TD></TR>

<TR style="HEIGHT: 9.8pt">

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">(232.4)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">(768.7)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(730.0)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(598.1)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(736.6)</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(637.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">Administrative income (expenses)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">(332.2)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">(1,099.0)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">(934.9)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">45.0</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">(924.4)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">(729.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.8pt">

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">Operating profit</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">1,197.6</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">3,961.7</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">3,429.6</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">3,044.0</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">1,910.7</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">3,138.8</FONT></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">Financial income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">(138.5)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">(458.1)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">699.4</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">(2,456.5)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">(635.9)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">(483.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.8pt">

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">761.6</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">2,519.3</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">2,947.1</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">536.3</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">903.0</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">1,923.6</FONT></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 4pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">Earnings per share &#8211; basic and diluted <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">1.11</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">3.69</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">4.31</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">0.78</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">1.32</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" face="Times New Roman">2.81</FONT></P></TD></TR>

<TR style="HEIGHT: 9.8pt">

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 4pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">Earnings per ADS &#8211; basic and diluted <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">1.11</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">3.69</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">4.31</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">0.78</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">1.32</FONT></P></TD>

   <TD style="HEIGHT: 9.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">2.81</FONT></P></TD></TR>

<TR style="HEIGHT: 18.9pt">

   <TD style="HEIGHT: 18.9pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Dividends and interest on shareholders&#8217; equity per share<SUP>(3) </SUP></FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">0.06</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">0.19</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.02</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.19</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.32</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.67</FONT></P></TD></TR>

<TR style="HEIGHT: 18.9pt">

   <TD style="HEIGHT: 18.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Dividends and interest on shareholders&#8217; equity per ADS<SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">0.06</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">0.19</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.02</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.19</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.32</FONT></P></TD>

   <TD style="HEIGHT: 18.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.67</FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="HEIGHT: 20.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9.35pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Weighted average number of common shares outstanding<SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 20.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">683,509,869</FONT></P></TD>

   <TD style="HEIGHT: 20.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">683,509,869</FONT></P></TD>

   <TD style="HEIGHT: 20.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">683,509,869</FONT></P></TD>

   <TD style="HEIGHT: 20.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">683,509,869</FONT></P></TD>

   <TD style="HEIGHT: 20.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">683,509,869</FONT></P></TD>

   <TD style="HEIGHT: 20.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 2.9pt" vAlign=bottom width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">683,509,869</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Translated at the commercial selling rate at closing for the purchase of U.S. dollars, as reported by the Central Bank, as of December 31, 2017 of R$3.3080</FONT><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">to US$1.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">ADS-American Depositary Share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">On April 22, 2013, our shareholders approved a stock split, following which each common share represented three new common shares.&nbsp; Therefore, per share information in the selected financial data has been retrospectively restated to give effect to the stock split to all periods presented.</FONT></P></DIV>

<DIV><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT>&nbsp;</DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></P></DIV>

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

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<DIV><FONT lang=EN-US>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt">Selected Statement of Financial Position Data </FONT></B></DIV>

<DIV>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="67%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 70.7pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">As of December 31,</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="56%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT></SUP></P></DIV></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2014</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2013</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">US$</FONT></B></P></DIV></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">R$</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">R$</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">R$</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">R$</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">R$</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="67%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 70.7pt 0pt 0in" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(in millions, except per share and per ADS </FONT></I><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">(2) </FONT></SUP><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" face="Times New Roman">data</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">77.1</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">255.1</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">302.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">325.1</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">304.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">199.5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">10,116.7</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">33,466.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">31,246.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">28,513.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">25,979.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">23,846.2</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total assets</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">11,954.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">39,546.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">36,745.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">33,706.6</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">30,355.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">28,274.3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Current portion of long&#8209;term loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">528.0</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">1,746.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,246.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,526.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,207.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">640.9</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Long&#8209;term loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">3,130.1</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">10,354.2</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,717.6</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11,595.3</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9,578.6</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,809.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Interest on capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">181.0</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">598.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">700.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">127.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">214.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">457.0</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">6,660.7</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">22,033.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21,325.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">19,990.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">17,051.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">15,343.5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">5,294.1</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.8pt" color=black face="Times New Roman">17,513.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">15,419.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13,716.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13,304.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12,930.8</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Capital stock</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">3,023.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">10,000.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,000.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,000.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,000.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,203.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Selected Statements of Cash Flows Data</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">&nbsp;</TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net cash generated from operating activities</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">998.2</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">3,301.9</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,003.6</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,641.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,480.3</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,777.2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net cash used in investing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(596.0)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(1,971.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,130.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,459.5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,757.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,281.5)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net cash provided by (used in) financing activities </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(282.2)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(933.6)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 9.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(625.9)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(265.7)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">218.5</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(629.7)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Purchases of intangible assets and property, plant and equipment as presented in our statement of cash flow</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">(597.6)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.15pt" color=black face="Times New Roman">(1,976.7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,135.8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,452.1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,748.3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2,335.8)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Translated at the commercial selling rate at closing for the purchase of U.S. dollars, as reported by the Central Bank, as of December 31, 2017 of R$3.3080 to US$1.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">ADS-American Depositary Share.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Operating Data</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"> </FONT></P></DIV>

<DIV>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Indicator </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="61%" colSpan=3>

   <P style="MARGIN: 0in 5pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of and for the year ended December 31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Number&nbsp;of water connections (in thousands)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,863</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,654</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,420</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Number&nbsp;of sewage connections (in thousands)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,091</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,861</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Percentage of population with water connections (&#8220;service&#8221; indicator) (in&nbsp;percent) <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">95</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">95</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">96</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Percentage of population with sewer connections (&#8220;service&#8221; indicator) (in&nbsp;percent)<SUP> (1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">82</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">83</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Percentage of population covered by water network (&#8220;coverage&#8221; indicator) (in&nbsp;percent)<SUP> (2)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">98</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">98</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">99</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Percentage of population covered by sewage network (&#8220;coverage&#8221; indicator) (in&nbsp;percent)<SUP> (2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">89</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">90</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Percentage of consumer units connected to the sewage treatment system (&#8220;sewage treatment coverage&#8221; indicator) (in percent)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">75</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">74</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">72</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Volume of water billed during period (in&nbsp;millions of cubic meters) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,075.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,914</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Water Billed Loss Index during period (average) (in percent)<SUP>(3)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">20.1</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">20.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">16.4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Water Metered Loss Index during period (average) (in&nbsp;percent)<SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">30.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">31.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">28.5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Water loss per connection per day (average)<SUP>(5)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">302</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">308</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">258</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Number&nbsp;of employees <SUP>(6)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13,672</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14,223</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Is equal to (a) the number of homes that are actually connected to the water network or sewage collection network, as a portion of (b) the total number of homes within the serviceable area.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">It is equal to (a) the number of homes that are actually connected to the water network or sewage collection network, plus the number of homes for which the water and sewage networks are available for connection but which are not connected to those networks (referred to as &#8220;feasible&#8221; or &#8220;connectable&#8221; homes), as a portion of (b) the total number of homes within the urbanized service area covered by our contract with the municipality (i.e., the &#8220;serviceable area&#8221;).</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Includes both physical and non&#8209;physical water loss.&nbsp; Water Billed Loss Index represents the quotient of (i)&nbsp;the difference between (a)&nbsp;the total volume of water produced plus (b)&nbsp;the total volume of water invoiced minus (c)&nbsp;the volume of water excluded from our calculation of water loss, divided by (ii)&nbsp;the total volume of water produced.&nbsp; For more information, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Description of Our Activities&#8212;Water Operations&#8212;Water Loss&#8221;.&nbsp; We exclude the following from our calculation of water loss:&nbsp; (i)&nbsp;water discharged for periodic maintenance of water&nbsp; transmission lines and water storage tanks; (ii)&nbsp;water supplied for municipal uses such as firefighting; (iii)&nbsp;water we consume in our facilities; and (iv)&nbsp;estimated water loss related to the supply of water to shantytowns (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">favelas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">). &nbsp;</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Includes both physical and non&#8209;physical water loss.&nbsp; The Water Metered Loss Index represents the quotient of (i)&nbsp;the difference between (a)&nbsp;the total volume of water produced minus (b)&nbsp;the total volume of water measured minus (c)&nbsp;the volume of water that we exclude from our calculation of water loss, divided by (ii)&nbsp;the total volume of water produced.&nbsp; For more information, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Description of Our Activities&#8212;Water Operations&#8212;Water Loss&#8221;. &nbsp;We exclude the following from our calculation of water loss:&nbsp; (i)&nbsp;water discharged for periodic maintenance of water&nbsp; transmission lines and water storage tanks; (ii)&nbsp;water supplied for municipal uses such as firefighting; (iii)&nbsp;water we consume in our facilities; and (iv)&nbsp;estimated water loss related to the supply of water to shantytowns</FONT><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman"> (favelas)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT></P></DIV>

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&nbsp; <A name="page_12"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(5)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Measured in liters/connection per day, this amount is calculated by dividing (i) the average annual water loss by (ii) the average number of active water connections multiplied by the number of days of the year.&nbsp; This calculation method is based on worldwide market practice within the sector.&nbsp; See &#8220;Item&nbsp;4.B. Business Overview&#8212;Description of Our Activities&#8212;Water Operations&#8212;Water Loss&#8221;. &nbsp;We exclude the following from our calculation of water loss:&nbsp; (i) water discharged for periodic maintenance of water transmission lines and water storage tanks; (ii) water supplied for municipal uses such as firefighting; (iii) water we consume in our facilities; and (iv) estimated water loss related to the supply of water to shantytowns (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">favelas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">(6)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">In 2015, this figure included 370 employees who retired due to disability. This number was excluded from the 2016 and 2017 figures. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exchange Rates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the past, the Brazilian National Monetary Council (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conselho Monet&#225;rio Nacional</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the &#8220;CMN&#8221;, has introduced changes to the Brazilian foreign exchange regime, such as unifying the Commercial and Floating Markets and easing the rules governing the ability of Brazilian residents to acquire foreign currency, among others.&nbsp; On March&nbsp;24, 2010, the CMN and the Central Bank approved Resolution No.&nbsp;3,844/2010, as amended, which led to a series of measures to consolidate and simplify Brazilian foreign exchange market regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian foreign exchange system allows any person or legal entity to purchase or sell foreign currency and make international transfers of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, regardless of the amount, subject to certain regulatory procedures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian currency has experienced frequent and substantial variations in relation to the U.S.&nbsp;dollar and other foreign currencies in recent decades.&nbsp; Between 2003 and mid&#8209;2008, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">appreciated significantly against the U.S.&nbsp;dollar with the exchange rate reaching R$1.634 in August&nbsp;2008, although it depreciated by 32.0% against the U.S.&nbsp;dollar during full year 2008, closing the year at R$2.337 per US$1.00.&nbsp; The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> strengthened again by 25.5% in 2009 and 4.3% in 2010, but depreciated against the U.S.&nbsp;dollar by 12.6%&nbsp;in 2011, 8.94% in 2012, 14.63% in 2013, 13.39% in 2014 and 47.01% in 2015, falling to R$3.9048 against the U.S. dollar at December 31, 2015. &nbsp;The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> fell further during the first months of 2016, reaching a low of R$4.1558 against the U.S. dollar on January 21, 2016, but then regained some value, reaching R$3.2591 per US$1.00 at December&nbsp;31, 2016. During 2017, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> remained relatively stable, depreciating only 1.5% against the U.S. dollar by year-end.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Since 1999, following Brazil&#8217;s implementation of a floating rate regime, the Central Bank has not directly intervened in the exchange market.&nbsp; However, the Central Bank, using financial instruments at its disposal, may buy and sell foreign currency in the market in order to influence the exchange rate and decrease volatility with respect to the Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">,</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and did so at various points during 2017. We cannot predict whether the Central Bank or the Brazilian government will continue to let the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">float freely or will intervene in the exchange rate through a currency band system or other procedure.&nbsp; The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">may fluctuate against the U.S.&nbsp;dollar substantially in the future.&nbsp; For further information on this risk, see &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Brazil&#8212;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> to foreign currencies may adversely affect us and the market price of our common shares or ADSs&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exchange rate fluctuations will affect the U.S.&nbsp;dollar equivalent of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">price of our common shares on the S&#227;o Paulo Stock Exchange (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">B3 S.A. &#8211; Brasil, Bolsa, Balc&#227;o, </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">or B3, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">formerly BM&amp;FBOVESPA S.A.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &#8209; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Bolsa de Valores, Mercadorias e Futuros</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">BM&amp;FBOVESPA), as well as the U.S.&nbsp;dollar equivalent of any distributions we make in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">with respect to our common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following tables set forth the selling rate, expressed in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">per U.S.&nbsp;dollar (R$/US$), for the periods indicated:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">R$ per US$1.00</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year end</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Average</FONT></B><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">High</FONT></B></P></TD></TR>

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   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2013</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.3426</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.1605</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.4457</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.9528</FONT></P></TD></TR>

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   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2014</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.6562</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.3547</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.7403</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.1974</FONT></P></TD></TR>

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   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.9048</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.3387</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.1949</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.5754</FONT></P></TD></TR>

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   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.2591</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.4833</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.1558</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.1193</FONT></P></TD></TR>

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   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.3080</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.2031</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.0510</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.3807</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<DIV align=left>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">R$ per US$1.00</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Month ended</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Period end</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Average</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">High</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">October&nbsp;31, 2017</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2769</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.1912</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.1315</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2801</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">November&nbsp;30, 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2594</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2920</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">December&nbsp;31, 2017</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.3080</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2919</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2322</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.3332</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">January&nbsp;31, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.1624</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.1391</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2697</FONT></P></TD></TR>

<TR style="HEIGHT: 9.25pt">

   <TD style="HEIGHT: 9.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.25pt" face="Times New Roman">February&nbsp;28, 2018</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.25pt" face="Times New Roman">3.2449</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.25pt" face="Times New Roman">3.2415</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.25pt" face="Times New Roman">3.1730</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.25pt" face="Times New Roman">3.2821</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">March&nbsp;31, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.3238</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2792</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2246</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.3380</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 30, 2018 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.4811</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.4075</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.3104</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.5040</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">May 31, 2018 (through May 24</FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman">)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.6436</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.6190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.5308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">3.7503</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 5.5in 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Source:&nbsp; Central Bank</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Average of the exchange rates on the last day of each month.</FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">8</FONT></P>

<DIV></DIV>

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



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

&nbsp; <A name="page_12"></A>

<DIV><FONT lang=EN-US style="FONT-SIZE: 10pt">The following tables set forth the selling rate, expressed in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt"> per Japanese Yen (R$/&#165;1.00):&nbsp; </FONT>

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">R$ per </FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&#165;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.00</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year end</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Average</FONT></B><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT></SUP></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Low</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">High</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2013</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0223</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0221</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0248</FONT></P></TD>

   <TD style="BACKGROUND: #ccecff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0196</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2014</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0222</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0222</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0239</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0212</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0324</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0276</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0351</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0219</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0279</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0289</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0305</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0278</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0294</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0291</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0287</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0296</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">R$ per </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&#165;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1.00</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Month ended</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Period end</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Average</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">High</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">October&nbsp;31, 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0291</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0289</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0292</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">November&nbsp;30, 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0289</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0289</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0289</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">December&nbsp;31, 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0294</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0291</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0287</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0296</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">January&nbsp;31, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0293</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">February&nbsp;28, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0304</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0305</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">March&nbsp;31, 2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0313</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0304</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0315</FONT></P></TD></TR>

<TR style="HEIGHT: 3.7pt">

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 30, 2018 &nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0319</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0317</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0309</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0321</FONT></P></TD></TR>

<TR style="HEIGHT: 3.7pt">

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">May 31, 2018 (through May</FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman"> 24)</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0333</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0329</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0322</FONT></P></TD>

   <TD style="HEIGHT: 3.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face="Times New Roman">0.0339</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Source:&nbsp; Central Bank</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Average of the exchange rates on the last day of each period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Capitalization and Indebtedness</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reasons for the Offer and Use of Proceeds</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Risk Factors</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Risks Relating to Brazil</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy.&nbsp; This influence, as well as Brazilian political and economic conditions, could adversely affect us and the market price of our common shares and ADSs.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian government frequently intervenes in the Brazilian economy and occasionally makes significant changes in policy and regulations.&nbsp; The Brazilian government&#8217;s actions to control inflation and other policies and regulations have often involved, among other measures, changes in interest rates, tax policies, price and tariff controls, currency devaluation or appreciation, capital controls and limits on imports.&nbsp; Our business, financial condition and results of operations, as well as the market price of our common shares or ADSs, may be adversely affected by changes in public policy at federal, state and municipal levels with respect to public tariffs and exchange controls, as well as other factors, such as:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the regulatory environment related to our business operations and concession agreements;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">interest rates;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">exchange rates and exchange controls and restrictions on remittances abroad;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">currency fluctuations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">inflation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">liquidity of the Brazilian capital and lending markets;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">tax and regulatory policies and laws;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">economic and social instability; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">other political, diplomatic, social and economic developments in or affecting Brazil.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For example, the Brazilian government may change its tax policy, such as by changing tax rates or imposing temporary taxes.&nbsp; If overall taxes are increased, we may be unable to immediately recover the difference from our consumers, which may have an adverse effect on our financial condition and results of operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Uncertainty over whether the Brazilian government will change policies or regulations affecting these or other factors may contribute to economic uncertainty in Brazil and to heightened volatility in Brazilian securities markets and securities issued abroad by Brazilian issuers. &nbsp;Brazil was downgraded below investment grade by Standard &amp; Poor&#8217;s Global Ratings, or S&amp;P, on September 9, 2015, and received a further downgrade by the same rating agency on February 17, 2016.&nbsp; In addition, Brazil was downgraded below investment grade by Fitch Ratings Inc., or Fitch, on December 16, 2015 and&nbsp;received a further downgrade by the same agency on May 5, 2016.&nbsp; Moody&#8217;s Investors Service, Inc., or Moody&#8217;s, also downgraded Brazil below investment grade on February 24, 2016. &nbsp;During the first months of 2018, Brazil received additional downgrades by S&amp;P on January 11, 2018 and Fitch on February 23, 2018. Following the impeachment of former President Dilma Rousseff, the Vice-President Michel Temer formally took office on August 31, 2016, announcing a series of economic reforms. &nbsp;We cannot assure you that the Brazilian government will continue with its current economic policies, or that these and other developments in Brazil&#8217;s economy and government policies will not, directly or indirectly, adversely affect our business and results of operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Political conditions may have an adverse impact on the Brazilian economy and on our business.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Brazil&#8217;s political environment has historically influenced, and continues to influence, the performance of the country&#8217;s economy. Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted in economic deceleration and heightened volatility in the securities issued by Brazilian companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The recent economic instability in Brazil has contributed to a decline in market confidence in the Brazilian economy as well as to a deteriorating political environment. Various ongoing investigations into allegations of money laundering and corruption being conducted by the Office of the Brazilian Federal Prosecutor, including the largest such investigation, known as &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Opera&#231;&#227;o Lava Jato</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8221;, have negatively impacted the Brazilian economy and political environment. Members of the Brazilian federal government and of the legislative branch as well as senior officers of large state-owned and private companies have faced or are currently facing allegations of corruption and money laundering as a result of these investigations. These individuals are alleged to have accepted bribes by means of kickbacks on contracts granted by the government to several infrastructure, oil and gas and construction companies. Certain of these companies have faced or are currently facing investigations by the Brazilian Securities Commission (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or CVM, and the U.S. Securities and Exchange Commission, or the SEC. The profits of these kickbacks allegedly financed the political campaigns of political parties forming the government&#8217;s coalition, which funds were unaccounted for or not publicly disclosed. These funds were also allegedly destined toward the personal enrichment of certain individuals. A number of senior politicians, including members of Congress, former President Luiz In&#225;cio Lula da Silva, and high-ranking executives officers of major state-owned and private companies in Brazil have been arrested, convicted of various charges relating to corruption, entered into plea agreements with federal prosecutors and/or have resigned or been removed from their positions. The potential outcome of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Opera&#231;&#227;o Lava Jato </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">as well as other ongoing corruption-related investigations is uncertain, but they have already hurt the image and reputation of those companies that have been implicated as well as the general market perception of the Brazilian economy, political environment and the Brazilian capital markets. We have no control over, and cannot predict, whether such investigations or allegations will lead to further political and economic instability or whether new allegations against government officials will arise in the future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">President Dilma Rousseff was suspended from office on May 12, 2016, when the Brazilian Senate voted to hold a trial on impeachment charges against her. President Rousseff was replaced by Vice-President Michel Temer, who served as acting President until Ms. Rousseff was permanently removed from office by the Senate on August 31, 2016 for infringing budgetary laws. Michel Temer then became President for the remainder of the presidential term, which is due to end in December 2018. In June 2017, the Brazilian Higher Electoral Court (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tribunal Superior Eleitoral</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or TSE) cleared the electoral alliance formed by Ms. Rousseff and Mr. Temer of charges that it had violated campaign finance laws in the 2014 election. President Temer remains the subject of investigations by the Brazilian Federal Police and the Office of the Brazilian Federal Prosecutor relating to allegations of corruption, however, and may ultimately be subject to impeachment proceedings before his presidential term ends. We cannot predict how the ongoing investigations and proceedings will affect us or the market price of our common shares or ADSs. Furthermore, uncertainty over whether the acting Brazilian government will implement changes in policy or regulation in the future may contribute to economic uncertainty in Brazil and to heightened volatility in the securities issued abroad by Brazilian companies.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Presidential elections are to be held in Brazil in October 2018. We cannot predict the outcome of those elections, including whether any successor to the current President of Brazil will adopt policies or changes to current policies, which may have a material adverse effect on us. Furthermore, the political uncertainty resulting from the presidential elections may have an adverse effect on our business, results of operations and financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, political demonstrations in Brazil over the last few years have affected the development of the Brazilian economy and investors&#8217; perceptions of Brazil. For example, street protests, which started in mid-2013 and continued through 2016, demonstrated the public&#8217;s dissatisfaction with the worsening Brazilian economic condition (including an increase in inflation and fuel prices as well as rising unemployment), the perception of widespread corruption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any of the above factors may create additional political uncertainty, which could harm the Brazilian economy and, consequently, our business, financial condition, results of operations and the price of our ADSs.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Inflation and the Brazilian government&#8217;s measures to combat inflation may contribute to economic uncertainty in Brazil, adversely affecting us and the market price of our common shares or ADSs.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Inflation and the Brazilian government&#8217;s measures to combat it have had and may in the future have significant effects on the Brazilian economy and our business.&nbsp; Tight monetary policies with high interest rates may restrict Brazil&#8217;s growth, the availability of credit and our cost of funding.&nbsp; Conversely, other Brazilian governmental actions, including&nbsp;lowering interest rates, intervention in the foreign exchange market and actions to adjust or fix the value of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, may trigger increases in inflation.&nbsp; The Special Clearing and Settlement System (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sistema Especial de Liquida&#231;&#227;o e Cust&#243;dia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or SELIC, the official overnight interest rate in Brazil, equaled 6.90%, 13.65%, and 14.15% at the end of 2017, 2016 and 2015, respectively, in line with the target rate set by the Brazilian Committee on Monetary Policy (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Comit&#234; de Pol&#237;tica Monet&#225;ria</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian annual inflation rates, as measured by the Amplified Consumer Price Index (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or IPCA,&nbsp;were 2.95%, 6.29%, and 10.67% during 2017, 2016 and 2015, respectively.&nbsp; If Brazil experiences increases in inflation, our costs and expenses may rise, we may be unable to increase our tariffs at the same rate to counter the effects of inflation, and our overall financial performance may be adversely affected.&nbsp; In addition, a substantial increase in inflation may weaken investors&#8217; confidence in Brazil, causing a decrease in the market price of our common shares or ADSs.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The devaluation of the real to foreign currencies may adversely affect us and the market price of our common shares or ADSs.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">The Brazilian currency experienced frequent and substantial devaluations in relation to the U.S.&nbsp;dollar and other foreign currencies during the decades leading up to the mid-1990s.&nbsp; Throughout this period, the Brazilian government implemented various economic plans and exchange rate policies, including sudden devaluations, periodic mini&#8209;devaluations (during which the frequency of adjustments ranged from daily to monthly), floating exchange rate systems, exchange controls and dual exchange rate markets.&nbsp; From time to time since that period, there have continued to be significant fluctuations in the exchange rate between the Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">and the U.S.&nbsp;dollar and other currencies.&nbsp; For example, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">appreciated 13.8%, 9.5% and 20.7% against the U.S.&nbsp;dollar in 2005, 2006 and 2007, respectively, reaching R$1.634 in August&nbsp;2008, although it depreciated by 32.0% against the U.S.&nbsp;dollar during full year 2008, closing the year at R$2.337 per US$1.00.&nbsp; The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> strengthened again by 25.5% in 2009 and 4.3% in 2010, but depreciated against the U.S.&nbsp;dollar by 12.6%&nbsp;in 2011, 8.94% in 2012, 14.63% in 2013, 13.39% in 2014 and 47.01% in 2015, falling to R$3.9048 against the U.S. dollar at December 31, 2015. &nbsp;The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> fell further during the first months of 2016, reaching a low of R$4.1558 against the U.S. dollar on January 21 2016, but then regained some value, reaching R$3.2591</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">per US$1.00 at December&nbsp;31, 2016. During 2017, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">remained relatively stable, depreciating only 1.5% against the U.S. dollar by year-end. There can be no assurance that the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">will not depreciate further against the U.S.&nbsp;dollar.&nbsp; As of May 24, 2018, the commercial selling rate as reported by the Central Bank was R$3.6436 per US$1.00.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the U.S.&nbsp;dollar could create inflationary pressures in Brazil and cause increases in interest rates, which could negatively affect the growth of the Brazilian economy as a whole and harm our financial condition and results of operations, curtail our access to financial markets and prompt government intervention, including recessionary governmental policies.&nbsp; Depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the U.S.&nbsp;dollar could also lead to decreased consumer spending, deflationary pressures and reduced economic growth.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the event of a significant devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in relation to the U.S.&nbsp;dollar or other currencies, our ability to meet our foreign currency denominated obligations could be adversely affected because our tariff revenue and other sources of income are denominated solely in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; In addition, because we have debt denominated in foreign currencies, any significant devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">will increase our financial expenses as a result of foreign exchange losses that we must record.&nbsp; We had total foreign currency denominated debt of R$5,672.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million as of December&nbsp;31, 2017 and we anticipate that we may incur additional amounts of foreign currency denominated debt in the future.&nbsp; In 2017, our results of operations were negatively affected by the 1.50% depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the U.S.&nbsp;dollar, and the depreciation of the real against the yen by 5.38%,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">which together led to a R$96.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million negative impact on our foreign exchange result, net.&nbsp; We do not currently have any derivative instruments in place to protect us against a devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> in relation to any foreign currency. A devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">may adversely affect us and the market price of our common shares or ADSs.&nbsp; For more information, see Note 5(a) to our 2017 financial statements.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For further information on exchange rate instability impacts, see &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness Financing&#8212;Financial Covenants&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Developments and the perception of risk in other countries, especially in the United States and in emerging market countries, may adversely affect the market price of Brazilian securities, including our common shares and ADSs.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The market price of securities of Brazilian companies is affected to varying degrees by economic and market conditions in other countries, including the United States and other Latin American and emerging market countries.&nbsp; Although economic conditions in these countries may differ significantly from economic conditions in Brazil, investors&#8217; reactions to developments in these other countries may have an adverse effect on the market price of securities of Brazilian issuers.&nbsp; Crises in other emerging market countries or economic policies of other countries may diminish investor interest in securities of Brazilian issuers, including ours.&nbsp; This could adversely affect the market price of our common shares or ADSs, and could also make it more difficult for us to access the capital markets and finance our operations in the future, on acceptable terms or at all.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Global financial crises have caused, and in the future may again cause, significant consequences, including in Brazil, such as stock and credit market volatility, unavailability of credit, higher interest rates, a general slowdown of the world economy, volatile exchange rates, and inflationary pressure, among others, which may, directly or indirectly, materially and adversely affect us and the price of securities issued by Brazilian companies, including our common shares and ADSs.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Risks Relating to Our Control by the State of S&#227;o Paulo</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are controlled by the State of S&#227;o Paulo, whose interests may differ from the interests of non-controlling shareholders, including holders of ADSs. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As it owns the majority of our common shares, the State is able to determine our operating policies and strategy, control the election of a majority of the members of our board of directors and appoint our senior management.&nbsp; As of May 24, 2018, the State owned 50.3% of our outstanding common shares. Both through its control of our board of directors as well as by enacting State decrees, the State has in the past directed our company to engage in business activities and make expenditures that promoted political, economic or social goals, but that did not necessarily enhance our business and results of operations.&nbsp; The State may direct our company to act in this manner again in the future.&nbsp; These decisions by the State may not be in the interests of our non-controlling shareholders, including holders of ADSs. &nbsp;See &#8220;Item&nbsp;5.A. Operating and Financial Review and Prospects&#8212;Certain Transactions with Controlling Shareholder&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In January 2015, following the elections for State governor in 2014, the re-elected governor, Mr. Geraldo Alckmin, appointed Mr.&nbsp;Jerson Kelman as our Chief Executive Officer, and Mr.&nbsp;Benedito Pinto Ferreira Braga Junior, the Secretary of State for the State Secretariat for Sanitation and Water Resources (</FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Secretaria de Saneamento e Recursos H&#237;dricos do Estado de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman">), as Chairman of our board of directors. &nbsp;In April 2018, Mr. Geraldo Alckmin stepped down from his position as governor in order to run in the presidential elections, and Mr. Marcio Fran&#231;a, who was previously the vice-governor of the State, became governor. With our directors&#8217; terms expiring in April 2018, and considering that Federal Law No. 13,303/16 prohibits the appointment of secretaries of state to administrative positions of state-controlled companies, Mr. Mario Engler was appointed by the State as Chairman of our board of directors with a term of two years. In May 2018, Mr. Marcio Fran&#231;a appointed Mrs. Karla Bertocco Trindade as our Chief Executive Officer with a term expiring in June 2019. Additionally, pursuant to our bylaws, Mrs. Karla Bertocco Trindade will also be a member of our board of directors while holding the position of Chief Executive Officer. Following future elections for State governor, we cannot be sure whether any future State governor will make changes to our executive board. Changes in policy by State government may cause changes in all or some of the members of our management, which may have a material adverse effect on our business and results of operations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In September 2017, the State of S&#227;o Paulo obtained approval for State Law No. 16,525/2017, which authorizes the State of S&#227;o Paulo to set up a controlling company to hold all of the shares that the State of S&#227;o Paulo holds in our company. Once formed, this controlling company will control our company, pursuant to the provisions of Art. </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">116 of Law No. 6,404 of December 15, 1976, as amended, or the Brazilian Corporate Law. State Law No. 16,525/2017 allows other minority shareholders, including private companies and state companies, to hold shares of the controlling company, provided that the State of S&#227;o Paulo holds the majority of the common shares of the controlling company. If and once formed, this controlling company may affect future shareholding in and the control of our company. On March 9, 2018, the State of S&#227;o Paulo received a letter from a group of investors expressing interest in acquiring shares of the controlling company. This letter is being assessed by the State Privatization Program&#8217;s Board (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conselho Diretor do Programa Estadual de Desestatiza&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> - CDPED), which has authority over our corporate reorganization plan, including the formation of the controlling company. The transaction proposed in the letter relates only to shares of the controlling company level and therefore would not affect the corporate control of our company, which will remain held by the State of S&#227;o Paulo. The identity of the investors and the content of the letter remain confidential in accordance with the rules applicable to the administrative procedure established by CDPED for the purposes of operation.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The State and some State entities owe us substantial unpaid debts.&nbsp; We cannot assure you as to when or whether the State will pay us.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Historically, the State and some State entities have delayed payment of substantial amounts owed to us related to water and sewage services.&nbsp; As of December&nbsp;31, 2017, the State owed us R$106.0 million for water and sewage services.&nbsp; Additionally, the State also owes us substantial amounts related to reimbursements of State&#8209;mandated special retirement and pension payments that we make to some of our former employees for which the State is required to reimburse us.&nbsp;&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to payment of pensions on behalf of the State, we had a contested credit amount of R$1,021.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million as of December&nbsp;31, 2017.&nbsp; We do not record this contested amount as a reimbursement credit for actuarial liability due to the uncertainty of payment by the State.&nbsp; In addition,&nbsp;as of December&nbsp;31, 2017, we had a provision for an actuarial liability in the amount of R$2,543.9 million with respect to future supplemental pension payments for which the State does not accept responsibility.&nbsp; On March 18, 2015, we, the State and the S&#227;o Paulo State Department of Water and Energy (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Departamento de &#193;guas e Energia El&#233;trica do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or &#8220;DAEE&#8221;, with the intervention of the Department of Sanitation and Water Resources, executed an agreement providing for payment of R$1,012.3 million, of which R$696.3 million refers to principal and R$316.0 million refers to monetary adjustment of the principal through February 2015. &nbsp;For a detailed discussion of this agreement, see &#8220;Item 7.B. Related Party Transactions&#8212;Agreements with the State&#8221; and Note 10 of our 2017 financial statements.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have entered into agreements with the State to settle the overdue amounts that relate to water and sewage services.&nbsp; For a detailed discussion of these agreements, see &#8220;Item&nbsp;7.B. Related Party Transactions&#8212;Agreements with the State&#8221; and Note 10</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of our 2017 financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Although the State has complied with agreements negotiated with us in past years,&nbsp;we cannot assure you when or if the State will pay&nbsp;the contested credit amount, which&nbsp;is still under discussion, and&nbsp;the remaining overdue amounts it owes us. &nbsp;The amounts owed to us by the State for water and sewage services and reimbursements for pensions paid may increase in the future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, certain municipalities and other government entities also owe us payments.&nbsp; See &#8220;&#8212;Risks Relating to Our Business&#8212;We may face difficulties in collecting overdue amounts owed to us by municipalities to which we provide water on a wholesale basis and municipal government entities&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our right to draw water from the Guarapiranga and Billings reservoirs may be challenged if another company that uses the reservoirs does not approve a settlement agreement with us.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We draw water for use in the S&#227;o Paulo metropolitan area from the Guarapiranga and Billings reservoirs. &nbsp;Empresa Metropolitana de &#193;guas e Energia S.A., or EMAE, a company that is also controlled by the State of S&#227;o Paulo, has a concession to produce hydroelectric energy using water from the same reservoirs. &nbsp;EMAE commenced various lawsuits against us in the past seeking compensation for the water we draw from these reservoirs. &nbsp;Those lawsuits have now been settled by way of an agreement between EMAE and our company (which is summarized under &#8220;Item 7. &nbsp;Major Shareholders and Related Party Transactions&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April 11, 2016, we were also named in a separate lawsuit commenced by minority shareholders of EMAE against the State of S&#227;o Paulo, as controlling shareholder of EMAE. &nbsp;The minority shareholders are seeking an order to require the State to stop us from drawing water from the reservoirs without paying compensation to EMAE, and to allow EMAE to pump water from the reservoirs for its hydroelectric facility. &nbsp;The plaintiffs allege that the State, </FONT>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, on August 7, 2017 we were named in a new lawsuit against us, EMAE and the National Electric Energy Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Ag&#234;ncia Nacional de Energia El&#233;trica</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or ANEEL), brought by Alvaro Luiz de Lima de Alvares Otero, another minority shareholder of EMAE, requesting the annulment of ANEEL&#8217;s order approving the settlement agreement mentioned above, as well as the condemnation of SABESP for indemnifying EMAE for damages suffered by EMAE. The plaintiff alleges that the order is illegal and harmful, jeopardizing the operational viability of the Henry Borden hydroelectric power plant, as well as the energy security of the State of S&#227;o Paulo, the Southeast region of Brazil and Brazil as a whole. The judge dismissed this lawsuit without judgment on the merits, but this decision remains subject to appeal. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If one of the ongoing lawsuits by minority shareholders of EMAE requires the State to make a different decision regarding water use, our ability to draw water from the Guarapiranga and Billings reservoirs may be compromised.&nbsp; If we were no longer able to draw water from these reservoirs, we would have to transport water from locations farther away, which would increase our water transportation costs and may affect our ability to provide adequate service in the region, which may have an adverse effect on our financial condition and results of operations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The measures we took to mitigate the effects of the drought that occurred in 2014 and 2015 resulted in a significant decrease in the volume of water billed and revenues from services we provide and, despite the discontinuation in May 2016 of the measures that were used to face the drought, new consumption habits were incorporated and the volume of water billed continues to be impacted by those measures.</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We experience decreases in our water availability from time to time due to droughts.&nbsp; The southeastern region of Brazil, particularly the southern region of Minas Gerais State and the Piracicaba, Capivari and Jundia&#237; river basin, or &#8220;PCJ River Basin&#8221; (from which we extract most of the water used in the Cantareira System), and the northern area of the S&#227;o Paulo metropolitan region experienced below average rainfall from 2012 to October 2015.&nbsp; In the October 2013 &#8211; March 2014 rainy season, rain levels and water inflow into the reservoirs reached the lowest stream flow measurements in over 80 years, a scenario that continued in the October 2014 &#8211; March 2015 rainy season.&nbsp; During the October 2015 &#8211; March 2016 and during the October 2016 &#8211; March 2017 rainy seasons, the level of rainfall in the region returned to the normal levels expected for the period.&nbsp;&nbsp; Improved rainfall during the rainy season of October 2015 &#8211; March 2016 and of October 2016 &#8211; March 2017, the collaborative efforts between us and the population we serve and emergency construction conducted by us since 2014 in order to reduce the impact of the water crisis, resulted in a restoration of the water levels of the Cantareira system. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The worst depletion of water storage occurred in the Cantareira System, the largest system of the S&#227;o Paulo metropolitan region. &nbsp;As a result of the drought and low water volume in the Cantareira System, DAEE and the National Water Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Ag&#234;ncia Nacional de &#193;guas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or ANA), continuously regulated the volume of water we were permitted to extract from this system between March 2014 and May 2017. &nbsp;The DAEE and ANA determined this amount based on levels of rainfall, water inflow, level of water in our reservoirs and the solicitations we made to extract water based on this information, and informed us of the amount we were permitted to extract through periodical notices. In February 2016, as a result of the return of average rainfall levels to the region, we received authorization to extract 23 cubic meters per second, or m&#179;/s, from the Cantareira System, an increase compared to the 13.5 m&#179;/s we were authorized to extract for the majority of 2015, still significantly below the water volume we were allowed to extract in the period prior to February 2014, when we were allowed to extract up to a total of 33 m&#179;/s.&nbsp; From September to November 2016 we received authorization to extract 25 m&#179;/s, and from December 2016 to May 2017, we received authorization to extract 31 m&#179;/s.&nbsp; In May 2017, the water grant that regulates the volume of water that may be extracted from the Cantareira System was renewed, based on the volume of water available in the reservoirs. In order to balance supply and demand despite the restricted water availability, we adopted a series of measures from 2014 to April 2016, including:&nbsp; (i) using treated water from other production systems to serve consumers originally supplied by the Cantareira system; (ii) offering discounts (bonus) to consumers that would use below average amounts of water, compared to average consumption; (iii) reducing pressure in the water distribution lines in order to decrease leakage; (iv) adjusting the volume of treated water sold to municipalities that operate their own distribution network; and (v) using pumps in order to extract water located below the intakes of the Cantareira system, from the so-called &#8220;technical reserve&#8221;, which had never before been used to serve the population. &nbsp;See &#8220;Item 4.B. Business Overview&#8212;The Recent Water Crisis&#8221;. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With the return of the rainfall to its historical average for the rainy season that began in October 2015 and ended in March 2016, the volume of water available to the population of the S&#227;o Paulo metropolitan region returned to a normal level and the measures taken during the water crisis to continue to service consumers were gradually discontinued. &nbsp;However, heightened public awareness of the need to conserve water during the crisis resulted in our customers adopting lower water consumption practices during the water crisis and these practices were partially integrated in our consumers&#8217; daily habits. &nbsp;As a result of this new behavior, despite us having a higher volume of water available for treatment, the volume of water billed to our clients did not return to the volume of water billed before the water crisis, in 2013. The average monthly water production in 2017 for the S&#227;o Paulo metropolitan region was 60.6 cubic meters per second, or m&#179;/s, compared to 58.5 m&#179;/s in 2016, 52.0 m&#179;/s in 2015, 62.2 m&#179;/s in 2014 and 69.1 m&#179;/s in 2013, the year before the water crisis started. The largest recovery of consumption occurred in the residential category. The industrial category showed slower growth due to the Brazilian economy and the investments made by this sector during the water crisis, such as the reuse of water, the use of rainwater and alternative sources of supply.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At the end of March 2018, the total&nbsp;volume of water stored in the reservoirs that supply the metropolitan region of S&#227;o Paulo was 1,162.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion m&#179; compared to 1,223.9 billion m&#179; at the end of March 2017 and 1,178.8 billion m&#179; at the end of March 2016. In addition, the Cantareira system&#8217;s maximum storage capacity, including the technical reserve of 287.5 million m<SUP>3</SUP>, is 1,269.5 billion m&#179;.&nbsp; Excluding the technical reserve, which is 287.5 million m&#179;, the Cantareira&#8217;s maximum storage capacity is 982.0 million m&#179;.&nbsp; The volume of water in the Cantareira system recovered throughout the October 2015 &#8211; March 2016 rainy season and was 641.9 million m&#179; as of March 2016, which represents 50.6% of its maximum storage capacity, including the technical reserve of 287.5 million m<SUP>3</SUP>.&nbsp; The volume of water in the Cantareira system was 932 million m&#179; as of March 31, 2017, which represents 73.4% of its maximum storage capacity, including the technical reserve of 287.5 million m<SUP>3</SUP>.&nbsp; The volume of water in the Cantareira system was 532.3 million m<SUP>3</SUP> (not including the technical reserve of 287.5 million m<SUP>3</SUP>) as of March 31, 2018, as the rain levels and water inflows into the reservoirs that supply the metropolitan region of S&#227;o Paulo during the October 2017-March 2018 rainy season were below the historical average. In December 2017, 7.8 million inhabitants were serviced by this system, compared to 7.6 million and 5.4 million in December 2016 and December 2015, respectively.&nbsp; For more information about the water crisis, see &#8220;Item 4.B. Business Overview&#8212;The Recent Water Crisis&#8221;.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The drought prompted a reduction in the volume of water billed, impacting our revenue especially in 2014 and 2015. &nbsp;In 2014, the water volume billed decreased 3.1% and the gross operational revenue fell by 6.7% compared to 2013. &nbsp;In 2015, the water volume billed decreased 8.0% and our gross operational revenue increased slightly by 0.5% compared to 2014. &nbsp;In 2016, the volume of water billed increased 4%, and the gross operational revenue increased by 24.3% compared to 2015.&nbsp;In 2017, the volume of water billed increased 4.3% and the gross operational revenue increased by 9.9% compared to 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We cannot assure you that our consumers will revert to their pre-crisis consumption habits or, if at all, when this will occur nor that this will not adversely affect our financial condition in the future.&nbsp; See &#8220;Item 5.B. Liquidity and Indebtedness Financing&#8212;Financial Covenants&#8221;. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are exposed to risks associated with the provision of water and sewage services. <BR><BR></FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our industry is affected by the following risks relating to the provision of water and sewage services:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We depend on a water right issued by ANA and the S&#227;o Paulo State Department of Water and Energy (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Departamento de &#193;guas e Energia El&#233;trica do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or DAEE), in order to extract water from the Cantareira System.&nbsp; In May 2017, the concession that regulates the volume of water that may be extracted from the Cantareira System, the main water system we use to serve the S&#227;o Paulo metropolitan region, based on the volume of water available in the reservoirs was renewed. Under the new terms, the water we are permitted to draw from the system is divided into five tranches:&nbsp; (i) if the volume of water available is higher than 60% of the reservoirs&#8217; capacity, we can draw up to 33m<SUP>3</SUP>/s; (ii) if the volume of water is between 40% and 60% of the reservoirs&#8217; capacity, we can draw up to 31m<SUP>3</SUP>/s; (iii) if the volume of water is between 30% and 40% of the reservoirs&#8217; capacity, we can draw up to 27m<SUP>3</SUP>/s; (iv) if the volume of water is between 20% and 30% of the reservoirs&#8217; capacity, we can draw up to 23m<SUP>3</SUP>/s; and (v) if the volume of water available is lower than 20% of the reservoirs&#8217; capacity, we can draw up to 15.5m<SUP>3</SUP>/s. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are dependent upon energy supplies to conduct our business.&nbsp; Any shortages or rationing of energy may prevent us from providing water and sewage services and may also cause material damage to our water and sewage systems when we resume operations.&nbsp; The Electric Sector Monitoring Committee (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Comit&#234; de Monitoramento do Setor El&#233;trico</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &#8211; CMSE), has guaranteed the supply of electrical energy to the National </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interconnection System (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sistema Interligado Nacional</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &#8211; SIN) in 2018.&nbsp; Thus, there is no forecast of any shortages or rationing of energy in 2018.&nbsp; See &#8220;Item&nbsp;4.B. Business Overview&#8212;Energy Consumption&#8221;. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are exposed to various weather-related risks, since our financial performance is closely linked to climate patterns.&nbsp; The possible increase in the frequency of extreme weather conditions in the future may adversely affect the water available for abstraction, treatment, and supply.&nbsp; Droughts could adversely affect the water supply systems, resulting in a decrease in the volume of water distributed and billed as well as in the revenue derived from water supply services.&nbsp; An increase in heavy rainfall could impact the regular operation of water sources, including abstraction of water from our reservoirs due to increased soil erosion, silting, and runoff of pollutants that affect the aquatic ecosystems.&nbsp; See &#8220;Item&nbsp;4.B. Business Overview&#8212;Environmental Matters&#8212;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Climate Change Regulations:&nbsp; Reduction of Greenhouse Gases (GHG) Emissions&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The increasing degradation of watershed areas (<EM>Mananciais</EM>) may affect the quantity and quality of water available to meet demand from our customers.&nbsp; See &#8220;Item&nbsp;4.A. History and Development of the Company&#8212;Capital Expenditure Program&#8221; and &#8220;Item&nbsp;4.A. History and Development of the Company &#8212;Main Projects of Our Capital Expenditure Program&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition to the risks discussed under &#8220;&#8212;The terms of our agreement to provide water and sewage services in the city of S&#227;o Paulo could have a material adverse effect on us,&#8221; we may not be able to increase our tariffs on a timely basis, or at all, in order to pass on increases in inflation or operating expenses, including taxes, to our customers. These constraints may have an adverse effect on our ability to fund our capital expenditure program and financing activities and to meet our debt service requirements. See &#8220;Item 4.B. Business Overview&#8212;Tariffs&#8212;Second Ordinary Tariff Revision (2017-2020)&#8221; and &#8220;Item 5.A. Operating and Financial Review and Prospects&#8212;Factors Affecting Our Results of Operations&#8212;Effects of Tariff Increases&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The state and federal government agencies that manage water resources could impose substantial charges for the abstraction of water from bodies of water and the discharge of sewage.&nbsp; We may not be able to pass these charges on to our customers.&nbsp; See &#8220;Item&nbsp;4.B. Business Overview&#8212;Environmental Matters&#8212;Water Usage&#8221;.&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our water and sewage pipes are susceptible to degradation caused by factors such as age, intense traffic, population density and commercial and industrial development, which may provoke accidents in the networks and affect the regular provision of our services, impacting society and the environment. &nbsp;See &#8220;Item 4.B. Business Overview&#8212;Description of Our Activities&#8212;Water Operations&#8212;Water Distribution&#8221; and &#8220;Item 4.B. Business Overview&#8212;Description of Our Activities&#8212;Sewage Operations&#8212;Sewage System&#8221;.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any of the above may have a material adverse effect on us.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Current regulatory uncertainty, especially with regard to implementation and interpretation of the Brazilian Basic Sanitation Law, may have an adverse effect on our business.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our operations in the state of S&#227;o Paulo occur both in locations where the planning, monitoring and tariff regulation of basic sanitation services are responsibilities of the municipalities and in locations where such responsibilities are shared between the State and municipalities. &nbsp;The Basic Sanitation Law No.&nbsp;11,445/2007 went into effect in early 2007, and although Federal Decree No.&nbsp;7,217/2010 (as modified by Federal Decree No.&nbsp;8,211/2014, No. 8,629/2015 and No. 9,254/2017) implemented a series of new principles under the Basic Sanitation Law in 2010, the full implementation of a number of its provisions remains subject to regulations that the federal government has not yet published. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Law 13,329/16 instituted a &#8220;Special Incentive Regime for the Development of Basic Sanitation&#8221; (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Regime Especial de Incentivos para o Desenvolvimento do Saneamento B&#225;sico &#8211; REISB</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">), seeking to incentivize companies that provide public basic sanitation services to invest more through tax credits, starting in 2018 and running until 2026.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> In 2016, Law 13,312/2016 amended Law No.&nbsp;11,445/2007 and now includes the obligation to adopt environmental criteria that include, among other measures, individual metering of water consumption per habitation unit.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">However, since this change is still being implemented and shall only come into effect in 2021, we are not currently able to predict its impact on our business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law still requires that the federal government, states and municipalities establish independent regulators who monitor basic sanitation services and regulate tariffs.&nbsp;In compliance with this law, the state of S&#227;o Paulo established ARSESP in 2007. &nbsp;Currently, our regional and local operations, including tariff regulation, are monitored and regulated by ARSESP, and the remainder of our operations is in the process of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">negotiating new contractual bases.&nbsp; Regulatory agencies determine tariff increases for our water and sewage services, on which our results of operations and financial condition are highly dependent.&nbsp; As a result, we cannot anticipate all the effects that the Basic Sanitation Law and the decree will have on our business and operations, if any.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2009, ARSESP enacted rules regarding the following:&nbsp; (i) general terms and conditions for water and sewage services; (ii) procedures for communication regarding any failure in our services; (iii) penalties for deficiencies in the provision of basic sanitation services; and (iv) procedures for confidential treatment of our customers&#8217; private information.&nbsp; The implementation of these and other more recent rules will particularly impact our commercial and operations processes, and may adversely affect us in ways we cannot currently predict.&nbsp; Implementation of these rules started in 2011 and is expected to continue for the next few years.&nbsp; For more information, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Government Regulations Applicable to Our Contracts&#8212;Rules Enacted by ARSESP&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2011, ARSESP altered the standard contract that we are required to use in our relationships with retail customers.&nbsp; This alteration requires that invoices be sent to the user of the service rather than the owner of the property.&nbsp; Since 2011, we have implemented several measures and instituted new rules for the update of our clients registry.&nbsp; Currently, more than 90% of our water and sewage connections are billed to the user of our services, as foreseen under current regulations. Related to the collection of debt, we are also faced with the challenge of collecting customers&#8217; taxpayer identification numbers, which are required to register for our services and are needed for the judicial collection of outstanding fees in the event of nonpayment. We continuously update our customers&#8217; registration information, but we face difficulties in updating this information in areas with high concentrations of social vulnerability and noncompliance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In August&nbsp;2012, ARSESP issued Resolution No.&nbsp;346/2012, which established that users should be compensated for any interruptions in water supply.&nbsp; Implementation of this regulation has been suspended pending further technical discussions.&nbsp; In 2013, ARSESP held public consultations that resumed technical discussions on the subject, but the new resolution that will replace Resolution No.&nbsp;346/2012 has not yet been published.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law No. 11,445/2007 also allows municipalities to create their own regulatory agencies rather than being regulated by ARSESP.&nbsp; As a result, a number of municipalities have created their own regulatory agencies.&nbsp; If other municipalities create new agencies or retain regulatory powers, we may be subject to their regulation and to any limitations on our services that such agencies may set.&nbsp; We are involved in legal proceedings that dispute the authority of these new agencies to regulate and monitor our local contracts and our operations in metropolitan regions and urban clusters instituted by the State. &nbsp;We cannot foresee any changes that any such new agencies may implement regarding our business.&nbsp; If any such changes are unfavorable, they could materially and adversely affect us.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The State of S&#227;o Paulo, pursuant to Article</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> 25, Section 3 of the Brazilian Constitution, enacted the State </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Complementary Law, or &#8220;LCE&#8221;, creating the metropolitan regions of S&#227;o Paulo </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(LCE No.&nbsp;94/1974)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, Baixada Santista </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(LCE No.&nbsp;815/1996)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, Campinas </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(LCE No.&nbsp;870/2000)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, Vale do Para&#237;ba and Litoral Norte </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(LCE No.&nbsp;1,166/2012)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, Sorocaba </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(LCE No.&nbsp;1,241/2014)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, and the urban clusters of Jundia&#237; (LCE No.&nbsp;1,146/2011) and Piracicaba </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(LCE No.&nbsp;1,178/2012)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; These areas incorporate independent municipalities that modify the exercise of their constitutional competencies, including those related to basic sanitation services, and increase the number of judicial disputes concerning the regulation and oversight of services in areas currently served by us and regulated by ARSESP.&nbsp; We cannot anticipate the result of these judicial disputes and the adverse material effects that may result from them, especially if the rules of regulation and monitoring of services issued by municipal agencies come to coexist with those already published by ARSESP and implemented into our operational and corporate processes since 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There are reports that during 2018 there may be a change in legislation that impacts the regulatory framework of the sanitation industry.&nbsp; If enacted, this legislation could have a material adverse effect on our business, results of operations and financial condition.&nbsp; Currently, it is not possible to predict such effects since the terms of this legislation are not yet known.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For more information on ARSESP regulations, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Government Regulations Applicable to Our Contracts&#8212;Rules Enacted by ARSESP&#8212;Consumer Relations in the State of S&#227;o Paulo&#8221;.</FONT></P>

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<DIV><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">It is not possible to predict the impact of the decision by the Brazilian Supreme Court regarding the shared management of basic sanitation services in metropolitan areas or the effect that this decision may have on our business, activities, financial condition or results of operations</FONT></I></B></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March 6, 2013, the Brazilian Supreme Court decided a matter related to the shared management of basic sanitation services in the state of Rio de Janeiro.&nbsp; In its decision, the court ruled that the state of Rio de Janeiro must establish a new entity, owned by both the state of Rio de Janeiro and the relevant municipalities, to oversee the planning, regulation and auditing of basic sanitation services in its metropolitan region with the non-partisan participation of all the municipalities located in the metropolitan region, creating a requirement that the state and the municipalities must participate jointly in the shared management of public services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">However, this decision is not yet fully effective, as a ruling on a motion for clarification is currently pending, and therefore does not yet alter the legislative framework regarding basic sanitation that is currently in effect for the State of S&#227;o Paulo. The S&#227;o Paulo metropolitan region (including the municipalities to which we provide water on a wholesale basis, but excluding the concession infrastructure construction revenue) accounted for 70.7% of our gross operating revenue from services in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" face="Times New Roman">In January 2015, the Federal Government </FONT><FONT style="COLOR: #000000"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">issued </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">the Metropolitan Bylaws (Law No. 13,089/2015)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> amended by Provisional Measure No. 818 of January 11, 2018, establishing within the term of five years, counted from the date of the institution of the metropolitan region or urban cluster: (i) the general guidelines for the planning, management and performance of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">public interest initiatives&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">in metropolitan regions and in urban clusters instituted </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">by the states;&nbsp;(ii) the</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">general planning standards for integrated urban </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">development and other interfederal governance instruments; and (iii) the criteria to receive </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">federal loans related to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">urban development. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">In addition, the Metropolitan Bylaws foresees mechanisms for integrated management and interfederal&nbsp;governance as well as the sharing of decisions by regional entities.</FONT></FONT></P><FONT style="COLOR: #000000">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">Despite the Brazilian Supreme Court&#8217;s March 6, 2013 decision and the Metropolitan Bylaws, some municipalities in metropolitan regions and urban clusters, including in metropolitan regions where we operate, have been conducting bidding processes&nbsp;for the concession of sanitation services without including shared management.We cannot predict the effect of this non-compliance of the shared management requirement on our business, financial condition or results of operations. Furthermore, we</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> cannot predict how the shared management </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">requirement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> will be carried out in the S&#227;o Paulo metropolitan region and other municipalities in which we operate or what effect the shared management may have on our business, financial condition or results of operation.</FONT></P></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information on services in metropolitan regions, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Government Regulations Applicable to Our Contracts&#8212;Agreements with Municipalities and Metropolitan Regions&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The terms of our agreement to provide water and sewage services in the city of S&#227;o Paulo could have a material adverse effect on us.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The provision of water and sewage services in the city of S&#227;o Paulo accounted for 50.1%</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of our gross operating revenues (excluding revenues relating to the construction of concession infrastructure) in the year ended December&nbsp;31, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June&nbsp;23, 2010, the State and the city of S&#227;o Paulo executed an agreement in the form of a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> with our and ARSESP&#8217;s consent, under which they agreed to manage the planning and investment for the basic sanitation system of the city of S&#227;o Paulo on a joint basis.&nbsp; In application of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, we executed a separate contract dated June 23, 2010 with the State and the city of S&#227;o Paulo, to regulate the provision of these services for the following 30 years.&nbsp; Among other principal terms of this separate agreement, we must transfer 7.5% of the gross</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">revenues we derive under the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and subtract (i) COFINS and PASEP taxes and (ii) unpaid bills of publicly owned properties in the city of S&#227;o Paulo, to the Municipal Fund for Environmental Sanitation and Infrastructure (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fundo Municipal de Saneamento Ambiental e Infraestrutura</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), established by Municipal Law No. 14,934/2009. &nbsp;See &#8220;Item 7.B. Related Party Transactions&#8212;Agreement with the State and the city of S&#227;o Paulo&#8221; for further discussion of the principal terms of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and principal terms of the separate contract we executed in application of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP is required to ensure that the tariffs will adequately compensate us for the services we provide, which includes the pass-through to tariffs. However, our existing tariff and adjustment formulas have never included the charge to consumers related to the transfer of 7.5% of the gross revenues obtained from providing sanitation services in the municipality of S&#227;o Paulo to the S&#227;o Paulo Municipal Fund for Environmental Sanitation and Infrastructure as established under the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In March 2013, ARSESP issued Resolution No.&nbsp;407/2013 authorizing us to pass through to the service bill the 7.5% transfer to the S&#227;o Paulo Municipal Sanitation and Infrastructure Fund as a legal charge, as defined by municipal legislation. &nbsp;However, pursuant to the Sewage and Water Supply Service Contracts, this charge must be included in the calculation of the tariff.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April&nbsp;2013, ARSESP issued Resolution No.&nbsp;413/2013, which&nbsp; suspended Resolution No.&nbsp;407/2013 until the conclusion of the first tariff revision process, thereby postponing our authorization to pass the charge through to consumers on the service bill.&nbsp; The postponement of Resolution No.&nbsp;407/2013 was due to a request from the S&#227;o Paulo State Government to analyze, among other things, methods of reducing the impact on consumers.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April 2014, ARSESP issued Resolution No.&nbsp;484/2014, (further ratified by Resolution No.&nbsp;520, issued November 2014), which established the conclusion of the first tariff revision.&nbsp; However, the State and the city of S&#227;o Paulo requested to maintain the suspension of ARSESP Resolution No.&nbsp;407/2013, postponing our authorization to pass the charge through to consumers on the service bill, until the revision of our contract with the State and city of S&#227;o Paulo is concluded.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In May 2014, ARSESP issued Resolution No.&nbsp;488/2014, which maintained the suspension of Resolution ARSESP No.&nbsp;407/2013 until the results are obtained in the revision of the contract signed between us, the city and the State of S&#227;o Paulo, thereby delaying the authorization to pass the charge through to consumers on the service bill.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December 2016, we concluded the first four-year revision of our contract with the city of S&#227;o Paulo, which altered our service quality, investment and investment tracking targets. However, the issue of the 7.5% charge was not discussed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017, we have transferred approximately R$2.6 billion to the S&#227;o Paulo Municipal Fund for Environmental Sanitation and Infrastructure since 2010.&nbsp; We cannot assure you when and how we will recover this amount. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In January 2018, the second step of our Second Ordinary Tariff Revision was initiated. In this review, the possibility of including the average tariff in the portion related to transfers to municipal funds, as is the case with the 7.5% that we transfer to the S&#227;o Paulo Municipal Fund for Environmental Sanitation and Infrastructure was discussed. </FONT></FONT></P></DIV><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">On May 9, 2018 ARSESP announced the final results of the Second Ordinary Tariff Revision, recognizing the regulatory limit of 4% of each municipality&#8217;s direct operating revenue in the tariff calculation. As a result, 1.84% was declared the tariff for the Municipality of S&#227;o Paulo, corresponding to the 4% regulatory limit.</FONT></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">On May 24, 2018, as a result of the final result of the Second Ordinary Tariff Revision, we filed a reconsideration request as well as a clarification and revision request with ARSESP. As part of the clarification and revision request, we requested that ARSESP provide a revision of the calculation of the financial component related to municipal funds. For more information, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Tariffs&#8212;Second Ordinary Tariff Revision (2017-2020).&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">We cannot assure you that this 7.5% charge will eventually be passed in full through to customers or that the continued delay in passing this charge in full through to customers will not further affect our financial condition. For additional information on ARSESP regulations, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Tariffs&#8221; and &#8220;Item&nbsp;4.B. Business Overview&#8212;Government Regulations Applicable to Our Contracts&#8212;Rules Enacted by ARSESP&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><STRONG><EM><FONT lang=EN-US face="Times New Roman">We currently lack formal agreements or concessions with 51</FONT><FONT lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US face="Times New Roman">of the municipalities to which we provide service, and 32 of our existing concession agreements will expire between 2018 and 2030.&nbsp; We may face difficulties in continuing to provide water and sewage services in return for payment in these and other municipalities, and we cannot assure you that they will continue to purchase services from us on the same terms or at all. </FONT></EM></STRONG></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">As of December&nbsp;31, 2017, we held formal 30-year agreements with 287</FONT><FONT lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">municipalities (including the city of S&#227;o Paulo) of the 368 </FONT><FONT lang=EN-US face="Times New Roman"></FONT><FONT lang=EN-US face="Times New Roman">municipalities we serve. &nbsp;We entered into six </FONT><FONT lang=EN-US face="Times New Roman"></FONT><FONT lang=EN-US face="Times New Roman">of these agreements during 2017. &nbsp;The 287</FONT><FONT lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US face="Times New Roman">municipalities with which we had formal agreements at year-end accounted for 81.7%</FONT><FONT lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US face="Times New Roman">of our total revenues for the year ended December&nbsp;31, 2017, and 72.3%</FONT><FONT lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US face="Times New Roman">of our intangible assets as of December&nbsp;31, 2017. &nbsp;Of the 51</FONT><FONT lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">served municipalities for which we lacked formal agreements at year-end, we were in the process of actively renegotiating with all municipalities.&nbsp;Together, these 51 municipalities accounted for 10.3% </FONT><FONT lang=EN-US face="Times New Roman"></FONT><FONT lang=EN-US face="Times New Roman">of our total revenues for the year ended December&nbsp;31, 2017 and 19.6% </FONT><FONT lang=EN-US face="Times New Roman"></FONT><FONT lang=EN-US face="Times New Roman">of our intangible assets as of that same date.&nbsp; Between 2018 and 2030, 32 </FONT><FONT lang=EN-US face="Times New Roman"></FONT><FONT lang=EN-US face="Times New Roman">of&nbsp;our existing concession agreements will expire.&nbsp;These 32 concession agreements accounted for 6.2%</FONT><FONT lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">of our total revenues for the year ended December&nbsp;31, 2017 and 5.7% </FONT><FONT lang=EN-US face="Times New Roman"></FONT><FONT lang=EN-US face="Times New Roman">of our intangible assets as of that same date. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">We may not be able to continue providing service on current terms, or at all, in the municipalities for which we do not have formal agreements, including the 51 for which we are renegotiating expired agreements.&nbsp; In particular, the lack of formal concessions or contractual rights in these municipalities means that we may not be able to enforce our right to continue to provide services and we may face difficulties in being paid on a timely basis, or at all, for the unamortized assets.&nbsp; If we are successful in renegotiating the expired agreements, or executing formal agreements with the municipalities for which we have never had agreements, those agreements may not contain terms that are as favorable as those under which we currently operate.&nbsp;We cannot make any such assumption because the Basic Sanitation Law prevents us from planning, regulating and monitoring our services and it requires more stringent control by the municipalities or by ARSESP.&nbsp; The municipalities for which we do not have formal agreements may choose to start providing water and sewage services directly themselves, or may run public tenders to select another provider.&nbsp; They may set eligibility requirements for which we do not qualify and, if we do qualify and participate in these tenders, we may not win.</FONT> </P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any of these events could have a material adverse effect on our business, results of operations and financial condition.&nbsp; See &#8220;Item&nbsp;4.B. Business Overview&#8212;Our Operations&#8221; and &#8220;Item&nbsp;4.B. Business Overview&#8212;Government Regulations Applicable to our Contracts&#8212;Contracts for the Provision of Essential Basic Sanitation Services in Brazil.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the municipalities with which we did not have formal agreements by December&nbsp;31, 2017, we continued operating with municipal approval or with judicial support.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Municipalities may terminate our concessions before they expire in certain circumstances.&nbsp; The indemnification payments we receive in such cases may be less than the value of the investments we made. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Municipalities have the right to terminate our concessions if we fail to comply with our contractual or legal obligations or if the municipality determines in an expropriation proceeding that early termination of the concession is in the public interest. If a municipality terminates our concession, we are entitled to be indemnified for the unamortized portion of our investments.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law provides that on early termination of a concession, the entity that provides sanitation services should carry out a valuation of the assets that relate to the services provided, in order to calculate the unamortized portion of its investments.&nbsp; This valuation uses the criteria defined in the service contract or, in the absence of a contract, is based on customary practice with respect to the services for the preceding 20 years.&nbsp; The resulting indemnification payment may be less than the remaining value of the investments the sanitation service provider made.&nbsp; Nonetheless, the indemnification payments may not occur voluntarily by the municipality, creating an opportunity for judicial dispute.&nbsp; If faced with such a situation, there is the risk that the judicial decision will consider the indemnification as undue or set it at a lower value than that of our investments. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With regard to our operations that lack contracts or have indefinite or overdue timeframes, the Basic Sanitation Law reduced the maximum time period for payment of indemnification in such cases to four years.&nbsp; This provision applies to concession agreements entered into prior to the enactment of the Basic Sanitation Law only to the extent that the concession agreement does not contain a contractual indemnification provision, or we have not otherwise entered into an agreement with the municipality with regard to such early termination.&nbsp; These provisions have not yet been tested by the courts and we are therefore unable to predict the effect of the Basic Sanitation Law on our rights to indemnification for the early termination of any particular concession.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have been, and are currently party to concession-related proceedings related to indemnification issues regarding the resumption of water supply and sewage collection services by some municipalities. For more information, see Note 19 to our 2017</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">financial statements included in this annual report. Other municipalities may seek to terminate their concession agreements before the contractual expiration date.&nbsp; If this occurs and we do not receive adequate indemnification for our investments, or the indemnification is paid over an extended period, we may suffer material harm to our financial position.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We may face difficulties in collecting overdue amounts owed to us by municipalities to which we provide water on a wholesale basis and municipal government entities.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, our total accounts receivable was R$5,538.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million.&nbsp;Of this amount, certain municipalities to which we provide water on a wholesale basis owed us R$2,568.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, and certain municipal government entities owed us R$817.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million.&nbsp; Of the total amount owed by municipalities, R$189.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million was overdue by between 30 and 360&nbsp;days and R$2,355.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million was overdue by over 360&nbsp;days.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian courts are entitled to obligate us to continue to supply water to these municipalities, even when we have not received payments due to us.&nbsp; We have no way of ensuring that negotiations with these municipalities or legal action taken against the municipalities will result in payments being made.&nbsp; For example, the municipalities of Santo Andr&#233;, Guarulhos and Mau&#225; owe us significant sums in respect of water that we have been providing to them on a wholesale basis.&nbsp; We have intensified the process of collecting these sums and other amounts, and we executed Protocols of Intentions with Santo Andr&#233;, Guarulhos and Mau&#225; in late 2015 and early 2016 seeking to resolve the outstanding amounts and restore normal commercial relations with them.&nbsp; In those three cases, the Protocol of Intentions was terminated.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April 2017, we signed a Protocol of Intentions with the Autonomous Service of Water and Sewage of Guarulhos (&#8220;SAAE&#8221; - </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Servi&#231;o Aut&#244;nomo de &#193;gua e Esgoto de Guarulhos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) to evaluate (i) possible solutions to commercial relations between the municipality and our company and (ii) existing debts owed to us by SAAE. In August 2017, we announced that Guarulhos and us decided to move forward with the development of: (i) a judicial agreement for SAAE to pay the debt owed to us in installments, and (ii) an interdependence agreement for us to provide the municipality of Guarulhos&#8217; water supply on a wholesale basis. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are currently negotiating the terms of these agreements and we cannot guarantee when and if definitive agreements will be signed.&nbsp;In 2017, the municipality of Guarulhos&nbsp;paid around 80% of its monthly bills on time. For more information, see "Item 4.B. Business Overview-Description of Our Activities-Wholesale Operations-Wholesale Water Services".</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to the municipality of Santo Andr&#233;, we signed a protocol of intention on May 11, 2017 and since then we have been working with the municipality of Santo Andr&#233; on the preparation of studies and evaluations aimed at balancing commercial relations and debts existing between the municipality and our company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to the municipality of Mau&#225;, on April 19, 2018 we published a press release stating that we have been in contact with the municipality of Mau&#225; regarding directly supplying water to four neighborhoods that have been affected by a water shortage, and that we will initiate formal discussions to engage in negotiations with the municipality. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information on wholesale operations, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Description of Our Activities&#8212;Wholesale Operations&#8221;.&nbsp; In addition, some entities associated with municipal governments for which we provide services also do not make regular payments.&nbsp; We cannot guarantee if or when these entities will make payments on a regular basis or pay the amounts they owe us.&nbsp; If these municipalities and related entities do not pay the amounts they owe us, we may suffer further material harm to our financial position.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any failure to obtain new financing may adversely affect our ability to continue our capital expenditure program.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our capital expenditure program will require resources of approximately R$17.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion in the period from 2018&nbsp;through 2022.&nbsp; In 2017 we recorded R$3.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion in capital expenditures.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition to cash generated by our operations, we have funded and intend to continue funding these capital expenditures with issuances of debt securities in the domestic and international capital markets as well as borrowings in Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and foreign currencies.&nbsp; A significant portion of our financing needs is obtained through long&#8209;term financing at attractive interest rates from Brazilian federal public banks, multilateral agencies and international governmental development banks.&nbsp; If the Brazilian government changes its policies regarding the financing of water and sewage services, or if we fail to obtain long&#8209;term financing at attractive interest rates from domestic and international multilateral agencies and development banks in the future, we may not be able to meet our obligations or finance our capital expenditure program, which could have a material adverse effect on our business and financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Furthermore, Brazilian public and private financial institutions are legally limited up to a certain percentage of their shareholder&#8217;s equity to provide loans to public sector entities, including, for example, us.&nbsp; These limitations could adversely affect our ability to continue our capital expenditure program.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our debt includes financial covenants that impose indebtedness limits on us. &nbsp;Our failure to comply with these covenants could seriously impair our ability to finance our capital expenditure program, which could have a material adverse effect on us. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For further information on these covenants, see &#8220;Item&nbsp;5.B. Liquidity and Capital Resources&#8212;Indebtedness Financing&#8212;Financial Covenants&#8221;.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Compliance with environmental laws and environmental liability payments could have a material adverse effect on us. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are subject to extensive Brazilian federal, state and municipal laws and regulations relating to the protection of human health and the environment.&nbsp; These laws and regulations set potable water standards and limit or prohibit the discharge or spillage of effluent produced in our operations, particularly raw sewage.&nbsp; We occasionally suffer accidents such as leakages or breaks in pipes that could lead to liability for damages under environmental law.&nbsp; We could be subject to various types of criminal, administrative and civil proceedings for non-compliance with environmental laws and regulations that could expose us to penalties and criminal sanctions, such as fines, closure orders and significant indemnification obligations.&nbsp; The scope and enforcement of environmental laws in Brazil are becoming more stringent, and our capital expenditures and environmental compliance costs may increase substantially as a result.&nbsp; These expenses may lead us to reduce expenditure on strategic investments, which could harm our business.&nbsp; In addition, Brazilian courts are enforcing environmental laws more stringently than in the past, which may result in fines or liability for damages that are significantly higher than those we currently anticipate.&nbsp; We are party to various environmental proceedings that could have a material adverse impact on us, including civil processes and investigations relating, among others, to the release of untreated sewage into waterways or the disposal of sludge generated by treatment plants.&nbsp; More recently, we are involved in proceedings challenging the extraction of water resources in the face of the recent water crisis.&nbsp; Any unfavorable judgment in relation to these proceedings, or any material environmental liabilities, may have a material adverse effect on us.&nbsp; For further information on these proceedings, see &#8220;Item&nbsp;8.A. Financial Statements and Other Financial Information&#8212;Legal Proceedings&#8221;.&nbsp; For further information on investments in environmental programs, see &#8220;Item&nbsp;4.A. History and Development of the Company&#8212;Main Projects of our Capital Expenditure Program&#8221;, &#8220;Item&nbsp;4.B. Business Overview&#8212;Description of our Activities&#8212;Sewage Operations&#8212;Sewage Treatment and Disposal&#8221;, &#8220;Item&nbsp;4.B </FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">New laws and regulations relating to climate change and changes in existing regulation, as well as the escalation of the physical effects of extreme weather events, may result in increased liabilities and increased capital expenditures, which could have a material adverse effect on us. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Current federal, state and municipal laws and regulations on climate change establish global goals, which we will have to meet, concerning greenhouse gas emissions and this may require us to increase our investments in order to comply with these laws.&nbsp; Currently, such goals have not yet been established for the sanitation sector, however, if we increase our capital expenditures for this purpose, we may be required to reduce expenditures on other strategic investments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, climate change may lead to increased frequency of extreme weather events such as droughts or torrential rain, which may affect our ability to deliver our services and require us to strengthen our actions such as:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">investing in seeking new water sources located further from major consumer centers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">investing in new technologies;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">improvement of water conservation practices and demand management alternatives such as economic mechanisms or educational programs; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">increasing the capacity of our water reserves.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Extreme weather events such as torrential rain may also cause impacts to our installations that can lead to negative impacts to the environment and society.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A rise in sea level could result in increased salinity in the river estuaries where we abstract water, which could affect water treatment in these areas.&nbsp; Rising sea levels could also cause damage in our sewage collection network.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Additionally, increases in air temperature could affect demand for water.&nbsp; Extreme weather events may also reduce water levels in the reservoirs that power hydroelectric power plants in Brazil, which may cause energy shortages and increase electricity prices, which may adversely affect our costs and operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We cannot predict all of the effects of extreme weather events, therefore making it difficult to predict necessary investments.&nbsp; We have not provisioned any funds for climate change events as current technology and scientific understandings of climate change make it difficult to predict potential expenses and liabilities.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We may be required to adopt new norms to improve our energy use efficiency and minimize the release of greenhouse gases when we renew the environmental licenses for the systems already in operation or when we obtain environmental licenses for new enterprises. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We may need to make substantial new expenditures, either to comply with new environmental regulations linked to climate change or to prevent or correct the physical effects of extreme weather events, any of which could have a material adverse effect on our results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Environmental Matters&#8212;Climate Change Regulations:&nbsp; Reduction of Greenhouse Gases (GHG) Emissions&#8221; and &#8220;Item&nbsp;4.B. Business Overview&#8212;Energy Consumption&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any substantial monetary judgment against us in legal proceedings may have a material adverse effect on us. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are party to a number of legal proceedings involving significant monetary claims.&nbsp; These legal proceedings include, among others, civil, tax, labor, corporate and environmental issues.&nbsp; As of December&nbsp;31, 2017, the estimated total claims asserted was R$55,705.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million (net of R$461.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in escrow deposits), including contingent liabilities.&nbsp; A substantial monetary judgment against us in one or more of these legal proceedings may have a material adverse effect on our financial condition.&nbsp; We have&nbsp;recognized provisions totaling&nbsp;R$1,078.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million (net of escrow deposits) as of December&nbsp;31, 2017. For more information, see Note 19 to our 2017</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">financial statements included in this annual report. These provisions&nbsp;do not cover all legal proceedings involving monetary claims filed against us and it may be insufficient to cover the ultimate resolution of these claims.&nbsp; Any unfavorable </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">judgment in relation to these proceedings may have a material adverse effect on us.&nbsp; For more information, see &#8220;Item&nbsp;8.A. Financial Statements and Other Financial Information&#8212;Legal Proceedings&#8221;.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our business is subject to cyberattacks and security and privacy breaches. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our business involves the collection, storage, processing and transmission of customers&#8217;, suppliers and employees&#8217; personal or sensitive data.&nbsp; We also use key information technology systems for controlling water, sewage and commercial, administrative and financial operations. An increasing number of organizations, including large businesses, financial institutions and government institutions, have disclosed breaches of their information technology and information security systems, some of which have involved sophisticated and highly targeted attacks, including on portions of their websites or infrastructure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The techniques used to obtain unauthorized, improper or illegal access to our systems, our data or our customers&#8217; data, to disable or degrade service, or to sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized until launched against a target.&nbsp; Unauthorized parties may attempt to gain access to our systems or facilities through various means, including, among others, hacking into our systems or those of our customers, partners or vendors, or attempting to fraudulently induce our employees, customers, partners, vendors or other users of our systems into disclosing user names, passwords or other sensitive information, which may in turn be used to access our information technology systems.&nbsp; Certain efforts may be supported by significant financial and technological resources, making them even more sophisticated and difficult to detect.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have established an Information Security Committee with members appointed by our executive officers. The mission of this committee is to undertake projects and actions related to the protection or mitigation of the vulnerabilities and risks of our information technology assets. Although we have developed systems and processes, such as this committee, that are designed to protect our data, the data of our customers, employees and suppliers, and to prevent data loss and other security breaches, these security measures cannot provide absolute security.&nbsp; Our information technology and infrastructure may be vulnerable to cyberattacks or security breaches, and third parties may be able to access our customers&#8217;, suppliers&#8217; and employees&#8217; personal or proprietary information that are stored on or accessible through those systems.&nbsp; Our security measures may also be breached due to human error, malfeasance, system errors or vulnerabilities, or other irregularities.&nbsp; Any actual or perceived breach of our security could interrupt our operations, result in our systems or services being unavailable, result in improper disclosure of data, materially harm our reputation and brand, result in significant legal and financial exposure, lead to loss of customer confidence in, or decreased use of, our products and services, and adversely affect our business and results of operations.&nbsp; In addition, any breaches of network or data security at our suppliers (including data center and cloud computing providers) could have similar negative effects.&nbsp; Actual or perceived vulnerabilities or data breaches may lead to claims against us. We cannot guarantee that the protections we have in place to protect our operating technology and information technology systems are sufficient to protect against cyberattacks and security and privacy breaches. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Risks Relating to Our Common Shares and ADSs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We may not always be in a position to pay dividends or interest on shareholders&#8217; equity and ADSs.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Depending on our future results, our shareholders may not receive dividends or interest on own capital if we do not generate a profit.&nbsp; Despite the requirement to distribute a minimum of 25% of our annual net income to shareholders, our future financial position may not permit us to distribute dividends or pay interest on own capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The relative volatility and illiquidity of the Brazilian securities markets may substantially limit your ability to sell our common shares underlying the ADSs at the price and time you desire.</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Investing in securities from emerging markets such as Brazil involves greater risk than investing in securities of issuers in major securities markets, and these investments are often considered to be more speculative in nature.&nbsp; The Brazilian securities market is substantially smaller, less liquid, more concentrated and can be more volatile than major securities markets.&nbsp; Accordingly, although you are entitled to withdraw the common shares underlying the ADSs from the depositary at any time, your ability to sell the common shares underlying the ADSs at a price and time at which you wish to do so may be substantially limited.&nbsp; There is also significantly greater concentration in the Brazilian securities market than in major securities markets.&nbsp; The ten largest companies in terms of market capitalization represented approximately 52.5%</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the aggregate market capitalization of the B3 as of December&nbsp;31, 2017.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Investors who exchange ADSs for common shares may lose their ability to remit foreign currency abroad and obtain Brazilian tax advantages. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian custodian for the common shares underlying our ADSs must obtain a certificate of registration from the Central Bank in order to be entitled to remit U.S.&nbsp;dollars abroad for payments of dividends and other distributions relating to our common shares or upon sales of our common shares.&nbsp; If an ADR holder decides to exchange ADSs for the underlying common shares, the holder will be entitled to continue to rely on the custodian&#8217;s certificate of registration for five business&nbsp;days from the date of exchange.&nbsp; After that period, the holder may not be able to obtain and remit U.S.&nbsp;dollars abroad upon sale of our common shares, or distributions relating to our common shares, unless he or she obtains his or her own certificate of registration or registers the investment under CMN Resolution No.&nbsp;4,373/2014, dated September 29, 2014, which entitles registered foreign investors (the &#8220;4,373 Holder&#8221;) to buy and sell on a Brazilian stock exchange.&nbsp; If the holder does not obtain a certificate of registration or register under Resolution No.&nbsp;4,373/2014, the holder will generally be subject to less favorable tax treatment on gains with respect to our common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If a holder attempts to obtain his or her own certificate of registration, the holder may incur expenses or suffer delays in the application process, which could delay his or her ability to receive dividends or distributions relating to our common shares or the return of his or her capital in a timely manner.&nbsp; The custodian&#8217;s certificate of registration or any foreign capital registration obtained by a holder may be affected by future legislative changes, and additional restrictions applicable to the holder, the disposition of the underlying common shares or the repatriation of the proceeds of disposition may be imposed in the future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A holder of common shares or ADSs may face difficulties in protecting his or her interests as a shareholder because we are a Brazilian mixed capital company.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are a mixed capital company (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">sociedade de economia mista</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) organized under the laws of Brazil, and all of our directors and officers and our controlling shareholder reside in Brazil.&nbsp; All of our assets are located in Brazil.&nbsp; As a result, it may not be possible for a holder to effect service of process upon us or these other persons within the United States or other jurisdictions outside Brazil or to enforce against us or these other persons judgments obtained in the United States or other jurisdictions outside Brazil.&nbsp; Because judgments of U.S.&nbsp;courts for civil liabilities based upon the U.S.&nbsp;federal securities laws may only be enforced in Brazil if certain requirements are met, a holder may face more difficulty in protecting his or her interests in the case of actions by our directors, officers or our controlling shareholder than would shareholders of a corporation incorporated in a state or other jurisdiction of the United States.&nbsp; In addition, under Brazilian law, none of our assets which are essential to our ability to render public services are subject to seizure or attachment.&nbsp; Furthermore, the execution of a judgment against our controlling shareholder may be delayed, since the State may only be able to pay a judgment if it is provided for in its budget in a subsequent fiscal year.&nbsp; None of the public property of our controlling shareholder is available for seizure or attachment, either prior to or after judgment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mandatory arbitration provisions in our bylaws may limit the ability of a holder of our ADSs to enforce liability under U.S.&nbsp;securities laws.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under our bylaws, any disputes among us, our shareholders and our management with respect to the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">rules, the Brazilian Corporate Law and Brazilian capital markets regulations will be resolved by arbitration conducted pursuant to the B3 Arbitration Rules in the Market Arbitration Chamber.&nbsp; Any disputes among shareholders and ADR holders, and any disputes between us and our shareholders and ADR holders, will also be submitted to arbitration.&nbsp; As a result, a court in the United States might require that a claim brought by an ADR holder predicated upon the U.S.&nbsp;securities laws be submitted to arbitration in accordance with our bylaws.&nbsp; In that event, a purchaser of ADSs would be effectively precluded from pursuing remedies under the U.S.&nbsp;securities laws in the U.S.&nbsp;courts. &nbsp;However, a court in the United States could allow claims predicated upon the U.S. securities laws brought by holders who purchased ADSs on the NYSE to be submitted to U.S. courts.</FONT></P></DIV>

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<DIV><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt">A holder of our common shares and ADSs might be unable to exercise preemptive rights and tag&#8209;along rights with respect to the common shares. </FONT></I></B>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">U.S.&nbsp;holders of common shares and ADSs may not be able to exercise the preemptive rights and tag&#8209;along rights relating to common shares unless a registration statement under the U.S.&nbsp;Securities Act of 1933, as amended, or the Securities Act, is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available.&nbsp; We are not obligated to file a registration statement with respect to our common shares relating to these rights, and we cannot assure you that we will file any such registration statement.&nbsp; Unless we file a registration statement or an exemption from registration is available, an ADR holder may receive only the net proceeds from the sale of his or her preemptive rights and tag&#8209;along rights or, if these rights cannot be sold, they will lapse and the ADR holder will receive no value for them.<SUP>&nbsp; </SUP></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Holders of our ADSs do not have the same voting rights as our shareholders. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Holders of our ADSs do not have the same voting rights as holders of our shares.&nbsp; Holders of our ADSs are entitled to the contractual rights set forth for their benefit under the deposit agreements.&nbsp; ADS holders exercise voting rights by providing instructions to the depositary, as opposed to attending shareholders meetings or voting by other means available to shareholders.&nbsp; In practice, the ability of a holder of ADSs to instruct the depositary as to voting will depend on the timing and procedures for providing instructions to the depositary, either directly or through the holder&#8217;s custodian and clearing system.&nbsp; The deposit agreement also provides that if the depositary does not receive any instructions from a holder of ADRs, the ADR holder may be deemed to have given a discretionary proxy to a person designated by our company and the underlying shares may be voted by such person.&nbsp; However, we have chosen not to designate any person to exercise these deemed proxy rights with respect to any annual or special general meetings, and ADSs for which no specific voting instructions were received by the Depositary were therefore not voted at that meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;ITEM&nbsp;4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">INFORMATION ON THE COMPANY</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">History and Development of the Company</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Overview</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP is a mixed capital company (</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">sociedade de economia mista</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">) with limited liability.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We were incorporated on September&nbsp;6, 1973 under the laws of the Federative Republic of Brazil.&nbsp; We are registered with the Commercial Registry of the State of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Junta Comercial do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) under registration number NIRE 35300016831.&nbsp; Our principal executive offices are located at Rua Costa Carvalho, 300, 05429&#8209;900 S&#227;o Paulo, SP, Brazil.&nbsp; Our telephone number is +55&nbsp;11&nbsp;3388&#8209;8000.&nbsp; Our agent for service of process in the United States is CT Corporation System, with offices at 818&nbsp;West Seventh Street &#8211; Team 1, Los Angeles, CA 90017.&nbsp; We are allowed to operate, in a subsidiary form, in other Brazilian locations and abroad.&nbsp; See &#8220;Item&nbsp;4.B. Business Overview&#8212; Government Regulations Applicable to Our Contracts&#8212;Contracts for the Provision of Essential Basic Sanitation Services in Brazil&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe we are one of the largest water and sewage service providers in the world (based on the number of customers in 2014, according to the inDepth Water Yearbook 2014-2015). We operate water and sewage systems in the state of S&#227;o Paulo, which includes the city of S&#227;o Paulo, Brazil&#8217;s largest city.&nbsp; According to the IBGE, the state of S&#227;o Paulo is Brazil&#8217;s most populous state and the state with the highest gross domestic product, or GDP, in Brazil.&nbsp; For the year ended December&nbsp;31, 2017, we generated net revenue of R$14,608.2 million and net income of R$2,519.3 million. &nbsp;Our total assets amounted to R$39,546.4 million and our total shareholders&#8217; equity amounted to R$17,513.0 million as of December&nbsp;31, 2017. </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we provided water and sewage services to a broad range of residential, commercial, industrial and governmental customers in 368 of the 645 municipalities in the state of S&#227;o Paulo, including the city of S&#227;o Paulo.&nbsp; Substantially all of our concessions or program agreements have 30&#8209;year terms.&nbsp; As of December 31, 2017, we lacked formal agreements for 51</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the municipalities we serve, each of which we are currently in the process of renegotiation.&nbsp; From January&nbsp;1, 2018 through 2030, 32 further concessions will expire, and we will seek to replace them with program agreements.&nbsp; In addition to the 368 municipalities we served, we also provided water service to the municipality of Mogi das Cruzes, pursuant to two partial water contracts under which we service only certain neighborhoods of that municipality. See &#8220;Presentation of Financial and Other Information&#8212;Other Information&#8212;Our Contracts and the Municipalities We Serve&#8221;. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also supply water on a wholesale basis to five</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities in the S&#227;o Paulo metropolitan region in which we do not operate water distribution systems (together covering a total estimated urban population of approximately 3.0 million residents).&nbsp;Four of these municipalities also utilize our sewage treatment services.&nbsp; For the year ended December&nbsp;31, 2017, the S&#227;o Paulo metropolitan region (including the municipalities to which we provide water on a wholesale basis) accounted for 70.7% of our gross operating revenue (excluding revenues relating to the construction of concession infrastructure), while the Regional Systems accounted for 29.3%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we provided water services through 8.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million water connections to approximately 24.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million people, representing approximately 57% of the total population of the state of S&#227;o Paulo, and had a water coverage ratio of 98% with respect to all regions.&nbsp; As of that date, we provided sewage services through 7.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million sewage connections to approximately 21.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million people and had an effective sewage service ratio of 83%.&nbsp; As of December&nbsp;31, 2017, we operated using 74,396</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">kilometers of water pipes and water transmission lines and 50,991 kilometers of sewer lines. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also provide water and/or sewage services to four other municipalities through special purpose companies.&nbsp; In addition, we have three partnerships with private companies:&nbsp; Aquapolo Ambiental S.A., Attend Ambiental S.A. and Paulista Geradora de Energia S.A.&nbsp; Aquapolo Ambiental S.A. commenced operations in the second half of 2012 and operates the largest water recycling facility in the southern hemisphere.&nbsp; Aquapolo Ambiental S.A. has the capacity to supply up to 1,000 liters per second to industries in the Capuava petrochemical cluster of the S&#227;o Paulo metropolitan region, but is currently providing approximately 650 liters per second as a result of demand. Attend Ambiental S.A. commenced operations in the second half of 2014 to operate a pre-treatment plant for non-domestic effluent in the S&#227;o Paulo metropolitan region. &nbsp;Paulista Geradora de Energia S.A., which was formed in 2015, focuses on the implementation and commercial exploration of water potential in small hydroelectric power plants, located at Vertedouro Cascata and the Guara&#250; Water Treatment Plant, with a total capacity of 7 MW.&nbsp; We were planning to commence construction in the course of the second semester of 2017, but the current economic situation in Brazil has reduced the availability of credit, and therefore the commencement of construction has been rescheduled for the second half of 2018.&nbsp;See &#8220;Note 12 to the Financial Statements - Investments&#8221;. &nbsp;In addition, we provide consulting services regarding the rational use of water, the updating of institutional models, and commercial and operational management in Panama, through a consortium. &nbsp;We previously provided consulting services to Honduras and Nicaragua, but these consulting services have been completed. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The State of S&#227;o Paulo, our controlling shareholder, is required by State Law No.&nbsp;11,454/2003 to own at least 50% plus one of our common shares.&nbsp; As of May 24, 2018, the State owned 50.3% of our outstanding common shares.&nbsp; As a mixed capital company, we are an integral part of the State governmental structure.&nbsp; Our strategy and major policy decisions are formulated in conjunction with the State Secretariat for Sanitation and Water Resources as part of the State&#8217;s overall strategic planning.&nbsp; The majority of the members of our board of directors and our board of executive officers are nominated by the State government.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, our capital expenditure budget is subject to approval by the State legislature and is approved in conjunction with the budget of the State Secretariat for Sanitation and Water Resources as a whole.&nbsp; Our financial statements and accounting records are subject to review by the State Accounts Tribunal (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tribunal de Contas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), as are all accounts of the State. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our results of operations and financial condition are generally affected (i) by our ability to raise tariffs, control costs and improve productivity; (ii) the general economic conditions in Brazil and abroad; and (iii) climate conditions.&nbsp; In order to supply water to the S&#227;o Paulo metropolitan region, we use water from eight systems, most of which were affected by the most severe drought in our service region in over 80 years, which occurred during 2014 and 2015. &nbsp;Of those, the Cantareira System, our largest water system, was the most affected. In order to balance supply and demand despite the restricted water availability, we adopted throughout 2014 and 2015 a series of initiatives.&nbsp; In March 2016, as a result of the increased level of rainfall and increased predictability of the level of water in our reservoirs, we cancelled the Water Consumption Reduction Incentive Program and the Contingency Tariff to water meter readings recorded as of May 1, 2016. For further information on the water crisis, see &#8220;Item 3.D. Risk Factors&#8212;The measures we took to mitigate the effects of the drought that occurred in 2014 and 2015 resulted in a significant decrease in the volume of water billed and revenues from services we provide and, despite the discontinuation in May 2016 of the measures that were used to face the drought, new consumption habits were incorporated and the volume of water billed continues to be impacted by those measures.&#8221; and &nbsp;&#8220;Item 4.B Business Overview&#8212;The Recent Water Crisis&#8221;.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our Strengths </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe that our strong business position and future prospects derive from the following strengths:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Well&#8209;established business with significant size, scale and know&#8209;how to operate in complex urban settings</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; We believe we are one of the largest water and sewage service providers in the world.&nbsp; We provide water services directly to approximately 24.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million people and supply water on a wholesale basis to an additional urban population of approximately 3.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million people.&nbsp; As of December&nbsp;31, 2017, we had an effective water coverage ratio of 98% in respect of all regions in which we operate.&nbsp; We also provide sewage services directly to approximately 21.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million people, achieving an effective sewage service ratio of 83% in respect of all regions in which we operate as of December&nbsp;31, 2017.&nbsp; Our significant size and scale have required us to operate in complex urban settings such as shantytowns</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> (favelas)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and environments without urban planning, thereby enabling us to develop well&#8209;trained personnel, skills for operating in adverse conditions that we believe our competitors lack. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Operations in Brazil&#8217;s most populous and wealthy state</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; The state of S&#227;o Paulo, which is located in the most developed and economically active region of Brazil, is the most populous state in Brazil, with an estimated total population of 43.8 million as of December&nbsp;31, 2017.&nbsp; The city of S&#227;o Paulo had an estimated total population of 11.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million as of the same date, while the S&#227;o Paulo metropolitan region had a total population of 20.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million.&nbsp; Based on its GDP, the state of S&#227;o Paulo is the wealthiest state and largest economy in Brazil.&nbsp; The GDP of the state of S&#227;o Paulo was approximately R$1.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">trillion in 2015, representing approximately 26.3% of Brazil&#8217;s total GDP, according to the most recent data collected by the IBGE. The state of S&#227;o Paulo generates more revenue from water and sewage services than any other Brazilian state. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Strong Base of Contracted Business</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Between January&nbsp;1, 2007 and December&nbsp;31, 2017, we executed 30-year agreements with 287</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the 368</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities we serve, including an agreement with the city of S&#227;o Paulo, in June&nbsp;2010, and Santos in September 2015.&nbsp; For the year ended December&nbsp;31, 2017, income from these 30-year agreements accounted for 81.7% of our gross operating revenues (including revenues relating to the construction of concession infrastructure).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Access to low&#8209;cost and diverse sources of financing</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Our strong cash flow generation from operations and our role as an essential public service provider places us in a privileged position in our industry to obtain low cost, long&#8209;term financing from Brazilian public banks, and domestic and international multilateral agencies and development banks.&nbsp; We do not depend on a limited number of sources of financing, but instead have access to various funding alternatives in the Brazilian and international markets to fund our working capital needs and our capital expenditure programs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Strong corporate governance practices</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp;&nbsp;In 2002, we joined the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> segment of the B3, which is the listing segment in Brazil with the highest corporate governance requirements.&nbsp; As a result, we are committed to certain corporate governance standards that are not otherwise required by Brazilian law, which provides heightened protection to our shareholders and enhances the quality of information we disclose to the market. &nbsp;From December&nbsp;2007 until December 2015, we were part of the B3 Corporate Sustainability Index, or ISE. &nbsp;In 2016, due to the need to focus the attention of all our departments on overcoming the water crisis, we decided not to participate in the selection process to be a part of the ISE. As of the date of this annual report, we have not yet recommenced participation in this selection process. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">High quality operations.&nbsp; </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe that we adhere to high standards of service and employ the best available technology in the sanitation business to control the quality of the water we abstract, process and distribute.&nbsp; Of our 16 laboratories in total, our central laboratory and 13 of our regional laboratories are accredited by the National Institute of Metrology, Quality and Technology, Standardization and Industrial Quality, or INMETRO, and comply with the ABNT NBR ISO IEC 17025 standard, thereby assuring the quality and accuracy of our test results.&nbsp; Moreover, our laboratories and field teams use the latest equipment to detect substances controlled by regulations and have highly trained teams to handle contingencies and customer complaints.&nbsp; We believe our technology enhances the efficiency and quality of our operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our Strategy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3.4pt; TEXT-INDENT: 18.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our mission is to provide water and sewage services, contributing to improvements in quality of life and the environment. &nbsp;Our goal is to become a global reference in the provision of basic sanitation services in a sustainable, competitive and innovative manner, focused on the needs of our clients. &nbsp;To this end, our strategic objectives are based upon the guiding principles of water availability, excellence in the provision of services, sustainable growth, fostering and expanding our operating base, innovation and technology, motivation of personnel and expansion of our sewage treatment coverage.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3.4pt; TEXT-INDENT: 18.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secure water availability in the areas where we operate</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &nbsp;Our goal is to secure the availability of water in the areas where we operate, as well as to promote a rational and integrated use of water resources, respecting demand </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and critical levels of water for each region, and allocating resources in the short, medium and long run in order to guarantee access to water. &nbsp;Our goal is to consistently meet the needs of our consumers with our services. Furthermore, we have planned a series of short-term and medium-term measures that we believe will increase the ability of our immediate water supply to cope with the water crisis and significantly improve future water security by the end of the decade. &nbsp;For more information, see &#8220;Item 4.B. Business Overview&#8212;The Recent Water Crisis&#8221; and &#8220;&#8212;Capital Expenditure Program</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8221;.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 3.4pt; TEXT-INDENT: 18.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Ensure the quality and availability of our services in our existing service area through excellence in service provision and improving our operating efficiency.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &nbsp;Our goal is to maintain the water coverage ratio, coupled with a high standard of quality and availability of our services, and meet the expected growth in our operating basis. &nbsp;We also intend to increase our sewage coverage by adding 1.1 million sewage connections by 2022. &nbsp;In addition, we seek to reduce both physical and non&#8209;physical water loss. &nbsp;See &#8220;&#8212;Capital Expenditure Program&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also seek to improve our processes by implementing:&nbsp; (i) a new management model based on the Management Excellence Model of the National Quality Foundation </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face="Times New Roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Modelo de Excel&#234;ncia na Gest&#227;o da Funda&#231;&#227;o Nacional da Qualidade</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) that seeks to improve management processes alignment and best practices sharing within the company; (ii) an enterprise resourcing planning system, or &#8220;ERP system&#8221; (SAP), and a customer relationship management system, or &#8220;CRM system&#8221; (Net@suite), to replace our commercial and management information systems.&nbsp; The ERP system was implemented in April 2017 and Net@suite is expected to be implemented in 2018. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These projects intend to increase our speed and productivity in responding to regulatory changes; to strengthen and streamline our financial, commercial and administrative structure; to provide a solid and integral base of information to support the decision-making process; and to increase the efficiency of our operations while also reducing costs.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 18.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Continue to seek sustainable growth.</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our goal is to grow while balancing our economic and financial results with environmental and social considerations, to secure positive financial results so as to guarantee investments for the provision of services, as well as to provide an adequate and just remuneration for our shareholders. &nbsp;We seek to act as citizens and to promote the well-being of the communities we operate in and the protection of the environment. &nbsp;We aim to apply our principles of financial growth and sustainability to each business unit, assigning goals and setting clear responsibilities to each unit so as to strengthen our financial results.&nbsp; To achieve this goal, we intend to use our best efforts to reduce operating costs and increase productivity and profitability.&nbsp; We plan to improve the management of our assets, as well as to continue to reduce our total operating expenses by automating some of our facilities, streamlining operational processes, implementing integrated planning and further investing in internal technological research and development.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also plan to continue our efforts to improve our collection of overdue accounts receivable from municipalities to which we provide services, from the State and from other governmental entities, including by exploring opportunities to offset these outstanding debts against certain possessory or property rights over utilities relating to water and sewage systems.&nbsp; We intend to continue to fund our working capital needs and estimated capital expenditure programs with diversified sources of financing, such as domestic and international development banks and multilateral agencies.&nbsp; We will continue to seek market opportunities for low&#8209;cost financing and restructuring of our indebtedness if and when advantageous and appropriate.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Since 2008, we have expanded into activities that complement water and sewage services in which we may leverage our know&#8209;how, size, scale and profitability.&nbsp; These activities include consulting and management of sanitation systems. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Currently, we provide water and/or sewage services to four</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">other municipalities through special purpose companies and have three partnerships with private companies. &nbsp;See &#8220;Item 4. &nbsp;Information on the Company&#8212;History and Development of the Company&#8212;Overview&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Maintain and expand our operating base</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &nbsp;We intend to maintain and expand our operating base by executing new agreements.&nbsp; To this end, we are actively seeking to develop closer relationships with the municipal governments that we currently serve in order to increase customer loyalty and thereby renew all or substantially all our concession agreements as they expire. &nbsp;We also regularly explore the possibility of executing agreements for the provision of water and sewage services in municipalities in the state of S&#227;o Paulo in which we currently have no operations or to which we currently supply water and provide sewage treatment solely on a wholesale basis, which together represent a total population of approximately 16.5 million.&nbsp; We evaluate possible expansion opportunities in terms of proximity to our existing service areas to maximize return on investment and improve our financial </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">performance.&nbsp; In June&nbsp;2010, we entered into a 30&#8209;year agreement with the State and city of S&#227;o Paulo for the provision of water and sewage services in the city of S&#227;o Paulo, which in the year ended December&nbsp;31, 2017 accounted for 50.1% of our gross operating revenues (excluding revenues relating to the construction of concession infrastructure).&nbsp; Between January&nbsp;1, 2007 and December&nbsp;31, 2017, we entered into agreements with 287 municipalities (including our services agreement with the city of S&#227;o Paulo), of which six were entered into in 2017.&nbsp; These 287 municipalities accounted for 81.7% of our total revenues for the year ended December&nbsp;31, 2017 and 72.3% of our intangible assets as of the same date.&nbsp; As of December&nbsp;31, 2017, 51 of our concessions had expired and are currently being renegotiated.&nbsp; These 51 municipalities accounted for 10.3% of our total revenues for the year ended December&nbsp;31, 2017 and 19.6% of our intangible assets as of the same date.&nbsp; From January&nbsp;1, 2018 through 2030, 32 concession agreements, accounting for 6.2% of our revenues for the year ended December&nbsp;31, 2017 and 5.7% of our intangible assets as of the same date, will expire.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 18.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Seek opportunities to adopt and develop innovative technology</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &nbsp;We plan to stimulate the creation, adoption and diffusion of innovative solutions aiming to generate value and to improve our provision of basic sanitation services while promoting environmental protection and maintaining our competitiveness and profitability.&nbsp; In accordance with our bylaws, our activities comprise water supply, sanitary sewage services, urban rainwater management and drainage services, urban cleaning services, solid waste management services, and also related activities, including the planning, operation, maintenance and commercialization of energy, and the commercialization of services, products, benefits and rights that directly or indirectly arise from our assets, operations and activities.&nbsp;We are also authorized to carry out activities through subsidiaries in other Brazilian locations and in other countries. &nbsp;See Item &#8220;5.C. Research and Development, Patents and Licenses, Etc.&#8221;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 21.3pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Establish efficient and competitive ways of motivating, retaining and attracting personnel</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;We intend to provide our personnel with programs for professional and personal development, growth opportunities and recognition.&nbsp; These programs include competitive benefit packages and a healthy and collaborative work environment.&nbsp; We seek to raise workplace satisfaction, well-being, engagement and productivity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Expand our sewage treatment coverage</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">. &nbsp;Our goal is to progress in the implementation of sewage collection and treatment structures in an economically and technologically viable way. &nbsp;We had an effective sewage coverage ratio of 90% as of December&nbsp;31, 2017 and plan to increase this ratio to 93% by 2022 by adding over 1.1 million sewage connections and the indicator of consumer units connected to the sewage treatment system from 75% to 83% by 2022. &nbsp;These investments are necessary to restore the quality of the rivers and lakes, providing new sources for water supply.&nbsp; In addition, there are municipalities in the state of S&#227;o Paulo representing a total population of approximately 16.5 million to which we currently do not provide water or sewage services, or to which we currently supply water solely on a wholesale basis.&nbsp; Our strong presence in the State and experience in providing water and sewage services places us in a privileged position to expand our sewage services to these additional municipalities in the state of S&#227;o Paulo as well as to other Brazilian states and abroad.&nbsp; For more information, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Description of our Activities&#8212;Sewage Operations&#8221; and &#8220;Item&nbsp;4.B. Business Overview&#8212;Competition&#8221; and &#8220;Item&nbsp;4.B. Business Overview&#8212;Tariffs&#8221;.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our strategic objectives also focus on our political and institutional relationships as well as on our commitment to the market to increase shareholder value. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017 we invested R$3.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion and between 2018 and 2022 we plan to invest an additional R$17.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion to improve and expand our water and sewage systems, increase water security, and meet the growing demand for water and sewage services in the state of S&#227;o Paulo, thereby encouraging these customers to continue using our services.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe that our overall strategy will enable us to meet the demand for high quality water and sewage services in the state of S&#227;o Paulo as well as in other Brazilian states and abroad, while creating shareholder value and strengthening our results of operations and our financial condition.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State of S&#227;o Paulo</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The state of S&#227;o Paulo is one of 26 states that, together with the Federal District of Bras&#237;lia, constitute the Federative Republic of Brazil.&nbsp; The state of S&#227;o Paulo is located in the southeastern region of the country, which also includes the States of Minas Gerais, Esp&#237;rito Santo and Rio de Janeiro, and which is, according to IBGE, the most developed and economically active region of Brazil.&nbsp; The state of S&#227;o Paulo is located on the Atlantic coast of Brazil and is bordered by the states of Rio de Janeiro and Minas Gerais to the north, the state of Paran&#225; to the south and the state of Mato Grosso do Sul to the west.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The state of S&#227;o Paulo occupies approximately 3.0% of Brazil&#8217;s land mass and encompasses an area amounting to approximately 96,000&nbsp;square miles.&nbsp; According to the SEADE, the state of S&#227;o Paulo had an estimated total population of 43.8 million as of December&nbsp;31, 2017.&nbsp; The city of S&#227;o Paulo, capital of the state of S&#227;o Paulo, had an estimated total population of 11.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, with a total population of 20.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million inhabitants in the S&#227;o Paulo metropolitan region, as of December&nbsp;31, 2017.&nbsp; The S&#227;o Paulo metropolitan region encompasses 39 municipalities and is the largest metropolitan region in the Americas and the fifth largest metropolitan region in the world, according to the United Nations&#8217; Data Booklet &#8220;The World&#8217;s Cities in 2016&#8221;, with approximately 47% of the total population of the state of S&#227;o Paulo as of December&nbsp;31, 2017. According to the most recent data collected by the IBGE, the GDP of the state of S&#227;o Paulo was approximately R$1.7 trillion in 2015, representing approximately 26.3% of Brazil&#8217;s total GDP, and making it the largest economy of any state in Brazil based on GDP.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">According to the IBGE, the state of S&#227;o Paulo is also the leading Brazilian state in terms of manufacturing and industrial activity, with a strong position in car manufacturing, pharmaceuticals, computer manufacturing, steel making and plastics, among other activities, as well as a leading position in the banking and financial services industries.&nbsp; The state of S&#227;o Paulo is the leading export state in Brazil, according to the Brazilian Ministry of Development, Industry and Foreign Trade (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Minist&#233;rio do Desenvolvimento, Ind&#250;stria e Com&#233;rcio Exterior</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">). </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">History </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Until the end of the nineteenth century, water and sewage services in the state of S&#227;o Paulo were generally provided by private companies.&nbsp; In 1875, the Province of S&#227;o Paulo granted a concession for the provision of water and sewage services to Cantareira Water and Sewage Company (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Cantareira de &#193;gua e Esgotos)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; In 1893, the government of the Province of S&#227;o Paulo assumed responsibility for the provision of water and sewage services from Cantareira Water and Sewage Company and formed the Office of Water and Sewers (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reparti&#231;&#227;o de &#193;gua e Esgotos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), a government agency.&nbsp; Since that time, water and sewage services in the S&#227;o Paulo metropolitan region have been administered by the State government.&nbsp; Historically, water and sewage services in substantially all other municipalities of the State were administered directly by the municipalities, either by municipal water and sewage departments or through </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">autarquias </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the municipal government.&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Autarquias </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">are relatively autonomous public bodies with separate legal standing, assets and revenues, created by law to carry out the administration of public services where the government deems that a decentralized administrative and financial structure would be advantageous.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 1954, in response to dramatic population growth in the S&#227;o Paulo metropolitan region, the State government created the Department of Water and Sewers (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Departamento de &#193;guas e Esgotos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) as an </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">autarquia </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the State.&nbsp; The Department of Water and Sewers provided water and sewage services to various municipalities in the S&#227;o Paulo metropolitan region.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A major restructuring of the entities providing water and sewage services in the state of S&#227;o Paulo occurred in 1968, with the creation of the Water Company of the S&#227;o Paulo metropolitan Region (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Metropolitana de &#193;gua de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the &#8220;COMASP&#8221;, the purpose of which was to provide potable water on a wholesale basis for public consumption in the various municipalities of the S&#227;o Paulo metropolitan region.&nbsp; All assets relating to the production of potable water for the S&#227;o Paulo metropolitan region previously owned by the Department of Water and Sewers were transferred to COMASP.&nbsp; In 1970, the State government created the Superintendence of Water and Sewers of the City of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Superintend&#234;ncia de &#193;gua e Esgoto da Capital</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the &#8220;SAEC&#8221;, to distribute water and collect sewage in the city of S&#227;o Paulo.&nbsp; All assets relating to water services previously owned by the Department of Water and Sewers were transferred to the SAEC.&nbsp; Also in 1970, the State created the Basic Sanitation Company of the S&#227;o Paulo metropolitan Region (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Metropolitana de Saneamento de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the SANESP, to provide sewage treatment services for the S&#227;o Paulo metropolitan region.&nbsp; All assets relating to sewage services previously owned by the Department of Water and Sewers were transferred to the SANESP.&nbsp; The Department of Water and Sewers was subsequently closed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June&nbsp;29, 1973, pursuant to State Law No.&nbsp;119/1973, COMASP, SAEC and SANESP merged to form our Company with the purpose of implementing the directives of the Brazilian government set forth in the National Water Supply and Sanitation Plan (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Plano Nacional de Saneamento</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; We were incorporated under the laws of Brazil as a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">sociedade an&#244;nima</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> for indefinite duration.&nbsp; The National Water Supply and Sanitation Plan was a program sponsored by the Brazilian government, which financed capital investments in, and assisted in the development of, state&#8209;controlled water and sewage companies.&nbsp; Since our formation, other State governmental and State&#8209;controlled companies involved in water supply and sewage collection and treatment in the state of S&#227;o Paulo have been merged into our company.&nbsp; The State has always been our controlling shareholder, as required by State Law No.&nbsp;11,454/2003.&nbsp; We have therefore been integrated into the State governmental structure and our strategies have been formulated in conjunction with the strategies of the State Department of Water Resources and Sanitation.&nbsp; </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Additionally, a majority of the members of our board of directors and our management are appointed by the State Government. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our capital expenditure budget is subject to approval by the State legislative chamber.&nbsp; This approval is obtained simultaneously with the approval of the budget of the S&#227;o Paulo Secretariat for Sanitation and Water Resources (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secretaria de Saneamento e Recursos H&#237;dricos do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; We are also subject to supervision from the Court of Audit of the State of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tribunal de Contas do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), with regard to our accounting, financial and budgetary activities and our operating assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We provide water and sewage services directly to a large number of residential, commercial and industrial private consumers, as well as to a variety of public entities, in 368</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the 645</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities in the State, including in the city of S&#227;o Paulo.&nbsp; We also supply water on a wholesale basis to five</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities in the S&#227;o Paulo metropolitan region in which we do not operate water distribution systems, and four</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of these municipalities also utilize our sewage treatment services.&nbsp; According to the inDepth Water Yearbook 2014-2015, we are the fourth largest water and sewage service company in the world in terms of number of clients.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 1994, we were registered with the CVM as a publicly-held company and are therefore subject to the CVM&#8217;s rules, including those relating to the periodic disclosure of extraordinary facts or relevant events.&nbsp; Our common shares have been listed on the B3 under the ticker &#8220;SBSP3&#8221; since June&nbsp;4, 1997.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2002, we joined the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> segment of the B3, which is the listing segment in Brazil with the highest corporate governance requirements.&nbsp; In the same year, we registered our common shares with the Securities and Exchange Commission, or SEC, and started trading our shares in the form of ADR &#8211; level III on the New York Stock Exchange, or NYSE, under the ticker &#8220;SBS&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2004, the State of S&#227;o Paulo carried out a secondary offer of common shares of our company in the Brazilian and international markets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State Law No.&nbsp;12,292/2006 amended State Law No.&nbsp;119/1973, which created our Company, and now authorizes us to provide water and sewage services outside of the state of S&#227;o Paulo, both to other states of Brazil and to other countries.&nbsp; This law also authorizes us to own interests in other public or private&#8209;public companies and Brazilian or international consortia.&nbsp; In addition, this law permits us to incorporate subsidiaries and enter into a partnership with or acquire interests in a private company with a corporate purpose related to the sanitation business. &nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December&nbsp;2007, Law No.&nbsp;1,025/2007, which provided for the creation of regulatory agencies for the supervision of water and sewage services, created ARSESP, the regulatory agency that regulates and supervises the services we provide.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In September 2017, the State of S&#227;o Paulo obtained approval for State Law No. 16,525/2017, which authorizes the State of S&#227;o Paulo to set up a controlling company to hold all of the shares that the State of S&#227;o Paulo holds in our company. Once formed, this controlling company will control our company, pursuant to the provisions of Art. 116 of the Brazilian Corporate Law. State Law No. 16,525/2017 allows other minority shareholders, including private companies and state companies, to hold shares of the controlling company, provided that the State of S&#227;o Paulo holds the majority of the common shares of the controlling company. On March 9, 2018, the State of S&#227;o Paulo received a letter from a group of investors expressing interest in acquiring shares of the controlling company. This letter is being assessed by the State Privatization Program&#8217;s Board (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conselho Diretor do Programa Estadual de Desestatiza&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> - CDPED), which has authority over our corporate reorganization, including the formation of the controlling company. The transaction proposed in the letter relates only to shares of the controlling company level and therefore would not affect the corporate control of our company, which will remain held by the State of S&#227;o Paulo. The identity of the investors and the content of the letter remain confidential in accordance with the rules applicable to the administrative procedure established by CDPED for the purposes of operation.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Corporate Organization</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We currently have six management divisions, each of which is supervised by one of our executive officers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our board of directors allocates responsibilities to our executive officers following an initial proposal made by our Chief Executive Officer, in accordance with our bylaws.&nbsp; The Chief Executive Officer is responsible for coordinating all management divisions in accordance with the policies and directives established by our shareholders&#8217; meeting, our board of directors and board of executive officers, including the coordination, evaluation and control of all functions related to the Chief Executive Officer&#8217;s office and staff, integrated planning, business management and corporate organization, communication, audit, ombudsman and quality.&nbsp; The Chief Executive Officer represents our company before third parties and certain powers can be granted to attorneys&#8209;in&#8209;fact.&nbsp; The executive officers described below report to the Chief Executive Officer:</FONT></FONT></P></DIV>

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<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="Times New Roman">the Corporate Management Officer, who is responsible for marketing (commercial processes), human resources and social responsibility, legal affairs, information technology, asset management, supplies and&nbsp;contracts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the Chief Financial Officer and Investor Relations Officer, who is responsible for financial planning, costs and tariffs, raising capital and allocating financial resources to divisions of our company, conducting capital markets and other debt incurrence transactions and managing debt levels, controller, accounting, corporate governance and investor relations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the Technology, Enterprises and Environment Officer is responsible for environmental management, technological and operational development, quality control of water and sewage, the development, coordination and execution of special investment programs, projects, research innovation and new <FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">business ventures; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the Chief Operating Officer for the S&#227;o Paulo metropolitan region Division and the Chief Operating Officer for the Regional Systems Division, who are responsible for managing the operation, maintenance, execution of planning and works for water and sewage supply systems (including for the services that we provide on a wholesale basis), sales and call center services, and have overall responsibility for the financial and operational performance of their divisions.&nbsp;The Chief Operating Officers are also responsible for sanitation advisory services to independent municipalities and for mediation and negotiation with communities and local governments, aimed at aligning our interests with the interests of our clients.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Capital Expenditure Program </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our capital expenditure program is designed to improve and expand our water and sewage system and to increase and protect our water sources in order to sustain water security, meet the growing demand for water and sewage services in the state of S&#227;o Paulo and improve the overall environmental impact of our activities.&nbsp; Our capital expenditure program has four specific goals with respect to the municipalities we serve:&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 12pt 53.4pt; TEXT-INDENT: -53.4pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(I).</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to continue to increase water security and meet demand growth for treated water;</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 12pt 53.4pt; TEXT-INDENT: -53.4pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(II).</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to expand the percentage of households connected to our sewage system;&nbsp;</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 12pt 53.4pt; TEXT-INDENT: -53.4pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(III).</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to increase the treatment of sewage collected; and</FONT></P>

<P style="MARGIN: 0in 0in 12pt 53.4pt; TEXT-INDENT: -53.4pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(IV).</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to increase operating efficiency and reduce water loss. </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have budgeted investments in the total amount of R$17.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion from 2018 through 2022.&nbsp; We invested R$3.4 billion, R$3.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion and</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$3.5 billion in 2017, 2016 and 2015, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth our planned capital expenditures for water and sewage infrastructure for the years indicated:&nbsp; </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Planned Capital Expenditures</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2020</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2021</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2022</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">in millions of reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Water</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,445.7</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,519.8</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,445.3</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,368.3</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,341.1</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,120.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Sewage Collection</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,200.2</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,459.6</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,397.8</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,799.0</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,875.2</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,731.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Sewage Treatment</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">254.4</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">394.2</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">656.8</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">595.9</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">540.2</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,441.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,900.3</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,373.6</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,499.9</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,763.2</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,756.5</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">17,293.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our capital expenditure program from 2018 through 2022 will continue to focus on achieving our targets by making regular investments to maintain and expand our infrastructure and to reduce water loss in the 368 municipalities we served as of December&nbsp;31, 2017. The recent drought has prompted a reduction in the volume of water billed, particularly in 2014 and 2015, and thus a reduction in revenue.&nbsp; Due to the drought and the need to </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">prioritize construction to mitigate the effects of the water crisis and increase water security in the Metropolitan Region of S&#227;o Paulo, we were required to adjust our investment programs commencing in 2014. &nbsp;These adjustments are expected to continue in 2018 due to the priority given since 2014 to emergency investments in water. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Main Projects of Our Capital Expenditure Program </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following is a description of the main projects in our capital expenditure program.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Investments in Water</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &#8211; We have a series of ongoing and scheduled projects involving water production and distribution. &nbsp;For the period from 2018 through 2022, we plan to spend R$7.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion in water-related investments. &nbsp;The main programs are:&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Metropolitan Water Program </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Demand for our water services has grown steadily over the years in the S&#227;o Paulo metropolitan region and has at times exceeded the capacity of our water systems.&nbsp; On account of the high demand, prior to September&nbsp;1998, a portion of our customers in this region received water only on alternate&nbsp;days of the week.&nbsp; We refer to this as &#8220;water rotation&#8221;.&nbsp; In order to address this situation, we implemented the Metropolitan Water Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Metropolitano de &#193;gua)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> to improve regular water supply to the entire S&#227;o Paulo metropolitan region.&nbsp; This program terminated in 2000 and the water rotation measure was eliminated, but still we have maintained our investment plans for the region.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Since 2000, the Metropolitan Water Program has increased the production capacity in 8.1 m&#179;/s, 5 m&#179;/s of which can be attributed to the Public Private Partnership, or &#8220;PPP&#8221;, conducted in the Alto do Tiet&#234; concluded in 2011, and 2.1 m&#179;/s of which can be attributed to increased production in Guarapiranga System, concluded in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Aiming to improve the provision of water to the S&#227;o Paulo Metropolitan Region, in April 2018, we increased treated water production capacity by approximately 6.4 m&#179;/s by concluding construction and initiating pre-operation of the S&#227;o Louren&#231;o System.&nbsp;In addition, in March 2018, we began transferring water from the Jaguari reservoir (part of the Para&#237;ba do Sul Basin) to the Atibainha reservoir (part of the PCJ River Basin). This interconnection adds 5.13 m&#179;/s of water availability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, we invested approximately R$460 million in the Metropolitan Water Program.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interconnection of Jaguari and Atibainha Reservoirs</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In March 2018, we completed the interconnection of the Jaguari and Atibainha reservoirs, which is a strategic and priority works project to guarantee secure access to water for the metropolitan region of S&#227;o Paulo.&nbsp; With contracted investments of R$555 million, this construction allows for the transfer of an average 5.13 m&#179;/s of water from the Jaguari reservoir of the Para&#237;ba do Sul Basin to the Atibainha reservoir of the Cantareira System, the largest system that provides water to the metropolitan region of S&#227;o Paulo.&nbsp; In the future, the transfer of water shall also work in the opposite direction, from the Atibainha reservoir to the Jaguari reservoir, optimizing the reservation capacity of both reservoirs, and benefitting the population of the Para&#237;ba Valley.&nbsp; The construction work on the interconnection began in February 2016 and was completed during March 2018. In March 2018, we also began transferring water from the Jaguari reservoir (part of the Para&#237;ba do Sul Basin) to the Atibainha reservoir (part of the PCJ River Basin).</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">S&#227;o Louren&#231;o Project&nbsp; </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The metropolitan region lacks water sources, which requires us to obtain water from increasingly distant sources.&nbsp; In order to address this situation, we developed, under a PPP contract, a new supply system called S&#227;o Louren&#231;o, which expands our production capacity by 6.4 m3/s and should be able to benefit a population of almost 2.0&nbsp;million people.&nbsp; The PPP contract was executed in August 2013 and construction began in April 2014.&nbsp; The project was undertaken by Sistema Produtor S&#227;o Louren&#231;o S.A., which is a special purpose company controlled by the construction companies Camargo Corr&#234;a Construtora S.A. and Andrade Gutierrez S.A.&nbsp; The construction of the new system began in April 2014 and was completed in April 2018. Upon completion, pre-operation began. Camargo Corr&#234;a Construtora S.A. and Andrade Gutierrez S.A. sold their shares of Sistema Produtor S&#227;o Louren&#231;o S.A. to CGGC Construtora do Brasil Ltda., a Chinese-owned company. This transaction was completed in May 2018.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017, the estimated amount of the PPP contract was R$6.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion (including R$2.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion in construction and maintenance and operation of the system). &nbsp;After monetary adjustment, the contract amounts to approximately R$7.9 billion and has a 25-year term, four years of which was dedicated to the construction, while the other 21 years will be dedicated to service delivery.&nbsp; These services include the operation and maintenance of the sludge treatment system of the water treatment plant and disposal of the waste thus generated; electromechanic and civil maintenance of the untreated water pumping stations, of the water treatment plant and the untreated water pipeline; preservation and cleaning, surveillance and property security.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reversal of the Itapanha&#250; River</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We plan to begin construction of a pumping system for the Itapanha&#250; River during the first half of 2018. This system is expected to have the capacity to pump an average of 2 m<SUP>3</SUP>/s (maximum of 2.5 m<SUP>3</SUP>/s) of water to Biritiba-Mirim, part of the Alto Tiet&#234; system. The project aims to improve water security in the S&#227;o Paulo metropolitan region and is expected to directly benefit approximately 4.5 million residents that receive water from the Alto Tiet&#234; system as well as indirectly benefit 21 million people in the greater S&#227;o Paulo region via the integrated system. We expect to invest a total of R$91.7 million in this project.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Corporate Program for Reduction of Water Loss </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The objective of the Corporate Program for Reduction of Water Loss (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Corporativo de Redu&#231;&#227;o de Perdas de &#193;gua</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) is to reduce water loss by efficiently integrating and expanding existing initiatives in our business units. &nbsp;This program has a 12&#8209;year term that began in 2009.&nbsp; We anticipate total investments of approximately R$6.3 billion (current value) throughout the term of the program.&nbsp; Funding for the program will come from our own resources as well as from credit facilities provided by the Japan International Cooperation Agency, or JICA, and BNDES.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The program aims to reduce the rate of water loss from 436&nbsp;liters per connection per day in December&nbsp;2008 to 273 liters per connection per day by 2020, which is equivalent to reducing the Water Billed Loss Index from 27.6%&nbsp;in December&nbsp;2008 to 17.9% in 2020 and to reducing the Water Metered Loss Index (based on measured consumption) from 34.1% in December&nbsp;2008 to 29.0% in 2020.&nbsp; In 2017, our water loss measured 302</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">liters per connection per day, our Water Billed Loss Index was 20.1% and our Water Metered Loss Index averaged 30.7%.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Source Program</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Water Source Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Mananciais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), created in 2009 and ended in 2017, consisted of various projects that focused on the preservation and improvement of water sources in the S&#227;o Paulo metropolitan region, especially in the Guarapiranga and Billings reservoirs.&nbsp; The program&#8217;s investments were directed mostly towards the creation of infrastructure to collect sewage and transport it to treatment plants in order to reduce the discharge of effluent into water sources.&nbsp; The program also included the protection of green spaces and the urbanization of shantytowns (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">favelas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and was supported by the federal government, the state of S&#227;o Paulo, the municipality of S&#227;o Paulo, the World Bank, and us.&nbsp; In 2017, R$20.6 million was invested in the Water Source Program.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Coastal Water Program </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Coastal Water Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa &#193;gua no Litoral</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) combines various long&#8209;term activities to expand water production capacity in the Baixada Santista metropolitan region and the southern coast of the state of S&#227;o Paulo.&nbsp; The program aims to benefit approximately three&nbsp;million people, including both the local population and tourists.&nbsp; It aims to increase the level of reliability of the local systems, eliminating existing and potential deficiencies and irregularities in the water supply.&nbsp; Through this program we aim to increase the availability of treated water and improve the quality of water available to the population.&nbsp; The fund will come from our own funds and financing from </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">During the first phase of this program, we have focused mainly on increasing water production in order to satisfy demand and improve water quality in the Baixada Santista metropolitan region.&nbsp; In order to reach this goal, we built two water treatment plants, which started operations in 2013:&nbsp; Mambu/Branco, with water treatment capacity of 1.6 m&#179;/s, and Jurubatuba, with water treatment capacity of 2 m&#179;/s. We have also begun constructing two additional water treatment plants in the municipality of Peru&#237;be. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2016, the integrated system of the Baixada Santista metropolitan region was reinforced with the commencement of operations at the Melvi Treated Water Reserve Center, located in Praia Grande. &nbsp;The Center&#8217;s reserves went from 20 million to 45 million liters. The infrastructure is part of the Mambu-Branco production center </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(inaugurated in 2013 in Itanha&#233;m) and will serve residents and tourists in two municipalities of the Baixada Santista region (Praia Grande and S&#227;o Vicente). &nbsp;In 2017, we invested R$22.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in the Coastal Water Program.&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="Times New Roman">Investments in Sewage</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face="Times New Roman">&#8212;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">We have a series of ongoing and scheduled projects involving the collection, removal and treatment of sewage. &nbsp;For the period from 2018 through 2022, we plan to invest R$10.2 billion in sewage. &nbsp;The main programs are:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tiet&#234; Project</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Tiet&#234; river crosses the S&#227;o Paulo metropolitan region and receives most of the region&#8217;s run&#8209;off and wastewater. &nbsp;The environmental status of the river reached a critical level in 1992.&nbsp; In an effort to reverse the situation, the State of S&#227;o Paulo created a recovery program designed to contribute to the progressive revitalization of the Tiet&#234; river by installing sewage collection lines along the banks of the Tiet&#234; river and its tributaries.&nbsp; These lines collect raw sewage and deliver it to our sewage treatment facilities.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We carried out the first phase of the program between 1992&nbsp;and 1998, when we completed the construction of three additional sewage treatment facilities.&nbsp; This involved total investment of US$1.1&nbsp;billion financed by the Inter&#8209;American Development Bank, or &#8220;IADB&#8221;, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The second phase of the project, which was carried out from 2000 through 2008, continued to expand and optimize the sewage system in the S&#227;o Paulo metropolitan region, focusing primarily on improvements to expand the delivery of raw sewage to the sewage treatment facilities that were built in the first phase.&nbsp; Upon the conclusion of the second phase of the project in 2008, we were able to collect approximately 5,000 liters of raw sewage per second and send it to the five sewage treatment plants in our integrated system for treatment. &nbsp;Total investments in this phase amounted to approximately US$500&nbsp;million, financed by the IADB, and the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Banco Nacional de Desenvolvimento Econ&#244;mico e Social</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or BNDES, and us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The first and second phases of the Tiet&#234; Project contributed to an increase from 70.0% to 84.0% in the sewage collection rate and an increase from 24.0% to 70.0% in the treatment of sewage collected in the S&#227;o Paulo metropolitan region.&nbsp; As a result, the sewage collection system covered a total of 15.8&nbsp;million people (5.1&nbsp;million more than the number of people served when the Tiet&#234; Project was initiated), and the sewage treatment system covered 11.1&nbsp;million people (8.5&nbsp;million more than the number of people served when the Tiet&#234; Project was initiated).&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The third phase of the Tiet&#234; Project, initiated in 2010, aims to expand collection levels to 87.0%&nbsp;and sewage treatment levels to 84.0% in the S&#227;o Paulo metropolitan region.&nbsp; The total estimated cost of the third phase is approximately US$2&nbsp;billion, financed by the IADB, BNDES, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, and us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The five principal sewage treatment facilities in the S&#227;o Paulo metropolitan region have an aggregate installed capacity of 20.5 cubic meters of sewage per second and currently treat an aggregate of 18 cubic meters of sewage per second (13.5 m<SUP>3</SUP>/s greater than the volume treated at the start of the Tiet&#234; Project).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Following completion of the third phase of the Tiet&#234; Project, the sewage treatment system will serve an additional 5 million people.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Continuing our efforts to amplify and optimize the sewage system of the S&#227;o Paulo metropolitan region near the areas we serve, thus contributing to the progressive revitalization of the Tiet&#234; river,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">we have structured the fourth phase of the Tiet&#234; Project.&nbsp; The total estimated cost of this phase is approximately US$2 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We continued to work on items from the third phase and began in 2014 to implement measures related to the fourth phase. In 2017, we invested approximately R$411.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in this project.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Due to the drought and the need to prioritize construction to mitigate the effects of the water crisis and increase water security in the S&#227;o Paulo Metropolitan Region, we have reduced the volume of investment in this program. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Clean Stream Program</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Clean Stream Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa C&#243;rrego Limpo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), an agreement between the State, acting through our company, and the city of S&#227;o Paulo, aims to decontaminate urban streams in the city of S&#227;o Paulo by eliminating the discharge of sewage into streams and rainwater runoff routes, cleaning streams and banks, and removing and relocating low&#8209;income households located on the banks of streams.&nbsp;&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Since 2007, 151 urban streams have been decontaminated, benefiting approximately 2.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million people. &nbsp;In 2017, we invested R$7.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in the Clean Stream Program.&nbsp; The program is supported by funds from the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> as well as our own funds.&nbsp; Part of the investment related to the Tiet&#234; Project benefits the Clean Stream Program.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, the actions of the Clean Stream Program allowed for the cleaning of two important streams in the city of S&#227;o Paulo, Uberaba and M&#8217;Boi Mirim, benefiting approximately 270 thousand people. During the year, we also continued to inspect and monitor the water quality of streams that were previously decontaminated.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">However, despite our constant monitoring of pollution levels, the municipality of S&#227;o Paulo&#8217;s difficulties in moving low-income families who live in risky areas has led to a slowdown in progress under the program. We have renewed the partnership with the municipality and are currently defining objectives for 2018.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Clean Wave Program </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The main goals of the Clean Wave Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Onda Limpa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) are to improve and expand the sewage systems in the municipalities comprising the Baixada Santista metropolitan region on the southern coast of the state, increasing the sewage collection rate to 90% and treating 100% of this collected sewage, thereby improving the bathing water quality at 82&nbsp;beaches in the region by the end of the decade. &nbsp;This project is being carried out in three phases, the first of which has already begun and the second and third of which are in the planning phase.&nbsp; The first phase, which increased the sewage collection rate to 77%, was completed in 2017. The funds came from our own resources as well as from loan agreements entered into with JICA and from BNDES.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, we invested R$71 million in the Clean Wave Program.&nbsp; As a result of our investments, sewage collection in the Baixada Santista metropolitan region increased since the beginning of the program has increased from 53% in 2007 to 77% in 2017.&nbsp; All of the sewage that was collected was also treated.&nbsp; Towards the goal of increasing sewage collection, and given that we have already installed sewage networks, we are now prioritizing strengthening the connection of our customers to the sewage network.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we had completed approximately 110</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">thousand sewage connections.&nbsp;</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the program&#8217;s second phase, we plan to execute the expansion and renovation of two Oceanic Sewage Disposal System in the city of Praia Grande, located in the Baixada Santista metropolitan region. This phase aims to enlarge and implement sewage collection and treatment systems and complete 47 thousand new connections. It is expected to be concluded by 2021.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Finally, the third phase of the Clean Wave Program will aim to universalize sewage collection and treatment services. This phase is planned to occur between 2026 and 2030, and will benefit areas where the population is expanding. Together, the second and third phases will invest approximately R$1.8 billion in Baixada Santista metropolitan region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Policies and Programs</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Nossa Guarapiranga </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December&nbsp;2011, we launched the Nossa Guarapiranga project, the main objective of which is to improve the water quality in the Guarapiranga basin, an urban water source for the S&#227;o Paulo metropolitan region.&nbsp; The basin serves one&nbsp;million people directly in the areas near Guarapiranga and indirectly serves a further three&nbsp;million people who consume the water from the basin.&nbsp; We carried out actions on three fronts as part of this project: (i) we installed ecobarriers at the bottom of the reservoir&#8217;s main affluents in order to retain solid residue and installed&nbsp;drains to collect residue from rivers in the Guarapiranga basin; (ii) we developed diagnosis and control services for the removal of plants that obstruct water extraction; and (iii) we removed and disposed of solid residue that had accumulated at the bottom of the dam in the river basin. &nbsp;Two vessels were built specifically for this purpose. &nbsp;We work as a collaborative team with the municipal government of S&#227;o Paulo in the Nossa Guarapiranga project, with the municipal government of S&#227;o Paulo transporting all of the residue collected through these fronts to a sanitary landfill. In 2017, we removed 17,700 m&#179; of solid residue from this basin.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pr&#243;&#8209;Conex&#227;o </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2012, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">the State</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> of S&#227;o Paulo approved a project to subsidize connections to the sewage system for low&#8209;income families.&nbsp; Initially intended to last eight years, the project involves capital expenditures of up to R$349.5&nbsp;million of which 80% will be provided by the State government and 20% by us.&nbsp; In this period we expect that this program will create 192 thousand new sewage connections benefiting approximately 800 thousand people. </FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe that this program will increase the efficiency of our other sewage collection programs and help improve water quality in the region&#8217;s rivers and basins as well as improve quality of life for low&#8209;income families. &nbsp;For more information see &#8220;Item 7.B. Major Shareholders and Related Party transactions&#8212;Related Party transactions&#8212;Agreements with the State.&#8221;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A large part of this work was executed by our own personnel, which considerably reduced the need for investment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Business Overview</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><BR>Our Operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we provided water and sewage services to 368</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities&nbsp;in the state of S&#227;o Paulo under concession agreements, program agreements, other forms of legal arrangements or without formal agreements.&nbsp; We also supply treated water on a wholesale basis to five municipalities located in the S&#227;o Paulo metropolitan region and urban conurbations.&nbsp; The majority of these concessions have 30&#8209;year terms.&nbsp; Due to court orders, we temporarily suspended our services in two other municipalities (Cajobi e Macatuba).&nbsp; For more information, see &#8220;Item&nbsp;8.A. Financial Statements and Other Financial Information&#8212;Legal Proceedings&#8221;. Between January&nbsp;1, 2007 and December&nbsp;31, 2017, we entered into agreements with 287 municipalities (including our services agreement with the city of S&#227;o Paulo) in accordance with the Basic Sanitation Law, of which six were entered into in 2017.&nbsp; As of December&nbsp;31, 2017, these 287 municipalities accounted for 81.7% of our gross operating revenues (including revenues relating to the construction of concession infrastructure).&nbsp; In addition to the contracts that have 30&#8209;year terms, the municipalities entered into cooperation contracts with the State of S&#227;o Paulo, delegating the regulation and monitoring of the provision of services to ARSESP.&nbsp; As of December&nbsp;31, 2017, 51 of our agreements or concessions had expired but we continued to provide water and sewage services to these municipalities and were in negotiations with these municipalities to execute program agreements to substitute the expired concessions.&nbsp; From January&nbsp;1, 2018 through 2030, 32 concessions will expire.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information on laws and regulations related to our concession operations, see &#8220;&#8212;Government Regulations Applicable to our Contracts&#8221;. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Description of Our Activities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As set forth in Article&nbsp;2 of our bylaws, we are permitted to render basic sanitation services with the goal of providing basic sanitation services to the entire population in the municipalities where we conduct our activities without harming our long&#8209;term financial sustainability.&nbsp; Our activities comprise water supply, sanitary sewage services, urban rainwater management and drainage services, urban cleaning services, solid waste management services and related activities, including the planning, operation, maintenance and commercialization of energy, and the commercialization of services, products, benefits and rights that directly or indirectly arise from our assets, operations and activities.&nbsp; We are allowed to act in a subsidiary form in other Brazilian locations and abroad.&nbsp; See &#8220;&#8212;Government Regulations Applicable to Our Contracts&#8212;Establishment of ARSESP&#8221;.&nbsp; For a description of our operating segments please see Note 24 to our financial statements as of and for the year ended December&nbsp;31, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Operating segments are presented in our annual report in a manner consistent with the internal reporting provided to our chief operating decision maker,&nbsp;which is&nbsp;the board of directors and the board of executive officers, pursuant to how that is determined&nbsp;under&nbsp;IFRS&nbsp;8.&nbsp; Under Brazilian GAAP, prior to our conversion to IFRS, the financial information for construction services was not separately presented and construction costs related to concessions were capitalized within property, plant and equipment.&nbsp; As a result, our&nbsp;chief operating decision maker&nbsp;did not review the results of this business.&nbsp; Following our conversion to IFRS, our chief operating decision maker decided to continue to exclude the construction results from the internal reporting of our revenues and expenses, thus not basing their decisions on discrete financial information for that business.&nbsp;&nbsp;Consequently, the business did not qualify as an operating segment under IFRS 8.&nbsp; Nonetheless, after our conversion to IFRS and for IFRS financial statement purposes only, we started to record such results separately as construction revenue and costs under IFRIC 12.&nbsp; Although such information is available discretely, however, it is not analyzed by our chief operating decision maker as such and is not the basis for operational decisions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We set forth below a description of our activities.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Wholesale Water Services</FONT></I></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We provide water services on a wholesale basis to five</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities located in the S&#227;o Paulo metropolitan region (Guarulhos, Mau&#225;, Mogi das Cruzes, Santo Andr&#233; and S&#227;o Caetano do Sul).&nbsp; Agreements to provide water services on a wholesale basis must comply with the Basic Sanitation Law, which designates these services as &#8220;interdependent activities&#8221; and regulates each stage of the service.&nbsp; The law requires that the service be supervised by an independent agency, stipulates registration of the cost of the service, and requires assurance of payment among the several service providers in order to continue the provision of the services, in accordance with the rules to be published by ARSESP.&nbsp; Our agreements currently comply with the provisions of the Basic Sanitation Law.&nbsp;In 2017, the revenues from wholesales water services were R$ 277.7 million.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian courts are entitled to obligate us to continue to supply water to these municipalities, even when we have not received payments due to us.&nbsp; If they do not pay, we have no way of ensuring that negotiations with these municipalities or legal action taken against them will result in payments being made.&nbsp; For example, the municipalities of Santo Andr&#233;, Guarulhos and Mau&#225; owe us significant sums in respect of water that we have been providing to them on a wholesale basis.&nbsp; &nbsp;For more information, see &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;We may face difficulties in collecting overdue amounts owed to us by municipalities to which we provide water on a wholesale basis and municipal government entities&#8221;.&nbsp; We have intensified the process of collecting these sums and other amounts using the Single Registry of Debtors of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cadastro &#218;nico de Devedores de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or State CADIN, and we executed Protocols of Intentions with Santo Andr&#233;, Guarulhos and Mau&#225; in late 2015 and early 2016 seeking to resolve the outstanding amounts and restore normal commercial relations with them. The negotiations with Mau&#225; and Santo Andr&#233; broke down in June 2016, and the Protocol of Intentions was terminated. The negotiations with Guarulhos also ended in August 2016, but we executed a new Protocol of Intentions with Guarulhos on April 10, 2017, or SAAE, and with Santo Andr&#233; on May 11, 2017, both with the same aim as the Protocols of Intentions previously terminated.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In August 2017, we announced that Guarulhos and us decided to move forward with the development of: (i) a judicial agreement for SAAE to pay the debt in installments, and (ii) an interdependence agreement, under which we provide the municipality of Guarulhos&#8217; water supply on a wholesale basis.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The main terms of these developments are:</FONT></P>

<P style="MARGIN-LEFT: 21pt; MARGIN-RIGHT: 0in; TEXT-INDENT: -21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">I.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Judicial agreement for SAAE to pay the debt owed to us in installments:</FONT></P>

<P style="MARGIN-LEFT: 46.35pt; MARGIN-RIGHT: 0in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Payment of the existing debt of R$2.9 billion in 480 monthly installments, bearing interest of 0.5% per month and correction by the IPCA index; and</FONT></P>

<P style="MARGIN-LEFT: 46.35pt; MARGIN-RIGHT: 0in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">30% discount on the R$2.9 billion of debt owed by the municipality of Guarulhos to our company in connection to payment during the installment period. </FONT></P>

<P style="MARGIN-LEFT: 21pt; MARGIN-RIGHT: 0in; TEXT-INDENT: -21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">II.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interdependence agreement for the supply of water by us on a wholesale basis:</FONT></P>

<P style="MARGIN-LEFT: 46.35pt; MARGIN-RIGHT: 0in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Establishment of a guarantee in favor of our company, through the fiduciary assignment of SAAE&#8217;s receivables, with automatic segregation of amounts owed to us by the bank that centralizes SAAE&#8217;s collection; and </FONT></P>

<P style="MARGIN-LEFT: 46.35pt; MARGIN-RIGHT: 0in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A 20% discount on the monthly amount billed for the services of water supply on a wholesale basis, as a result of the establishment of the guarantee and the automatic payment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are currently negotiating the terms of these agreements and we cannot guarantee when and if definitive agreements will be signed.&nbsp;In 2017, the municipality of Guarulhos&nbsp;paid around 80% of its monthly bills on time. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to the municipality of Santo Andr&#233;, we signed a protocol of intention on May 11, 2017 and since then we have been working with the municipality of Santo Andr&#233; on the preparation of studies and evaluations aimed at balancing commercial relations and debts existing between the municipality and our company. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to the municipality of Mau&#225;, on April 19, 2018 we published a press release stating that we have been in contact with the municipality of Mau&#225; regarding directly supplying water to four neighborhoods that have been affected by a water shortage, and that will initiate formal discussions to engage in negotiations with the municipality. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Wholesale Sewage Services</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Currently, we provide sewage services on a wholesale basis to the municipalities of Mau&#225;, Mogi das Cruzes, Santo Andr&#233;&nbsp;and S&#227;o Caetano do Sul.&nbsp; Our agreement with Santo Andr&#233; for these services was executed with the intervention of the Public Prosecution Office.&nbsp; Our agreements with the other municipalities resulted from our environmental efforts and municipal authorities&#8217; awareness of environmental issues.&nbsp; Through these agreements, in 2017 we treated approximately 42.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million cubic meters of sewage from these municipalities.&nbsp; We believe this illustrates our commitment to social and environmental responsibility.&nbsp; In 2017, our revenues from wholesale sewage services were R$35.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December&nbsp;2008, we entered into a five&#8209;year agreement for the collection and treatment of 20% of the sewage generated by the city of Guarulhos.&nbsp; We have not yet started to provide these services, and they will only be able to commence when the construction projects on linking the Guarulhos sewage to our sewage system are finalized.&nbsp;These construction projects are the responsibility of the Guarulhos sanitation company, which as of December 31, 2017 had not yet carried out the necessary construction projects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Operations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our supply of water to our customers generally involves abstraction of water from various sources, subsequent treatment and distribution to our customers&#8217; premises.&nbsp; In 2017, we produced approximately 2,783.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million of cubic meters of water.&nbsp; The S&#227;o Paulo metropolitan region (including the municipalities to which we supply water on a wholesale basis) currently is, and has historically been, our core market, accounting for approximately 69.0% of water invoiced by volume in 2017. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth the volume of water that we produced and invoiced for the periods indicated:&nbsp; </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="37%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in&nbsp;millions of cubic meters)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Produced: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

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

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">S&#227;o Paulo metropolitan region </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,952.3</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -9.9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,888.8 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,679.4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Regional Systems </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">830.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -9.9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">807.4</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">787.2</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,783.2</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: -9.9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,696.2</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,466.6</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Invoiced:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">S&#227;o Paulo metropolitan region </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,175.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,136.7</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,084.3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Wholesale </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">256.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">227.4</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">215.5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Regional Systems </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">643.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">626.2</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">613.9</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,075.9</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,990.3</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,913.7</FONT></B></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The difference between the volume of water produced and the volume of water invoiced generally represents both physical and non&#8209;physical water loss.&nbsp; See &#8220;&#8212;Water Loss&#8221;.&nbsp; In addition, we do not invoice:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water discharged for periodic maintenance of water transmission lines and water storage tanks;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water supplied for municipal uses such as firefighting;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water consumed in our own facilities; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">estimated water loss associated with water we supply to shantytowns (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">favelas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Seasonality</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Although seasonality does not affect our results in a significant way, in general, higher water demand is observed during the summer and lower water demand during the winter.&nbsp; The summer coincides with the rainy season, while the winter corresponds to the dry season.&nbsp; The demand in the coastal region is increased by tourism, with the greatest demand occurring during the Brazilian summer holiday&nbsp;months.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">39</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Resources </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We can abstract water only to the extent permitted by DAEE pursuant to water right granted by it.&nbsp; Depending on the geographic location of the river basin or if the river crosses more than one state (federal domain),&nbsp; the approval of ANA a federal agency under the Ministry of the Environment is required.&nbsp; We currently abstract substantially all of our water supply from rivers and reservoirs, with a small portion being abstracted from groundwater.&nbsp; Our reservoirs are filled by impounding water from rivers and streams, by diverting the flow from nearby rivers, or by a combination of both methods.&nbsp; For more information on water usage regulation, see &#8220;&#8212;Environmental Matters&#8212;Water Usage&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to supply water to the S&#227;o Paulo metropolitan region, we rely on 20 reservoirs of non&#8209;treated water and 226 reservoirs of treated water, which are located in the areas under the influence of the eight water producing systems comprising the interconnected water system of the S&#227;o Paulo metropolitan region.&nbsp; The total capacity of the water sources available for treatment in this area is 75.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">m&#179;/s, not including an additional 5.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">m&#179;/s resulting from the emergency construction work conducted by us in 2014 and 2015. Total current installed capacity is 75.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">m&#179;/s and can be distributed to the S&#227;o Paulo metropolitan region.&nbsp; Average verified production for the interconnected water system of the S&#227;o Paulo metropolitan region was 60.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">m&#179;/s during 2017.&nbsp; The Cantareira, Guarapiranga and Alto Tiet&#234; systems produce 82.7% of the water we distributed in the S&#227;o Paulo metropolitan region in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In March 2018, we began operations on one important project for the interconnected water system of the S&#227;o Paulo metropolitan region with the beginning of the transfer of water from the Jaguari reservoir to the Atibainha reservoir. The interconnection between the Jaguari and Atibainha reservoirs will have an average flow of 5.13m<SUP>3</SUP>/s and represents an important increase in water security for the Cantareira System and for the water supply in the S&#227;o Paulo metropolitan area. For more information see &#8220;&#8212;Capital Expenditure Program&#8212;Main Projects of Our Capital Expenditure Program&#8212;Interconnection of Jaguar&#237; and Atibainha Reservoirs&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The construction of the S&#227;o Louren&#231;o Production System, another important project for the interconnected water system of the S&#227;o Paulo metropolitan region, began in April 2014 and was completed in April 2018. Upon completion in April 2018, pre-operation began. The S&#227;o Louren&#231;o Production System represents an increase of 6.4m<SUP>3</SUP>/s in water availability and production capacity of the region&#8217;s integrated system and is the ninth&nbsp;interconnected production system for the Metropolitan Region.&nbsp;For more information see &#8220;&#8212;Capital Expenditure Program&#8212;Main Projects of Our Capital Expenditure Program&#8212;S&#227;o Louren&#231;o Project&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, the Cantareira system accounted for 41.3% of the water that we supplied to the S&#227;o Paulo metropolitan region (including the municipalities to which we supplied water on a wholesale basis), which represented 70.7% of our gross operating revenues (excluding revenues relating to the construction of concession infrastructure) for the year.&nbsp; For more information, see &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;We are exposed to risks associated with the provision of water and sewage services&#8221;.</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Current river basin committees are authorized to charge both for water usage and the dumping of sewage into water bodies.&nbsp; We participate in the decentralized and integrated management of water resources established by the National Policy on Water Resources.&nbsp; We are represented by 159</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">employees on the</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State River Basin Committees and the</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Federal Committees that act in the state of S&#227;o Paulo and in the National and State Councils on Water Resources.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth the water production systems from which we produce water for the S&#227;o Paulo metropolitan region:&nbsp; </FONT></P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Production Rate<SUP>(1)</SUP></FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="37%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">in cubic meters per second</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Water production system</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="24%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Cantareira </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">25.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">22.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Guarapiranga </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.9</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14.9 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Alto Tiet&#234; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11.7</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Rio Claro </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.8</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.9</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Rio Grande (Billings reservoir) </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.5</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.9</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Alto Cotia </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.2</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.9</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Baixo Cotia </FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.8</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.9</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Ribeir&#227;o da Estiva </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.1</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.1</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">60.6</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">58.5</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">52.0</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Average of the twelve&nbsp;months ended December&nbsp;31, 2017, 2016 and 2015.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">40</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Guarapiranga and Billings reservoirs and a portion of some of the reservoirs of the Alto Tiet&#234; system are owned by other companies controlled by the State.&nbsp; In the cities of the interior region of S&#227;o Paulo, our principal source of water consists of surface water from nearby rivers and from wells.&nbsp; For additional information on the Alto Tiet&#234; system, see &#8220;Item&nbsp;7.B. Related Party Transactions&#8212;Transactions with the State of S&#227;o Paulo&#8212;Agreements with the State&#8221;.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Statewide, we estimate that we are able to supply nearly all of the demand for water in all of the areas where we operate, subject to droughts and extraordinary climate events.&nbsp; We installed 207.3,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">200.2 and 226.0 thousand</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">new water connections in 2017, 2016 and 2015, respectively.&nbsp;The interconnected water system of the S&#227;o Paulo metropolitan region serves 30 municipalities, of which 25 are operated directly by us under this system.&nbsp; Through this system, we serve the other five municipalities on a wholesale basis, whereas distribution is the responsibility of other companies or departments related to each municipality.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to reach the final customer, the water is stored and transported through a complex and interconnected system.&nbsp; This water system requires permanent operational supervision, engineering inspection, maintenance, and quality monitoring and measurement control.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">To ensure the continuous provision of regular water supply in the S&#227;o Paulo metropolitan region, we intend to invest R$7.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion from 2018 to 2022 to increase our water production and distribution capacities as well as to improve the water supply systems.&nbsp; In 2017, our total investment in water supply systems amounted to R$2.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion, of which R$1.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion were invested in the S&#227;o Paulo metropolitan region.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Treatment</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We treat all water at our water treatment facilities prior to dispatching it to our water distribution network.&nbsp; We operate 240</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">treatment facilities, of which eight are a part of the Metropolitan Production System&#8212;located in the S&#227;o Paulo metropolitan region and account for approximately 70.2% of all water we produced in 2017.&nbsp; The type of treatment used depends on the nature of the source and quality of the untreated water.&nbsp; For example, water abstracted from rivers requires more treatment than water drawn from groundwater sources requires.&nbsp; All of the water we treat receives fluoridation treatment.</FONT></P></DIV>

<DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Distribution</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We distribute water through our own networks of water pipes and water transmission lines, ranging in size from 2.5&nbsp;meters to 75&nbsp;millimeters in diameter.&nbsp; Storage tanks and pumping stations regulate the volume of water flowing through the networks in order to maintain adequate pressure and continuous water supply.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth the total number of kilometers of water pipes and water transmission lines and the number of connections in our network as of the dates indicated:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">As of December&nbsp;31,</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2017</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2016</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2015</FONT></B></P></TD></TR>

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   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Water distribution pipes and water transmission lines (in kilometers)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">74,396</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">73,015</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">71,705</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Number&nbsp;of connections (in thousands) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,863</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,654</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,420</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">More than 90% of the water pipes in our water distribution network are made of cast iron or polyvinylchloride, or PVC.&nbsp; Distribution pipes at customers&#8217; residences typically are made from high&#8209;density polyethylene tubing.&nbsp; Our water transmission lines are mostly made of steel, cast iron or concrete. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, our water distribution pipes and water transmission lines included:&nbsp; (i) 38,221 kilometers in the S&#227;o Paulo metropolitan region; and (ii)&nbsp;36,174 kilometers in the Regional Systems. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of that date, we had 408 storage tanks in the S&#227;o Paulo metropolitan region with a total capacity of 2.2 million cubic meters, and 2,031 storage tanks in the Regional Systems.&nbsp; Furthermore, we had 462 treated water pumping stations in the S&#227;o Paulo metropolitan region aqueduct system, including stations at treatment facilities, intermediate trunk transfer pumping stations and small booster stations serving local areas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water transmission lines that require maintenance are cleaned and their lining is replaced.&nbsp; We are typically notified of water main fractures or breaks by the public through a toll&#8209;free number maintained by us.&nbsp; We consider the condition of the water pipes and water transmission lines in the S&#227;o Paulo metropolitan region to be adequate as </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the date of this annual report.&nbsp; Due to age, external factors such as traffic, the dense population, and commercial and industrial development, water pipes and water transmission lines in the S&#227;o Paulo metropolitan region are somewhat more susceptible to degradation than those in the Regional Systems.&nbsp; To counter these effects, we have a maintenance program in place for water pipes and water transmission lines that is intended to address anticipated fractures and clogs due to brittleness and encrustation, and to help ensure water quality in the region.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">41</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The new customers whose water pipes are more than 20 meters away from the water transmission lines are responsible for covering part of the costs of connecting to our water distribution network.&nbsp; They must cover the costs of connecting to the network from the customer&#8217;s premises, including costs of purchasing and installing the water meter and related labor costs.&nbsp; We perform the installation of the water meter and conduct periodical inspections and measurements.&nbsp; After completion of installation, the customer is responsible for the water meter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth projected new water connections for the periods indicated in thousands:&nbsp; </FONT></P>

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<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="61%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">in thousands</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018</FONT></B></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2020</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2021</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2022</FONT></B></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018 &#8211; 2022</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">S&#227;o Paulo metropolitan region </FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">105 </FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">98 </FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">97 </FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">95 </FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">95 </FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">490 </FONT></P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Regional Systems </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">63 </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">62 </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">58 </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">55 </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">55 </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">293 </FONT></P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">168 </FONT></B></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">160 </FONT></B></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">155 </FONT></B></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">150 </FONT></B></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">150 </FONT></B></P></TD>

   <TD style="HEIGHT: 3.2pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">783 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Loss</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The difference between the volume of water produced and the volume of water invoiced generally represents both physical and non&#8209;physical water loss.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Water Billed Loss Index represents the quotient of (i)&nbsp;the difference between (a)&nbsp;the total volume of water produced minus (b)&nbsp;the total volume of water invoiced plus (c)&nbsp;the volume of water excluded from our calculation of water loss, divided by (ii)&nbsp;the total volume of water produced.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Water Metered Loss Index represents the quotient of (i) the difference between (a) the total volume of water produced minus (b) the total volume of water measured minus (c) the volume of water that we exclude from our calculation of water loss, divided by (ii) the total volume of water produced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Water Loss per Connection per day measured in liters per connection per day represents the quotient of (i)&nbsp;the average annual water loss, divided by (ii) the average number of active water connections multiplied by the number of days of the year.&nbsp; This calculation method is based on worldwide market practice for the sector.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We exclude the following from our calculation of water loss:&nbsp; (i)&nbsp;water discharged for periodic maintenance of water transmission lines and water storage tanks; (ii)&nbsp;water supplied for municipal uses such as firefighting; (iii)&nbsp;water we consume in our facilities; and (iv)&nbsp;estimated water loss related to the supply of water to shantytowns</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> (favelas)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Among the principal indicators utilized to measure rates of water loss are the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Billed Loss Index (WBLI), in %; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Metered Loss Index (based on metered consumption) (WMLI); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Loss per Connection, (TLDC) in liters per connection per day.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These indicators are calculated by applying the following formulas:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">WBLI </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">=</FONT></P></TD>

   <TD vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>produced</SUB> &#8211; (V<SUB>invoiced</SUB> + V<SUB>used</SUB>)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>produced</SUB></FONT></P></TD></TR>

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   <TD rowSpan=2 width="31%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">WMLI =</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>produced</SUB> &#8211; (V<SUB>measured</SUB> + V<SUB>used</SUB>)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>produced</SUB></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">TLDC</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">=</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></SUP></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>produced</SUB> &#8211; (V<SUB>measured</SUB> + V<SUB>used</SUB>)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">N<SUB>connection x No.&nbsp;of&nbsp;days of a given period</SUB></FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 12pt 1.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">Where:</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>produced</SUB></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">:&nbsp; corresponds to the volume of water produced at a given period;</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>billed</SUB></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">:&nbsp; corresponds to the volume of water billed at a given period;</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>measured</SUB></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">:&nbsp; corresponds to the volume of water measured at a given period;</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">V<SUB>used</SUB></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face="Times New Roman">:&nbsp; corresponds to the volume of water used for operational, public, private and social needs (supply shantytown areas) at a given period; and</FONT></P>

<P style="MARGIN: 0in 0in 12pt 1.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">N<SUB>connections</SUB></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">:&nbsp; corresponds to the average number of active water connections.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Using this calculation method, as of December&nbsp;31, 2017, we experienced 348 liter/connection per day of water loss in the S&#227;o Paulo metropolitan region and 232 liter/connection per day in the Regional Systems, averaging 302 liter/connection per day.&nbsp; We have a Corporate Program for Reduction of Water Loss in place that aims to reduce total water loss to around 273 liters/connection per day, Water Billed Loss Index to 17.9% and the Water Metered Loss Index to 29.0% by 2020.&nbsp; Nonetheless, on account of the drought, the negative impacts on our revenue during 2015 and the necessity to prioritize investing in the expansion of water availability, the scope and the goals of our Corporate Program for Reduction of Water Loss are under revision. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to continue to supply water to the population despite its low availability, one of the measures that we adopted was to further reduce water pressure across our network of operation.&nbsp; Insomuch as the utilization of water sources, real water loss (water physically lost, which corresponds to about 65% of the Water Metered Loss Index) fell from 22.2% in December 2008 to 20.0% in December 2017.&nbsp; This reduction is not only the result of initiatives to combat water loss including, for example, strengthening our supply systems&#8217; &#8220;pressure management&#8221;, but it can also be attributed to atypical and temporary operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information on the measure we have adopted to confront the water crisis, see &#8220;&#8212;The Recent Water Crisis&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our strategy to reduce water loss has two approaches: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reduction in the level of physical loss, which results mainly from leakage.&nbsp; To this end we are primarily replacing and repairing water transmission lines and pipes and installing probing and other equipment, including strategically located pressure&#8209;regulating valves; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reduction of non&#8209;physical loss, which results primarily from the inaccuracy of our water meters installed at our customers&#8217; premises and from clandestine and illegal use.&nbsp; To this end we are upgrading and replacing inaccurate water meters and expanding our anti&#8209;fraud personnel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are taking measures to decrease physical loss by reducing response time to fix leakages and by better monitoring of non&#8209;visible water main fractures.&nbsp; Among other initiatives, we have adopted the following measures to reduce physical water loss:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the introduction of technically advanced valves to regulate water pressure throughout our water&nbsp; transmission lines in order to maintain appropriate water pressure downstream.&nbsp; These valves are programmed to respond automatically to variations in demand.&nbsp; During peak usage, the flow of water in the pipes is at its highest point; however, when demand decreases, pressure builds up in the water transmission lines and the resulting stress on the network can cause significant water loss through cracks and an increase in ruptures of the pipes.&nbsp; The technically advanced valves are equipped with probes programmed to feed data to the valve in order to reduce or increase pressure to the water transmission lines as water usage fluctuates; the reconfiguration of interconnected water distribution to permit the distribution of water at lower pressure;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the implementation of routine operational leak detection surveys to reduce overall water loss;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the monitoring of and improved accounting with respect to water connections, especially for large volume customers; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">regular checking on inactive customers and monitoring non&#8209;residential customers that are accounted for as residential customers and, therefore, billed at a lower rate; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">preventing fraud with the use of new, more sophisticated water meters that are more accurate and less prone to tampering; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">installing water meters where none are present; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conducting preventive maintenance of existing and newly installed water meters.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Quality</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe that we supply high quality treated water that is consistent with the standards set by Brazilian law, which are similar to the standards set in the United States of America and Europe.&nbsp; Pursuant to the Brazilian Ministry of Health (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Minist&#233;rio da Sa&#250;de</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) regulations, we have significant statutory obligations regarding the quality of treated water. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In general, the state of S&#227;o Paulo has excellent water quality from underground or surface water sources.&nbsp; However, high rates of population growth, increased urbanization and disorganized occupation of some areas of the S&#227;o Paulo metropolitan region have reduced the quantity and quality of water available to serve the population in the southern area of the S&#227;o Paulo metropolitan region and in the coastal region.&nbsp; Currently, we successfully treat this water to make it potable.&nbsp; We are also investing in improvements of our water transmission lines and our treatment systems to ensure the quality and availability of water for the upcoming years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water quality is monitored at all stages of the distribution process, including at the water sources, water treatment facilities and in the distribution network.&nbsp; We have 15 regional laboratories, one central laboratory, and laboratories located in all water treatment facilities that monitor water quality, as required by our standards and those set by law.&nbsp; Our laboratories analyze an average of 90 thousand samples per month on distributed water, with samples collected from residences.&nbsp; Our central laboratory located in the city of S&#227;o Paulo is responsible for organic compound analysis using the chromatographic and spectrometric methods as well as heavy metals analysis by atomic absorption technique.&nbsp; Our central laboratory and 13 of our regional laboratories have obtained the ABNT NBR ISO IEC 17025 accreditation (accreditation for general requirements for the competence of testing and calibration laboratories) awarded by the National Institute of Metrology, Quality and Technology, or INMETRO.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">All chemical products used for water treatment are analyzed and follow strict specifications set out in recommendations made by the National Health Foundation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o Nacional de Sa&#250;de</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or NHF, &nbsp;ABNT, and the National Standard Foundation, or NSF, and the American Water Works Association, or AWWA, to eliminate toxic substances that are harmful to human health.&nbsp; From time to time, we face problems with the proliferation of algae, which may cause an unpleasant taste and odor in the water.&nbsp; In order to mitigate this problem, we work on:&nbsp; (i)&nbsp;fighting algae growth at the water source and (ii) using advanced treatment processes at the water treatment facilities that involve the use of powdered activated carbon and oxidation by potassium permanganate.&nbsp; The algae growth creates significant additional costs for water treatment because of the higher volumes of chemicals used to treat the water.&nbsp; Until the conclusion of the program in 2017, we participated in the Water Source Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Mananciais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) together with other organizations engaged in the promotion of urban development and social inclusion to mitigate pollution in the S&#227;o Paulo metropolitan region.&nbsp; In addition, we also participate in the Clean Stream Program to clean important streams in the city of S&#227;o Paulo.&nbsp; Other initiatives also aimed at improving the water quality in the water sources located in the of S&#227;o Paulo metropolitan region are </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Nossa Guarapiranga</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pr&#243;&#8209;Conex&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; See &#8220;&#8212;Main Projects of Our Capital Expenditure Program&#8212;Metropolitan Water Program&#8212;Water Source Program,&#8221; &#8220;&#8212;Clean Stream Program,&#8221;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and &#8220;&#8212;Other Policies and Programs&#8212;Nossa Guarapiranga&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe that there are no material instances where our standards are not being met.&nbsp; However, we cannot be certain that future breaches of these standards will not occur.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fluoridation</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As required by Brazilian law, we add fluoride to the water at our treatment facilities prior to its distribution into the water supply network.&nbsp; Fluoridation primarily consists of adding fluorosilicic acid to water at between 0.6 mg/L and 0.8 mg/L to assist in the prevention of tooth decay among the population.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are responsible</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">for the collection, removal, treatment and final disposal of sewage.&nbsp; As of December&nbsp;31, 2017, we collected approximately 81% and 85% of all the sewage produced in the municipalities in which we operate in the S&#227;o Paulo metropolitan region and in the Regional Systems, respectively.&nbsp; During 2017, we collected approximately 83%&nbsp;of all the sewage produced in the municipalities in which we operated in the state of S&#227;o Paulo.&nbsp; We installed 221.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">thousand,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">236.6 thousand</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and 226.1 thousand new sewage connections in 2017, 2016 and 2015, respectively.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sewage System </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The purpose of our sewage system is to collect and treat sewage and to adequately dispose of the treated sewage.&nbsp; As of December&nbsp;31, 2017, we were responsible for the operation and maintenance of 50,991</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">kilometers of sewage lines, of which approximately 26,544</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">kilometers are located in the S&#227;o Paulo metropolitan region and 24,447</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">kilometers are located in the Regional Systems, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth the total number of kilometers of sewage lines and the total number of sewage connections in our network for the periods indicated:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Sewage lines (in kilometers) </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">50,991</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">50,097</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">48,774</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Sewage connections (in thousands) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,091</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,861</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our sewage system comprises a number of systems built at different times and constructed primarily from clay pipes and, more recently, PVC tubing.&nbsp; Sewage lines larger than 0.5&nbsp;meters in diameter are primarily made of concrete.&nbsp; Our sewage system is generally designed to operate by gravitational flow, although pumping stations are&nbsp; required in certain parts of the system to ensure the continuous flow of sewage.&nbsp; Where pumping stations are required, we use sewage lines made of cast iron.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The public sewage system operated by us was structured in order to receive, in addition to household effluents, a portion of non-domestic effluents (such as industrial sewage and sewage from other non&#8209;domestic sources) for treatment together with household effluents.&nbsp; Non-domestic effluents have characteristics that are qualitatively and quantitatively different from household effluents.&nbsp; As a result, the discharge of non-domestic effluents into the public sewage system is subject to compliance with specific legal demands with the purpose of protecting the sewage collection and treatment systems, the health and safety of operators and the environment.&nbsp; The current environmental legislation establishes standards for the discharge of these effluents into the public sewage system and stipulates that such effluents be subject to pretreatment.&nbsp; These standards are defined in State Decree No.&nbsp;8,468/1976. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Before the discharge is permitted, we carry out acceptance studies that assess the capacity of the public sewage system to receive the discharge as well as the compliance with regulations.&nbsp; Upon the conclusion of these studies, the technical and commercial conditions for receiving the discharge are established, which are then formalized in a document signed by us and the effluent producer.&nbsp; Failure to comply with these conditions can lead to the application of penalties by us.&nbsp; In extreme cases, the State of Sao Paulo Environmental Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Ambiental do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or CETESB, is notified in order for the applicable measures to be taken.&nbsp; Effluents from our treatment facilities must comply with limitation guidelines for release of effluents into receiving water bodies.&nbsp; Additionally, the quality of the water in the receiving water body must not be impaired by the release of such effluents, as established by State Decree No.&nbsp;8,468/1976 and Conama Resolution No.&nbsp;357/2005, as amended by Conama Resolution No.&nbsp;430/2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We considered the condition of the sewage lines in the S&#227;o Paulo metropolitan region to be adequate as of the date of this annual report.&nbsp; Due to a greater volume of sewage collected, a higher population and more extensive commercial and industrial development, the sewage lines in the S&#227;o Paulo metropolitan region are more deteriorated than those of the Regional Systems.&nbsp; To counter the effects of deterioration, we maintain an ongoing program for the maintenance of sewage lines intended to address anticipated fractures arising from obstructions caused by system overloads.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">45</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Unlike the S&#227;o Paulo metropolitan region, the interior region of S&#227;o Paulo State does not generally suffer obstructions caused by sewage system overload.&nbsp; The coastal region, however, experiences obstructions in its sewage lines primarily due to infiltration of sand, especially during the rainy season in the summer&nbsp;months.&nbsp; In addition, the sewage coverage ratio in the coastal region is lower than in the other regions served by us, at approximately 79% as of December&nbsp;31, 2017. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">New sewage connections are made on substantially the same basis as connections to water lines:&nbsp; we assume the cost of installation for the first 20 meters of sewage lines from the sewage network to all customers&#8217; sewage connections and the customer is responsible for the remaining costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth projected new sewage connections for the periods indicated:&nbsp; </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2020</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2021</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2022</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="ms mincho">&#8209;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2022</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">in thousands</FONT></I></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">S&#227;o Paulo metropolitan region </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">115 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">138 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">146 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">155 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">123 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">677 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Regional Systems </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">85 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">439 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">200 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">225 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">236 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">245 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">210 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,116 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sewage Treatment and Disposal </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, approximately 63% and 98% of the consumer units of the sewage services used our sewage treatment system in the S&#227;o Paulo metropolitan region and the Regional Systems, respectively, or 75% of the consumer units of our sewage services in the state of S&#227;o Paulo, was connected at our treatment facilities and afterwards discharged into receiving water bodies such as rivers and the Atlantic Ocean, in accordance with applicable legislation.&nbsp; Though we have not yet reached full coverage of sewage collection and treatment services in the regions were we operate, we are making efforts to reach this goal. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We currently operate nine ocean outfalls and 548 sewage treatment facilities, of which the five largest, located in the S&#227;o Paulo metropolitan region, have treatment capacity of approximately 21</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">cubic meters of sewage per second. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the S&#227;o Paulo metropolitan region, the treatment process used by most treatment facilities is the activated sludge process.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sewage treatment in the Regional Systems will vary according to the particularities of each area.&nbsp; In the interior region of S&#227;o Paulo State, treatment consists largely of stabilization ponds.&nbsp; There are 440 secondary treatment facilities in the interior region of S&#227;o Paulo State that have treatment capacity of approximately 16&nbsp;cubic meters of sewage per second.&nbsp; Similar to our disposal process for treated sewage collected in the S&#227;o Paulo metropolitan region, the majority of sewage collected in the coastal region receives treatment and disinfection and is then discharged into rivers and also into the Atlantic Ocean through our ocean outfalls, in accordance with applicable legislation.&nbsp; We have 84&nbsp;sewage treatment facilities in the coastal region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are a party to a number of legal proceedings related to environmental matters.&nbsp; See &#8220;Item&nbsp;8.A. Financial Statements and Other Financial Information&#8212;Legal Proceedings&#8221;.&nbsp; In addition, our capital expenditure program includes projects to increase the amount of sewage that we treat.&nbsp; See &#8220;Item&nbsp;4.A. History and Development of the Company&#8212;Capital Expenditure Program&#8221; and &#8220;Item&nbsp;4.B. Business Overview&#8212;Environmental Matters&#8212;Environmental Regulation&#8212;Sewage Requirements&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sludge Disposal </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The generation of sludge is inherent to the sanitation cycle.&nbsp; The treatment of water and sewage produces residue which needs to be disposed of appropriately to prevent harm to the environment.&nbsp; Sludge removed from the treatment process typically contains water and a very small proportion of solids.&nbsp; We use filter presses, belt presses, drying beds and centrifugation machines, among other processes, to abstract the water from the sludge.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sludge disposal must comply with State and Federal law requirements, such as Resolution No.&nbsp;375/2006 of the CONAMA, Federal Law No.&nbsp;12,305/2010, Federal Decree No.&nbsp;7,404/2010, State Law No.&nbsp;12,300/2006 and State Decree No.&nbsp;54,645/2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Currently, the sludge generated through our activity goes mainly to landfills.&nbsp; In turn, we treat the leachate generated in these landfills.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Current legislation and the population at large demand advances in the search for alternative technologies that minimize the generation of and find beneficial uses for sludge.&nbsp; In light of these demands, we work on several fronts, seeking innovative approaches to the destination and final disposal of sludge.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Additionally, using financing from the</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financier of Studies and Projects (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financiadora de Estudos e Projetos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or FINEP), we are also developing two other innovating projects aiming to reduce the disposal of sludge in landfills. &nbsp;The first project uses a gasification system that uses specialist technology to transform sludge from sewage treatment plants into a solid product, weighing 5% of its initial weight, which can be re-used in construction work. &nbsp;The second project consists of a sludge dryer that uses highly mechanized and automated processes, drawing on solar energy, to reduce up to 70% of initial volume.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Principal Markets in Which We Operate</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we operated water and sewage systems in 368 of the 645</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities in the state of S&#227;o Paulo.&nbsp; In addition, we currently supply water on a wholesale basis to five municipalities located in the S&#227;o Paulo metropolitan region with a total population of approximately 3.0 million people. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table provides a breakdown of gross revenues from water supply and sewage services by geographic market for the years indicated:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="37%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in&nbsp;millions of R$) </FONT></I></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">S&#227;o Paulo metropolitan region </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,636.9</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,749.7</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,021.9</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="63%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Regional Systems </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,586.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,372.5</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,924.9</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12,223.7</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11,122.2</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,946.8</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Competition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the state of S&#227;o Paulo, there are 277 municipalities that operate their own water and sewage systems and that collectively have a total population of approximately 16.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or approximately 38% of the population of the state of S&#227;o Paulo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The competition for municipal concessions arises mainly from the municipalities, as they may resume the water and sewage services that were granted to us and start providing these services directly to the local population.&nbsp; In this case, the municipal governments would be required to indemnify us for the unamortized portion of our investment.&nbsp; See &#8220;&#8212;Risk Factors&#8212;Risks Relating to Our Business&#8212;Municipalities may terminate our concessions before they expire in certain circumstances.&nbsp; The indemnification payments we receive in such cases may be less than the value of the investments we made&#8221;.&nbsp; In the past, municipal governments have terminated our concessions agreements before the expiration date.&nbsp; Furthermore, municipal governments have tried to expropriate our assets in an attempt to resume the provision of water and sewage services to local populations.&nbsp; See &#8220;Item&nbsp;8.A. Financial Statements and Other Financial Information&#8212;Legal Proceedings&#8221;.&nbsp; We negotiate expired concession agreements and concession agreements close to expiration with the municipalities in an attempt to maintain our existing areas of operations.&nbsp; In the state of S&#227;o Paulo we face competition from private and municipal water and sewage service providers.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In recent years, we have also experienced an increasing level of competition in the market of water supply to industrial customers.&nbsp; Several large industrial customers located in municipalities we serve use their own wells to meet their water needs.&nbsp; In addition, competition for the disposal of non&#8209;residential, commercial and industrial sludge in the S&#227;o Paulo metropolitan region has increased in recent years as private companies offer stand&#8209;alone water treatment solutions inside the facilities of their customers.&nbsp; We have also established new tariff schedules for commercial and industrial customers in order to assist us in retaining these customers.&nbsp; Since these fixed demand agreements (take-or-pay contracts) with certain of our industrial customers were not covered by our bonus program, until April 2016, we suspended the fixed demand requirement in order to encourage lower water consumption.&nbsp; In May 2016, we reinitiated the fixed demand requirement, and the volumes of those contracts were revised according to clients&#8217; new consumption profiles. &nbsp;We started 2017 with 466 formal contracts and, after revision of the charge and volume, ended the year with 482 contracts. 18 contracts were terminated because they did not meet the minimum amount required. &nbsp;Of the remaining 482 contracts, 40 were entered into in 2017.&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information about the water crisis, see &#8220;&#8212;The Recent Water Crisis&#8221;.&nbsp; For more information on Take-or-pay Contracts see &#8220;&#8212;Tariff Structure&#8212;Fixed Demand Agreements (Take-or Pay)&#8221;.&nbsp; For more information about the water crisis, see &#8220;&#8212;The Recent Water Crisis&#8221;.&nbsp;</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Billing Procedures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The procedure for billing and payment of our water and sewage services is largely the same for all customer categories.&nbsp; Water and sewage bills are based upon water usage determined by monthly water meter readings.&nbsp; Larger customers, however, have their meters read every 15&nbsp;days to monitor consumption and thus avoid water loss resulting from leakages.&nbsp; Sewage billing is included as part of the water bill and is based on the water meter reading.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The majority of the bills for water and sewage services are delivered to our customers in person, mainly through independent contractors who are also responsible for reading water meters,&nbsp;although a proportion of clients elected, for convenience purposes, to receive their bill through regular mail.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=helv,sans-serif> &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water and sewage bills can be paid at some banks and other locations in the state of S&#227;o Paulo.&nbsp; These funds are paid over to us after deducting average banking fees ranging from R$0.29 to R$1.32 per transaction for collection and remittance of these payments. Customers must pay their water and sewage bills by the due date if they wish to avoid paying a fine.&nbsp; We generally charge a penalty fee and interest on late bill payments.&nbsp; In 2017, 2016 and 2015, we received payment of 94.1%, 93.0% and 90.4%, respectively, of the amount billed to our retail customers, and 94.1%, 93.0% and 90.2%, respectively, of the amount billed to those customers other than State entities, within 30&nbsp;days after the due date.&nbsp; In 2017, 2016 and 2015, we received 99.2%, 97.2% and 96.2%, respectively, of the amount billed to the State entities.&nbsp; Amounts in excess of 100.0% reflect our recovery of amounts billed in prior years.&nbsp; With respect to wholesale supply, in 2017, 2016 and 2015, we received payment of 60.1%, 74.1% and 43.8%, respectively, of the amount billed within 30&nbsp;days. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We monitor water meter readings by use of hand&#8209;held computers and transmitters.&nbsp; The system allows the meter reader to input the gauge levels on the meters into the computer and automatically print the bill for the customer.&nbsp; The hand&#8209;held computer tracks water consumption usage at each metered location and prepares bills based on actual meter readings.&nbsp; Part&nbsp;of the water meter monitoring for billing purposes is carried out by our own personnel, trained and supervised by us, and part of it is carried out by third&#8209;party contractors that employ and train their own personnel whose training we supervise.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tariffs </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tariff adjustments follow the guidelines established by the Basic Sanitation Law and ARSESP.&nbsp; The guidelines also establish procedural steps and the terms for the annual adjustments.&nbsp; The adjustments have to be announced 30&nbsp;days prior to the effective date of the new tariffs, which previously would take effect in September.&nbsp; Pursuant to the most recent tariff revision, both the base date and future adjustments took place in April. In addition, on January 19, 2017 ARSESP released Resolution n&#186; 706, which divided the Second Ordinary Tariff Revision process into two parts. The first part ended in October 2017, and the second part ended in May 2018.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tariffs have historically been adjusted once a year and for periods of at least 12&nbsp;months.&nbsp; See &#8220;&#8212;Government Regulations Applicable to our Contracts&#8212;Tariff Regulation&nbsp;in the State of S&#227;o Paulo&#8221; for additional information regarding our tariffs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With the publication of the Basic Sanitation Law, Federal Law No. 11,445/2007, states have been required to establish independent regulators responsible for the regulation of basic sanitation services, including tariff regulation.&nbsp; To exercise this assignment, the State of S&#227;o Paulo enacted State Law No. 1,025/2007, which established ARSESP, which regulates and supervises the services we provide to the State and also to the municipalities that have agreed to its jurisdiction.&nbsp; The guidelines by which we readjust our tariffs are defined pursuant to State Decree No. 41,446/1996, which was ratified by Federal Law No. 11,445/2007 and regulated by by resolutions issued by ARSESP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In regards to municipalities that have not explicitly selected ARSESP as their regulator, the Basic Sanitation Law allows the municipality to create other regulatory agencies of their own.&nbsp; In 2007, the municipality of Lins decided to create its own regulatory authority, although it revised this decision in 2010, transferring to ARSESP the regulation of the water activities performed in Lins, including for the setting of tariffs.&nbsp; The municipality of Lins has reserved, however, the power to ultimately approve the tariff set by ARSESP.&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, in 2011, the municipalities located in the hydrographic basins of the Piracicaba, Capivari and Jundia&#237; rivers created a consortium known as ARES/PCJ to regulate and supervise our activities in those areas, and for similar purposes, in November 2013 the Regulatory Agency of S&#227;o Bernardo do Campo (AR/SBC) was created.&nbsp; As a result of the creation of the ARES/PCJ, we are currently involved in legal proceedings in which ARES/PCJ is claiming that it has jurisdiction over the regulation and supervision of our activities in&nbsp;three municipalities (Mombuca, Santa Maria da Serra and Aguas de S&#227;o Pedro).&nbsp;In 2016 we obtained a definitive favorable decision in the Piracaia proceeding.&nbsp;However, as the debate continues in other processes, we cannot predict the outcome of this </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">case or how it may impact our business. Furthermore, regional and municipal agencies may continue to be created and may dispute with ARSESP regarding the regulation and oversight of our services.&nbsp; See &#8220;Item&nbsp;3.D. Risk Factor&#8212;Risks Relating to Our Business&#8212;Current regulatory uncertainty, especially with regard to implementation and interpretation of the Brazilian Basic Sanitation Law, may have an adverse effect on our business&#8221;. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2009, ARSESP invited public discussion and hearings to take place regarding the methodology for tariff revisions.&nbsp; In 2010, ARSESP issued Resolution No.&nbsp;156/2010.&nbsp; This resolution established the methodology and general criteria for the valuation of our regulatory asset base to be used for purposes of tariff review processes and auditing.&nbsp; In May 2011, ARSESP disclosed the applicable weighted average cost of capital (8.06%) and disclosed in April 2012 the methodology for tariff revisions.&nbsp; In November&nbsp;2012, ARSESP published a preliminary technical note for public consultation, proposing a preliminary initial maximum average tariff (P0) and X Factor, based on a preliminary evaluation of assets held by us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2012 and 2011, we readjusted our prices by 5.15% and 6.83% starting on September 11, 2012 and on September 11, 2011, respectively.&nbsp; On April 22, 2013, ARSESP approved a preliminary tariff revision of 2.3509% to be applied equally on all customer tariffs.&nbsp; These adjustments were valid for all municipalities we serve, except for the municipalities that possess specific contractual tariff clauses. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">First Ordinary Tariff Revision (2013-2016)</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On November 1, 2013, ARSESP issued Resolution No.&nbsp;435/2013 which authorized us to implement a tariff adjustment.&nbsp; Initially, this adjustment considered an inflation rate of 6.2707% as measured by the IPCA for the period from August 2012 to July 2013.&nbsp; From this number, ARSESP deducted the efficiency factor, or &#8220;X Factor&#8221;, of 0.4297% for the period, and this resulted in an adjustment of 5.8410%.&nbsp; Additionally, ARSESP estimated the gain that we had with the preliminary tariff revision of 2.3509% beginning in April 2013, and this resulted in a further reduction of 0.9249% in the indicator.&nbsp; Moreover, ARSESP also estimated our loss of 0.6538% resulting from the delay in the reposition of the IPCA and added that estimated amount.&nbsp; The product of these estimations and considerations resulted in a linear increase of 3.1451% in tariffs beginning December 11, 2013. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April 2014, ARSESP issued Resolution No.&nbsp;484/2014 (further ratified by ARSESP Resolution No.&nbsp;520/2014), which, among other things:&nbsp; (i) established that, as of May 11, 2014, a tariff repositioning index of 5.4408% in relation to our tariffs at the time and an annual X Factor of 0.9386%, which will be deducted in the upcoming annual tariff adjustments, shall be applied to water services bills; (ii) allowed us to apply the repositioning index arising from the tariff revision at a more opportune future date, when we proceeded with a recalculation and monetary adjustment of the applicable amounts, in order to ensure our economic and financial balance, taking into account the atypical situation in our market due to the lack of rainfall and our measures to encourage water savings in order to ensure supply; (iii) established that the next annual tariff adjustments would occur on the following dates:&nbsp; on April 11, 2015 and April 11, 2016, with the next tariff revision on April 11, 2017; and (iv) ratified the readjustment rules set forth on Resolution No.&nbsp;406/2013 and updated the X Factor for the tariff cycle from 0.836% to 0.9386%.&nbsp; The tariff structure was in place with respect to our services until the new structure was approved by ARSESP and implemented.&nbsp; Considering what was established by Resolution No.&nbsp;484/2014, we decided to postpone the application of the repositioning index to an opportune date no later than the end of December 2014.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP Resolution No.&nbsp;520/2014, published on November 27, 2014, authorized us to implement a final tariff revision as of December 27, 2014 with a repositioning index of 6.4952%.&nbsp; This percentage corresponds to the index of the 5.4408% tariff revision increase already granted as a result of the conclusion of the tariff revision, approved by ARSESP Resolution No.&nbsp;484/2014 of April 10, 2014, and an additional 1% index, accrued to the index for partial compensation regarding the postponement of the tariff revision application.&nbsp; This additional 1% index may be revised or supplemented after ARSESP analyzes data related to our loss in revenue on account of the application postponement.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Consumption Reduction Incentive Program and Contingency Tariff as a Result of the Water Crisis</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP Resolution No. 469, published in February 2014, authorized us to adopt a Water Consumption Reduction Incentive Program for consumers whose consumption of water was reduced by 20% in comparison with their consumption in the period from February 2013 through January 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April 2014, the incentive program was extended for the entire S&#227;o Paulo metropolitan region until the end of 2014 or until the water level in the reservoirs normalized.&nbsp; In May 2014, the incentive program was extended to the municipalities we served in Piracicaba, Capivari and the Jaguari&nbsp;River Basin in the Cantareira System catchment </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">area, and remained in effect for invoices issued between June and December 2014.&nbsp; This latter extension of the incentive program was suspended on April 17, 2015.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In October 2014, we implemented changes to the discount ranges in the bonus program:&nbsp; (i) customers who reduced their water consumption by 10-15% became entitled to a 10% discount on their service bill; (ii) customers who reduced their water consumption by 15-20% became entitled to a 20% discount; and (iii) customers who reduced their water consumption by 20% or more became entitled to a 30% discount.&nbsp; &nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP Resolution No. 536, published in December 2014, authorized us to extend the Water Consumption Reduction Incentive Program until the earlier of either the end of 2015 or the date on which levels in the reservoirs normalizes. </FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December 2015, we requested ARSESP to ratify the continuity and update of the Water Consumption Reduction Incentive Program through the Bonus grant to the Water and Sewage Bill, as well as the continuity of the Contingency Tariff. In response, ARSESP published the following 2 resolutions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 31.5pt; TEXT-INDENT: -13.5pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No.&nbsp;614/2015, published in December 2015, authorized the extension until December 31, 2016, or until hydrological conditions become more predictable, of the effects of ARSESP Resolution No. 545/2015, maintaining the current rules and conditions for the application of the contingency tariff by us envisaged in Resolution No. 545/2015; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 31.5pt; MARGIN-RIGHT: 0in; TEXT-INDENT: -13.5pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No.&nbsp;615/2015, also published in December 2015, authorized the extension of the Water Consumption Reduction Incentive Program until December 31, 2016, or until hydrological conditions become more predictable, and updated of the reference consumption value used to determine when discounts should be offered to our customers.&nbsp; Prior to this resolution, the reference consumption value by which we calculated the discounts was the average consumption of our customers in the period between February 2013 and January 2014.&nbsp; As of December 2015, we modified the reference consumption value, which was set at 78% of the prior reference consumption value.&nbsp; The updated reference consumption value began to be applied to our customers&#8217; bills as of February 1, 2016.&nbsp; The bonus ranges of 10%, 20% and 30%, were maintained, following the rules of our discount (bonus) program which established that if a client consumes 10% less water during a certain period compared to his reference consumption value, he will obtain a discount of 20% in his water bill, and if the client consumes 20% less water, he obtains a discount of 30%.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP R</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">esolution No.&nbsp;545/2015, published</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> in January 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">, authorized us to implement a contingency tariff mechanism consisting of additions to water and sewage bills for customers whose monthly consumption exceeds the average monthly </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">consumption verified, between February 2013 and January 2014.&nbsp; The tariff is subject to a contingency as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -23.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">I.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a 40% increase on the tariff amount applicable to the water consumption portion that exceeds up to 20% of the average; or</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -23.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">II.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a 100% increase on the tariff amount applicable to the water consumption portion that exceeds more than 20% of the average.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Extraordinary Tariff Revision</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">as a Result of the Water Crisis</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In March 2015, we filed a request with ARSESP for an extraordinary tariff revision due to the decline in the volume of water billed because of the water crisis and the unforeseen increase in electricity tariffs.&nbsp; After analyzing our request and receiving opinions through public consultations, ARSESP published Resolutions </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">No.&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">560/2015 and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">No.&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">561/2015:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -25.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">I.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No. 560/2015, published May 4, 2015, authorized a readjustment of 7.7875% on existing tariffs, which constituted of:&nbsp; (i) an annual tariff readjustment for the year of 2015 of 7.1899%, calculated based on the 8.1285% variation in the IPCA in the period between March 2014 and March 2015, minus the efficiency factor of 0.9386%; and (ii) the additional adjustment of 0.5575% due to the postponement of the application of the Ordinary Tariff Review (the tariff review that adjusts tariffs according to inflation), authorized in May 2014 but only applied in December 2014, when it was partially compensated; and</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -25.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">II.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No. 561/2015, also published May 4, 2015, established the 6.9154% index of the Extraordinary Tariff Revision (the tariff revision we requested due to the decline in the volume of water billed due to the water crisis and the unpredicted increase in electricity tariffs)&nbsp; of the Company, applicable to the tariffs authorized on this date by Resolution No. 550. &nbsp;Both tariff adjustments, combined, resulted in the 15.24% index. &nbsp;The new tariff values began apply on June 5, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cancelation of Water Consumption Reduction Incentive Program and Contingengy Tariff </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In March 2016, we filed with ARSESP a request to cancel the Water Consumption Reduction Incentive Program and the Contingency Tariff.&nbsp; In response, ARSESP published on March 31, 2016, the following Resolutions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -23.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">I.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No. 640/2016, authorizing the cancellation of the Contingency Tariff, which was applied to water meter readings as of May 1, 2016; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -23.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">II.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No. 641/2016 authorizing the cancellation of the Water Consumption Reduction Incentive Program, which granted discounts to water and sewage bills.&nbsp; This cancellation was applied to water meter readings as of May 1, 2016.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Second Ordinary Tariff Revision (2017-2020)</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Second Ordinary Tariff Revision was originally expected to occur in April 2017. &nbsp;To this effect, on October 15, 2016, ARSESP released Resolution No. 672/2016, after public consultation, establishing the methodology and criteria for the update of our regulatory asset base in the Second Ordinary Tariff Revision. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Due to delays in retaining a consulting company to advise ARSESP on the tariff revision and to the fact that it was impossible to predict when this consulting would be retained, ARSESP released Resolution No. 706/2017 on January 19, 2017. This resolution divided the Second Ordinary Tariff Revision process into two parts. Due to extensions resulting from the need for supplemental information from us, the first part, which was initially expected to be concluded by June 30, 2017, was completed on October 10, 2017. &nbsp;The second part was concluded in May 2018.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On October 6, 2017, ARSESP published the Final Technical Note NT/F/004/2017 and the Detailed Report on the first part of the Second Ordinary Tariff Revision. These publications set the initial regulatory remuneration asset&nbsp;&nbsp;base at R$40.3 billion (although this value is not yet final), increased the annual rate (WACC) from 8.06% to 8.11% and set the preliminary tariff revision (Preliminary P0) at R$3.6386/m<SUP>3 </SUP>using the April 2017 price. On October 10, 2017, ARESP approved Resolution No. 753/2017, authorizing us to apply the tariff repositioning index of 7.8888% to the current rates beginning 30 days after the publication of Resolution No. 753/2017.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On November 10, 2017, ARSESP approved the increase</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the Regulatory, Control and Inspection Fee (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Taxa de Regula&#231;&#227;o, Controle e Fiscaliza&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or TRCF) by 0.5%. This increase is reflected in customer bills in the municipalities regulated by ARSESP, pursuant to Paragraph 2 of Article 2 of ARSESP Resolution No. 406/2013. This fee was initially established by the State Complementary Law No. 1.025/2007.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US color=black face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to the second stage of the Second Ordinary Tariff Revision, on March 26, 2018, ARSESP released Preliminary Technical Note NT/F/0004-2018 with the proposed calculation of the maximum average tariff (P0) and the X Factor. This technical note established a final regulatory asset base of R$38.4 billion, a WACC of 8.11%, an X Factor of 0.9287%, a P0 of R$3.8207/m&#179; and a tariff repositioning index of 4.7744%. After Public Consultation and Public Hearings on the Final P0 proposal during the period from March 27, 2018 to April 17, 2018, ARSESP released, on May 9, 2018, Final Technical Note NT/F/0006/2018 and Resolution No. 794/2018 with tariffs effective 30 days after publication.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 12pt 0.75in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The final result of the second stage of the Second Ordinary Tariff Revision established a final regulatory asset base of R$39 billion, a WACC of 8.11%, an X Factor of 0.8888%, a P0 of R$3.7702/m&#179; and a tariff repositioning index of 3.5070%.</FONT></FONT></P></DIV>

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<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">On May 24, 2018, as a result of the final result of the Second Ordinary Tariff Revision, we filed a reconsideration request as well as a clarification and revision request with ARSESP. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 18pt"><FONT lang=EN-US color=windowtext face="times new roman">The reconsideration request includes an administrative appeal requesting that the regulatory decision substantiated by ARSESP Resolution No. 794/2018 be revised to apply due compensatory adjustments for revenue, cost of electricity and investments executed between 2013 and 2016.</FONT></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">The clarification and revision request includes requests for (i) an explanation of the significant reduction in the final Operational Expenditure 2017-2020 forecast; and (ii) a revision of the X Factor calculation, a revision to account for compensatory adjustments for the delay in the Second Ordinary Tariff Revision&#8217;s effectiveness and a revision of the calculation of the financial component related to municipal funds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman"><EM>Contract with the State and the City of S&#227;o Paulo, dated June 23, 2010 </EM></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">With regard to the contract dated June 23, 2010, executed with the State and the city of S&#227;o Paulo to regulate the provision of water and sewage services for the next 30 years, among other principal terms of this agreement, we must transfer 7.5% of our gross revenues, subtracting the COFINS and PASEP taxes and unpaid bills of publicly owned properties in the city of S&#227;o Paulo, to the Municipal Fund for Environmental Sanitation and Infrastructure (</FONT><FONT lang=EN-US face="Times New Roman">Fundo Municipal de Saneamento Ambiental e Infraestrutura</FONT><FONT lang=EN-US face="Times New Roman">), ARSESP issued the following resolutions:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">In March 2013, ARSESP issued Resolution No.&nbsp;407/2013, authorizing us to pass on to our consumers the 7.5% transfer to the Municipal Fund for Environmental Sanitation and Infrastructure, as defined by municipal legislation.&nbsp; Pursuant to the Sewage and Water Supply Service Contracts, this charge must be considered in the tariff revision.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">In April&nbsp;2013, ARSESP issued Resolution No.&nbsp;413/2013, which effectively suspended Resolution No.&nbsp;407/2013 until the first tariff revision process is concluded, thereby postponing our authorization to pass on to our consumers&#8217; service bill the charge for the Municipal Fund for Environmental Sanitation and Infrastructure.&nbsp; The postponement of Resolution No.&nbsp;407 was due to a request from the Government of the State of S&#227;o Paulo to analyze, among other matters, methods of reducing the impact on consumers.&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">In May 2014, ARSESP issued Resolution No.&nbsp;488/2014, which maintained the suspension of ARSESP Resolution No.&nbsp;407/2013 until the outcome of the revision of the contract signed between us, the city of S&#227;o Paulo and the State of the S&#227;o Paulo is known, thereby delaying the authorization to pass on to our consumers&#8217; service bill the charge for the Municipal Fund for Environmental Sanitation and Infrastructure.&nbsp; We cannot be certain when the contract will be revised or when we will be able to pass the 7.5% charge on to consumers through the service bill.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">In December 2016, we concluded the first four-year revision of our contract with the city of S&#227;o Paulo, which altered our service quality, investment and investment tracking targets. &nbsp;However, the issue of the 7.5% charge was not discussed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">In January 2018, the second step of our Second Ordinary Tariff Revision was initiated. In this review, the possibility of including the average tariff in the portion related to transfers to municipal funds, as is the case with the 7.5% that we transfer to the S&#227;o Paulo Municipal Fund for Environmental Sanitation and Infrastructure, was discussed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">On May 9, 2018 ARSESP announced the final results of the Second Ordinary Tariff Revision, recognizing the regulatory limit of 4% of each municipality&#8217;s direct operating revenue in the tariff calculation. As a result, 1.84% was declared the tariff for the Municipality of S&#227;o Paulo, corresponding to the 4% regulatory limit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US face=symbol>&#183;</FONT><FONT lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US face="Times New Roman">On May 24, 2018, as a result of the final result of the Second Ordinary Tariff Revision, we filed a reconsideration request as well as a clarification and revision request with ARSESP. As part of the clarification and revision request, we requested that ARSESP provide a revision of the calculation of the financial component related to municipal funds. For more information, see &#8220;Item 4.B. Business Overview&#8212;Tariffs&#8212;Second Ordinary Tariff Revision (2017-2020).&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman">For more information see &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;The terms of our agreement to provide water and sewage services in the city of S&#227;o Paulo could have a material adverse effect on us.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tariff Structure</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Regarding the tariff structure, ARSESP </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No.&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">463/2014, published in January 2014, established April&nbsp;10, 2014, as the deadline for publication of the timetable for implementation of our new tariff structure.&nbsp; However, on April 17, 2014, ARSESP issued </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Resolution No.&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">484/2014, which maintains the current Tariff Structure and does not set a date for implementation of the new tariff structure.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Despite not having a concrete date for the implementation of the new tariff structure, we are conducting a series of studies on a new structure that will be delivered to ARSESP. &nbsp;Considering the various alterations that this new structure could bring about for the consumer, we plan to implement it over one or more tariff cycles. &nbsp;To date, we cannot predict when we will be able to send our proposal to ARSESP or when implementation may start. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Until the new tariff structure is approved by ARSESP, we will continue to use our current tariff structure.&nbsp; As such, we currently divide tariffs into two categories:&nbsp; residential and non&#8209;residential.&nbsp; The residential category is subdivided into standard residential, residential-social and shantytown</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">favela</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; The residential-social tariffs apply to residences of low&#8209;income families, residences of persons unemployed for up to 12&nbsp;months and collective living residences.&nbsp; The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">favela </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">tariffs apply to residences in shantytowns characterized by a lack of urban infrastructure.&nbsp; The latter two sub&#8209;categories were instituted to assist lower&#8209;income customers by providing lower tariffs for consumption.&nbsp; The non&#8209;residential category consists of:&nbsp; (i)&nbsp;commercial, industrial and public customers; (ii)&nbsp;&#8221;not&#8209;for&#8209;profit&#8221; entities that pay 50.0% of the prevailing non&#8209;residential tariff; (iii)&nbsp;government entities that have entered into a water loss reduction agreement with us and pay 75.0% of the prevailing non&#8209;residential tariff; and (iv)&nbsp;public entities that have entered into program agreements, for municipalities with a population of up to 30.0 thousand&nbsp;and with half or more classified according to their degree of social vulnerability by the Social Vulnerability Index of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#205;ndice Paulista de Vulnerabilidade Social</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) 5 and 6, of the SEADE, obtained through the analysis of the 2000 Census figures, and start to receive tariff benefits, in accordance with our normative ruling, for the category of public use, at the municipality level.&nbsp; The tariffs are equal to those offered to the commercial/entity of social assistance and that corresponds to 50.0% of the public tariffs without contractual provisions referred to in item (iv)&nbsp;above. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fixed Demand Agreements (Take&#8209;or&#8209;Pay)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We established a new tariff schedule, effective May&nbsp;2002, for commercial and industrial customers that consume at least 5,000 cubic meters of water per month and that enter into fixed demand agreements (take&#8209;or&#8209;pay) with us for at least one&#8209;year terms, with the aim of retaining these industrial and commercial customers.&nbsp; In October&nbsp;2007, the minimum volume for entering into these agreements was reduced from 5.0 thousand cubic meters per month to 3.0 thousand cubic meters per month.&nbsp; We believe this tariff schedule will help prevent our commercial and industrial customers from switching to the use of private wells.&nbsp; Since 2008, we have been authorized by ARSESP to establish tariffs for non&#8209;residential customers, such as industrial and commercial customers, that consume more than 3.0 thousand&nbsp;cubic meters per month, with a maximum tariff equal to the tariffs applicable to non&#8209;residential customers that consume more than 50 cubic meters per month.&nbsp; In 2010,ARSESP authorized a reduction in the minimum volume of consumption for customers that enter into fixed demand agreements with us to a minimum of 500&nbsp;cubic meters per month.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In May 2016, we reinitiated the fixed demand requirement, and the volumes of those contracts were revised according to clients&#8217; new consumption profiles.&nbsp; We started 2017 with 466 formal contracts and, after revision of the charge and volume, ended the year with 482 contracts. 18 contracts were terminated because they did not meet the minimum amount required. &nbsp;Of the remaining 482 contracts, 40 were entered into in 2017. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information about the water crisis, see &#8220;&#8212;The Recent Water Crisis&#8221;. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water and sewage services tariffs</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We establish separate tariff schedules for our services in each of the S&#227;o Paulo metropolitan regions and each of the interior region of S&#227;o Paulo State and coastal regions which comprise our Regional Systems.&nbsp; Each tariff schedule incorporates regional cross&#8209;subsidies, taking into account the customers&#8217; type and volume of consumption.&nbsp; Tariffs paid by customers with high monthly water consumption rates exceed our costs of providing water service.&nbsp; We use the excess tariff billed to high&#8209;volume customers to compensate for the lower tariffs paid by low&#8209;volume customers.&nbsp; Similarly, tariffs for non&#8209;residential customers are established at levels that subsidize residential customers.&nbsp; In addition, the tariffs for the S&#227;o Paulo metropolitan region generally are higher than tariffs in the interior region of S&#227;o Paulo State and coastal regions.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sewage charges in each region are fixed and are based on the same volume of water charged.&nbsp; In the S&#227;o Paulo metropolitan region and the coastal region, the sewage tariffs are equal to the water tariffs. &nbsp;In the majority of the municipalities of the interior region of the State of S&#227;o Paulo, sewage tariffs are approximately 20.0% lower than </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water tariffs.&nbsp; Wholesale water rates are the same for all municipalities served.&nbsp; We also make available sewage treatment services to those municipalities in line with the applicable contracts and tariffs.&nbsp; In addition, various industrial customers pay an additional sewage charge, depending on the characteristics of the sewage they produce.&nbsp; Each category and class of customer pays tariffs according to the volume of water consumed.&nbsp; The tariff paid by a certain category and class of customer increases progressively according to the increase in the volume of water consumed.&nbsp; The first category (0-10) corresponds to the minimum fee that is charged to our customers for the consumption of water.&nbsp; The following table sets forth the water and sewage services tariffs by (i)&nbsp;customer category and class; and (ii)&nbsp;volume of water consumed, charged in cubic meters during the years and period stated in the S&#227;o Paulo metropolitan region:</FONT></P>
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   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Customer Category Consumption</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 7.75pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of Nov 10, 2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of May 12, 2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of June 4, 2015</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Residential</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="44%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(reais per m<SUP>3</SUP>)</FONT></I></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Standard Residential:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0&#8209;10<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.42</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.24</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.06</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11&#8209;20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.78</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.50</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.23</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21&#8209;50</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9.44</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.75</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.07</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Above 50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10.40</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9.64</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.89</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Social:</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0&#8209;10<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.82</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.70</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11&#8209;20</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.41</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.31</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.21</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21&#8209;30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5.01</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.64</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.28</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">31&#8209;50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.14</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,.62</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.10</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Above 50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.89</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.74</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Shantytown</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">favela</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">):</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0&#8209;10<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.63</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.53</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11&#8209;20</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.71</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.66</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.61</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21&#8209;30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.36</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.02</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">31&#8209;50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.14</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.62</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.10</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Above 50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.89</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.74</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Non&#8209;Residential</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Commercial/Industrial/Governmental:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0&#8209;10<SUP>(1)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.85</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.15</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11&#8209;20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9.44</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.07</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21&#8209;50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">18.08</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">16.76</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">15.45</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Above 50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">18.84</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">17.46</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">16.10</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Social Welfare Entities:</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0&#8209;10<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.42</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.07</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11&#8209;20</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.71</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.37</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.03</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21&#8209;50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9.08</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.76</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Above 50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9.43</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.74</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.06</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 15pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Government entities that employ the Rational Use of Water Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Programa de Uso Racional da &#193;gua</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&#8211; PURA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">), with reduction agreement:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 15pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0&#8209;10<SUP>(1)</SUP></FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.63</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.37</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.11</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 15pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11&#8209;20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.07</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.04</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 15pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21&#8209;50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.60</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.61</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11.63</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt 15pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Above 50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14.13</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.08</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 5.5in 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">The minimum volume charged is for ten cubic meters per month.</FONT></P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, 2016 and 2015, the average tariff calculated for the Regional Systems was approximately 25% below the average tariff of the S&#227;o Paulo metropolitan region. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April 11, 2016, ARSESP issued Resolution No. 643/2016, which authorizes us to implement an 8.4478% tariff adjustment to our current tariffs, effective on May 12, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On October 10, 2017, ARSESP issued Resolution No. 753/2017, which authorizes us to implement a 7.8888% repositioning index to our current tariffs, effective on November 10, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On November 10, 2017, ARSESP approved the increase</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the TRCF by 0.5%. This increase is reflected in customer bills in the municipalities regulated by ARSESP, pursuant to Paragraph 2 of Article 2 of ARSESP Resolution No. 406/2013. This fee was initially established by the State Complementary Law No. 1.025/2007.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On May 9, 2018, ARSESP issued Resolution No. 794/2018, which authorizes us to implement a 3.5070% repositioning index to our current tariffs, effective 30 days after publication.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Government Regulations Applicable to our Contracts</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">54</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Basic sanitation services in Brazil are subject to extensive federal, state and local legislation and regulation that, among other matters, regulates: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the development of public&#8209;private partnerships, or PPPs;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the need of a public bidding process for the appointment of water and sewage services providers via concession agreements;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the need of setting up an agreement for the appointment of public water and sewage services providers;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the joint management of public services through cooperation agreements, allowing for a program agreement without the need for a public bidding process for the service provider;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the planning, regulation and inspection of basic sanitation services prohibited by service providers;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">minimum requirements for water and sewage services;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water usage;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water quality and environmental protection; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">governmental restrictions on the incurrence of debt applicable to state&#8209;controlled companies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PLANASA</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face="Times New Roman">In 1978, the operations of basic sanitation services, integrated to the National Plan of Basic Sanitation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face="Times New Roman">Plano Nacional de Saneamento B&#225;sico</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face="Times New Roman">), or &#8220;PLANASA&#8221;, were regulated by Law No. 6,528/1978, which regulated and supervised state sanitation companies, such as SABESP. SABESP was created under State Law No. 119/1973 as a mixed capital company to provide basic sanitation services in the state of S&#227;o Paulo while also acknowledging the autonomy of the municipalities within the State. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to the Brazilian Constitution, the authority to develop and provide public water and sewage services are the joint responsibility of the federal government, the states and the municipalities.&nbsp; Article&nbsp;216 of the Constitution of the State of S&#227;o Paulo establishes that the State must provide the conditions for the efficient management and adequate expansion of water and sewage services rendered by its agencies and State&#8209;controlled companies or any other concessionaire under its control.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Article&nbsp;175 of the Brazilian Constitution, the rendering of public services, such as water and sewage services, is the responsibility of the applicable public authority.&nbsp; However, any such public authority has the right to render these services directly or through a concession granted to a third party after a bidding process. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Additionally, Article 241 of the Brazilian Constitution establishes the legal regime for managing the rendering of public services among different federal, state and municipal government entities, including the total or partial transfer among these entities of fees, services, personnel and essential goods needed to render such public services. For example, such service can be rendered through a public consortium or a cooperation agreement under Federal Law No. 11,107 of April 6, 2005, also known as the Law on Public Consortia and Cooperation Agreements (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Lei de Cons&#243;rcios P&#250;blicos e Conv&#234;nio de Coopera&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), which, in turn, created a contract program which allowed for the waiver of the bidding process for companies like ours.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law No. 11,445/2007, or &#8220;The Basic Sanitation Law&#8221;, went into effect on January 5, 2007, effectively revoking and substituting the PLANASA model, establishing nationwide guidelines for basic sanitation and seeking to create the appropriate solutions for the provision of basic sanitation considering the particular conditions in each state and municipality. &nbsp;The Basic Sanitation Law also sought to facilitate the cooperation between the state and municipalities in the rendering of public services.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law establishes the following guiding principles for the public service of basic sanitation:&nbsp; universalization, integrality, efficiency and economic sustainability, transparency of actions, social control and integration of infrastructure and services with the management of water resources.&nbsp; It does not define the ownership of the sanitation services, but establishes certain minimum liability thresholds, such as the development of local and regional sanitation plans, the need to create norms for the regulation and supervision of services, the creation of the </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">entities responsible for such regulation and establishment of the rights and obligations of the users and of social control mechanisms, in addition to the principles listed below:&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">for public-private partnership contracts (or program contracts), public hearings must be held with respect to bid announcements;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the carrying out of technical and financial feasibility studies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the holding of public hearings regarding concession bidding notices and contract drafts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the rights and obligations of customers and service providers, including penalties, are determined by the owner of the public service, not by the regulatory agency (since its function is to ensure full compliance of legislative and contractual conditions);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the regulatory agency&#8217;s function is to ensure compliance with the law and with the contractual conditions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the technical and financial viability of the provision of water and sewage services;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the interruption of the provision of sanitation services by the service provider in the event of a default of payment of the tariffs by the customer, among other reasons, provided that mimimum conditions for maintaining health are assured;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">when parts of a regulated service are to be provided by different service providers, those providers must execute an agreement regulating their respective activities; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the definition of principles and guidelines which must be respected when securing public funds generated or operated by agencies or entities of the federal government;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the possibility of using subsidies as an instrument of social policy in order to ensure access to basic sanitation services to everyone, particularly for low&#8209;income families; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the obligation to adopt environmental criteria that include, among other measures, individual management of water consumption per habitation unit. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 22.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By establishing the principles listed above, the Basic Sanitation Law defines the laws and regulations under which a water and basic sanitation provider may provide its services to several regions controlled by different owners (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">i.e.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, one single provider serves two or more owners, for which there may be one plan for the combination of services).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The rules for implementation of the new principles and directives set forth in Federal Law No. 11,445/2007 are established by Federal Decree No. 7,217 / 2010, dated June 21, 2010; as amended by Federal Decree No. 8,211, dated March 21, 2014; Federal Decree No. 8,629, dated December 30, 2015; and Federal Decree No. 9.254, dated December 29, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, the Basic Sanitation Law defines the rules for the delegation of the regulation, control and monitoring of sanitation services by the states and municipalities to contracted parties and the conditions for any such provision of public services.&nbsp;The Basic Sanitation Law also significantly amends Article&nbsp;42 of the Federal Concessions Law No.&nbsp;8,987/1995, which establishes the administrative proceedings necessary for the termination of concessions prior to the expiration date and the reversibility conditions for unamortized investments that create assets upon the termination of a concession.&nbsp; The amendment to Article 42 establishes that when a concession is terminated prior to its expiration date, the service provider must be indemnified for unamortized investments that create assets, preferably through an amicable settlement between the parties defining the criteria for the calculation and payments of indemnity.&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Furthermore, the Basic Sanitation Law also provides that the provision of sanitation services may be interrupted by the service provider, in the event of a default of payment of the tariffs by the customer, among other reasons.&nbsp; The provision of sanitation services may only be interrupted after a written notice, and as long as minimum health requirements are met. </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law defines the criteria for the reversal of assets at the time of termination of the water and sewage public service contract, which term also encompasses concession agreements such as those that have expired or are effective for an indefinite term, or those that were not formalized by an agreement.&nbsp; In addition, the </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Basic Sanitation Law provides the criteria for calculating the amount of an indemnity due, which may be calculated by a specialized institution chosen by mutual agreement between the parties in a formal payment agreement.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to the Basic Sanitation Law, the parties involved in a concession may enter into an agreement with respect to the payment of the indemnification due to the concessionaire.&nbsp; However, in the absence of an agreement, the Basic Sanitation Law establishes that the indemnification must be paid in no more than four equal and successive annual installments, with the first installment payable by the last business day of the fiscal year in which the assets are reversed. The provision of public services will remain valid until the conclusion of any administrative measures undertaken by the entity responsible for such services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">According to the Basic Sanitation Law, the existing concession or water and sewage public service contract will remain in effect until the responsible public entity concludes the administrative proceedings necessary for termination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Basic Sanitation Law provides that our new water and sewage public service contracts must be planned, supervised and regulated by the municipalities together with the State under a new model of associated management that will allow for better control, supervision, transparency and efficiency in the provision of public services. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Contracts for the Provision of Essential Basic Sanitation Services in Brazil</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In Brazil, there are three federal legal regimes for contracting water and sewage services:&nbsp; (i)&nbsp;public concessions, regulated by Law No.&nbsp;8,987/1995, which require a prior public bidding process; (ii)&nbsp;administration of public services through cooperation agreements between the federal government and local public authorities at State and municipal level without the need for a public bidding process, regulated by the Public Consortia and Cooperation Agreement Law No. 11,107/2005; and (iii)&nbsp; PPPs regulated by Law No.&nbsp;11,079/2004, used to grant concessions to private companies to provide public services and used in relation to construction works associated with the provision of public services.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Federal Concessions Law No.&nbsp;8,987/1995 and the State Concessions Law No.&nbsp;7,835/1992 require that the granting of a concession by the government be preceded by a public bidding process.&nbsp; However, the Federal Public Bidding Law No.&nbsp;8,666/1993, which establishes the rules for the public bidding process, provides that a public bidding process can be waived under certain circumstances, including in the case of services to be provided by a public entity created for such specific purpose on a date prior to the effectiveness of this law, provided that the contracted price is compatible with what is practiced in the market. &nbsp;Furthermore, a provision of the Federal Public Bidding Law, as amended by the Public Consortia and Cooperation Agreement Law, provides that the program contracted can be executed with waiver of a public bidding process.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Constitution of the State of S&#227;o Paulo provides that the State shall ensure the adequate provision and efficient administration of water and sewage services in the state territory by a company under its control, such as our company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our Concession Agreements</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">From 1998 to 2005, our contracts with municipalities have been regulated by the Federal Concessions Law No.&nbsp;8,987/1995. &nbsp;Generally, these contracts have a 30&#8209;year term, and the total value of the concession is set by the discounted cash flow method.&nbsp; Under this method, when the expected contractual cash flow is reached, the total value of the concession and assets is amortized to zero on our books and we receive no payment for the assets.&nbsp; If the concession is terminated prior to the end of the 30&#8209;year term, thereby interrupting the normal contractual cash flow, we are paid an amount equal to the present value of the expected cash flow over the years remaining in the concession, adjusted for inflation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Concessions for providing water and sewage services are formalized by agreements executed between the state or municipality, as the case may be, and a concessionaire to which the performance of these services is granted in a given municipality or region.&nbsp; Our concessions normally have a contractual term of up to 30 years.&nbsp; However, our concessions in general can be revoked unilaterally at any time if certain standards of quality and safety are not met, in the event of default of the terms of the concession agreement, or due to changes in public interest since the concession was granted.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A municipality that chooses to assume the direct control of its water and sewage services must terminate the current relationship by duly compensating the service provider and the investments unamortized.&nbsp; Subsequently, the municipality will be in charge of rendering services or of conducting a public bidding process to grant the concession to potential concessionaires, including agreements with public companies directly.&nbsp; The Basic Sanitation </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Law reduced the maximum time period for payment of indemnification in such cases to four years.&nbsp; See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;Municipalities may terminate our concessions before they expire in certain circumstances.&nbsp; The indemnification payments we receive in such cases may be less than the value of the investments we made&#8221;.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Program Agreements </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April&nbsp;6, 2005, the federal government enacted Federal Law No.&nbsp;11,107/2005, or the Federal Public Consortia and Cooperation Agreement Law, which regulates Article&nbsp;241 of the Brazilian Constitution.&nbsp; This statute provides general principles to be observed when a public consortium enters into contracts with the Brazilian federal government, state governments, the Federal District and municipalities, regulating the joint management of public services. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Federal Law No. 11,107/2005 introduces significant changes in the relationship among municipalities, states and companies providing public sanitation services, prohibiting the latter from exercising the activities of planning, oversight and regulation, including tariff regulation, of the services.&nbsp; The law also created the program agreement, a contract to be followed when Brazilian states and municipalities enter into agreements for the provision of public services with mixed capital companies.&nbsp; The program agreement provides the guidelines for the joint management of public services by Brazilian states and municipalities with mixed capital companies.&nbsp; Furthermore, this agreement allows states and municipalities to waiver the public bidding process and still be in compliance with concession legislation when entering into contracts with entities that are owned by the Brazilian states or municipalities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Federal Decree No.&nbsp;6,017/2007 details the conditions for the establishment of joint management entities and the execution of the program agreement regulating the Public Consortia and Cooperation Agreement Law.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to the Brazilian Constitution, in metropolitan regions, urban conurbations and microregions, the authority to develop public water and sewage systems is shared by the states and municipalities.&nbsp; However, for municipalities which are not a part of the types of regions cited above (metropolitan regions, urban conurbations and microregions), the primary responsibility for providing water and sewage services to residents rests with the municipality.&nbsp; </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Constitution of the State of S&#227;o Paulo provides that the State shall assure the correct operation, necessary expansion and efficient administration of water and sewage services in the state of S&#227;o Paulo by a company under its control. &nbsp;On January&nbsp;13, 2006, the Governor of the State of S&#227;o Paulo enacted State Decree No.&nbsp;50,470/2006, amended by State Decrees No.&nbsp;52,020/2007, dated July&nbsp;30, 2007, and No.&nbsp;53,192/2008, dated July&nbsp;1, 2008, which regulate the provision of water and sewage services in the State of S&#227;o Paulo.&nbsp; Pursuant to these decrees, we may enter into agreements with municipalities in connection with the provision of water and sewage services by means of a &#8220;program agreement without a public bidding process&#8221;.&nbsp; In addition, these decrees established that we will continue to render services in the areas covered by the concession granted by the State. &nbsp;Following the entry into force of the Public Consortia and Cooperation Agreements Law, we adopted the administration of public services through cooperation agreements and program agreement which can be used simultaneously.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Public&#8209;Private Partnerships</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Public-Private Partnerships, or &#8220;PPPs&#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance.&nbsp; PPPs are regulated by the State of S&#227;o Paulo through Law No.&nbsp;11,688/2004, which was enacted on May&nbsp;19, 2004.&nbsp; PPPs may be used for:&nbsp; (i)&nbsp;implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii)&nbsp;provision of public services; and (iii)&nbsp;exploitation of public assets and non&#8209;material rights belonging to the State.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Payment is conditioned upon performance.&nbsp; The payment may be collected through:&nbsp; (i)&nbsp;tariffs paid by users; (ii)&nbsp;use of resources from the budget; (iii)&nbsp;assignment of credits belonging to the State; (iv)&nbsp;transfer of rights related to the commercial exploitation of public assets; (v)&nbsp;transfer of real property and other property of assets; (vi)&nbsp; public debts securities; and (vii)&nbsp;other revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We do not currently provide any basic sanitation services to municipalities through PPPs. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Agreements with Municipalities and Metropolitan Regions </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The state of S&#227;o Paulo, pursuant to Article No.&nbsp;25, Paragraph 3 of the Brazilian Constitution, enacted the LCE&nbsp; to create the metropolitan regions of S&#227;o Paulo (LCE No.&nbsp;94/1974), Baixada Santista (LCE No.&nbsp;815/1996), </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Campinas (LCE No.&nbsp;870/2000), Vale do Para&#237;ba and Litoral Norte (LCE No.&nbsp;1,166/2012), and Sorocaba No.&nbsp;(LCE 1,241/2014) and the urban clusters of Piracicaba (LCE No.&nbsp;1,178/2012) and Jundia&#237; (LCE No.&nbsp;1,146/2011).&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to the Brazilian Constitution, in metropolitan regions, urban conurbations and microregions, the authority to develop public water and sewage systems is shared by the states and municipalities.&nbsp; However, for municipalities which are not a part of the types of regions cited above (metropolitan regions, urban conurbations and microregions), the primary responsibility for providing water and sewage services to residents rests with the municipality.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We provide basic sanitation services for municipalities, urban conurbations and metropolitan regions.&nbsp; In these municipalities, operations are regionalized and contracts are structured considering the financial and economic conditions of the entire region.&nbsp; The regulation including taxes, control and oversight are the responsibilities of ARSESP (LCE 1,025/2007 &#8211; Articles No.&nbsp;6 and No.&nbsp;10). With regard to local operations, the municipalities are responsible for providing basic sanitation services.&nbsp; Thus, we operate through new contracts executed pursuant to a legal waiver of public tender under cooperation agreements between the state and municipalities which permit sharing the management of basic sanitation services.&nbsp; With regard to metropolitan regions, we conduct our operations based on state legislation and contracts and make a note of any pending litigation addressing the delineation of responsibilities regarding basic sanitation services in municipalities, metropolitan regions, urban conurbations and microregions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" face="Times New Roman">On March 6</FONT><FONT style="COLOR: #000000"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">, 2013, the Brazilian Supreme Court decided a </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">matter related to the shared management of basic sanitation services in</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> the state of Rio de Janeiro, whose effects may impact other ongoing legal proceedings. In its decision, the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">court ruled</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> that the state of Rio de Janeiro </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">must</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> establish&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">new </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">entity</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">, owned by both the state of Rio de Janeiro and the relevant municipalities, to oversee the planning, regulation and auditing of basic sanitation services in its metropolitan region with the non-partisan participation of all the municipalities located in the metropolitan region</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">; creating a requirement that the state and the municipalities must participate jointly in the shared management of public services</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">. </FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">However, this decision is not yet fully effective, and therefore does not yet alter the legislative framework regarding basic sanitation that is currently in effect for the State of S&#227;o Paulo. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">In January 2015, the Federal Government </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">issued </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">the Metropolitan Bylaws (Law No. 13,089/2015),&nbsp;amended by Provisional Measure No. 818 of January 11, 2018, establishing within the term of five years, counted from the date of the institution of the metropolitan region or urban cluster: (i) the&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">general guidelines for the planning, management and&nbsp;performance of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">public initiatives </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">in metropolitan regions and in urban clusters&nbsp;instituted </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">by the states;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman"> (ii) the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">general planning standards for integrated urban </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">development and other interfederal governance instruments; and&nbsp;(iii) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">the criteria to receive </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">federal loans </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">related to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">urban development. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">In addition, the Metropolitan Bylaws foresees mechanisms for integrated management and interfederal governance as well as the sharing of decisions by regional entities.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; COLOR: #000000" face="Times New Roman">Despite the Brazilian Supreme Court&#8217;s March 6, 2013 decision and the Metropolitan Bylaws, some municipalities in metropolitan regions and urban clusters, including in metropolitan regions where we operate, have been conducting bidding processes for the concession of sanitation services without including shared management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Establishment of ARSESP</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June&nbsp;8, 2006, the State of S&#227;o Paulo enacted Decree No.&nbsp;50,868/2006, creating the Commission for the Regulation&nbsp;of Sanitation Service of the State of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Comiss&#227;o de Regula&#231;&#227;o do Servi&#231;o de Saneamento do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or&nbsp; &#8220;CORSANPA&#8221;, to regulate basic sanitation services.&nbsp; CORSANPA was directly subordinated to the State Secretariat for Sanitation and Water Resources.&nbsp; The main duty of CORSANPA was conducting studies for the creation of a regulatory agency for the basic sanitation industry and the presentation of legal and regulatory measures.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The completion of such duties resulted in the publication of supplementary Law No.&nbsp;1,025/2007 of December&nbsp;7, 2007, which created the S&#227;o Paulo State Sanitation and Energy Regulatory Agency (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Ag&#234;ncia Reguladora de Saneamento e Energia do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or &#8220;ARSESP&#8221;, and partially revoked Supplementary Law No.&nbsp;7,750/1992.&nbsp; Furthermore, Supplementary Law No.&nbsp;1,025/2007 maintained CONESAN, as an advisory council </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to define and implement the state basic sanitation policy, and the State Sanitation Fund (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fundo Estadual de Saneamento</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) or&#8220;FESAN&#8221;.&nbsp; FESAN is connected to the State Secretariat for Sanitation and Water Resources, and collects and manages resources that support State&#8209;approved programs, as well as the development of technology, management and human resources and a sanitation information system, in addition to other support programs.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On August 5, 2009, the State of S&#227;o Paulo enacted Decree No.&nbsp;54,644/2009, which revoked Decree No.&nbsp;50,868/2006 and regulated the composition, organization and operation of the State Sanitation Council (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conselho Estadual de Saneamento</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or &#8220;CONESAN&#8221; created by Supplementary Law No.&nbsp;7,750/1992.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In connection with the scope of our services, Supplementary Law No.&nbsp;1,025/2007 expanded the range of services that we can render, with the inclusion of urban rainwater drainage and management, urban cleaning and solid waste management, as well as the operation of power generation, storage, conservation and sales activities, for our own or third&#8209;party use.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, the rules simplified the process for the expansion of our business in Brazil and abroad, authorizing us to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">participate in the controlling block or the capital of other companies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">create subsidiaries, which may become majority or minority shareholders in other companies; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">establish partnerships with national or foreign companies, including other state or municipal basic sanitation companies, in order to expand our activities, share technology and expand investments related to basic sanitation services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP regulates the basic sanitation services that belong to the State, relating to the federal and municipal jurisdictions and prerogatives, and is responsible for:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the compliance with and enforcement of state and federal basic sanitation legislation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the publication of the organizational platform for the services, indicating the types of services provided by the State, as well as the equipment and facilities that compose the system;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the acceptance, where applicable, of the legal attributions of the jurisdictional authority;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the establishment, in accordance with the tariff guidelines defined by Decree No.&nbsp;41,446/96, of tariffs and other methods that provide compensation for our services, adjustment and review of such tariffs and methods to ensure the financial&#8209;economic balance of services and low&#8209;cost tariffs through mechanisms that increase service efficiency and lead to the distribution of productivity gains to society; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the approval, oversight and regulation (including tariff issues) of the sewage treatment and wholesale water supply agreements entered into between the state supplier and other suppliers, pursuant to Article&nbsp;12 of the Basic Sanitation Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to municipal basic sanitation, ARSESP oversees and regulates services (including tariff issues) that have been delegated by municipalities to the State as a result of cooperation agreements that authorize program agreements between the municipalities and us for as long as it is convenient to the municipality&#8217;s public interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For its services, ARSESP charges 0.50% of the annual total invoice from net operating revenue (excluding revenues relating to the construction of concession infrastructure) of the municipality.&nbsp; This fee is collected from municipalities that have a signed program agreement with us and the municipalities located in the metropolitan regions.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Rules Enacted by ARSESP </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2009, ARSESP enacted rules regarding the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">general terms and conditions for water and sewage services;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">procedures for communication regarding any failure in our services;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">penalties for deficiencies in the provision of basic sanitation services; and </FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Consumer Relations in the State of S&#227;o Paulo</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2011, ARSESP altered the standard contract that we are required to use in our relationships with retail customers.&nbsp; This alteration requires that invoices be sent to the user of the service rather than the owner of the property connected to the public water supply and sewage systems.&nbsp; Since 2011, we have implemented several measures and instituted new rules to update our client registry.&nbsp; Currently, more than 90% of our water and sewage connections are billed to the user of our services, as foreseen under current regulations.&nbsp;Related to the collection of debt, we are also faced with the challenge of collecting customers&#8217; taxpayer identification numbers, which are required to register for our services and are needed for the judicial collection of outstanding fees in the event of nonpayment. We continuously update our customers&#8217; registration information, but we face difficulties in updating this information in areas with high concentrations of social vulnerability and noncompliance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Regarding changes to the communication process for the reporting of failures, ARSESP has modified the rules and standards for supervision and reporting of incidents.&nbsp; We have implemented these requested changes.&nbsp; Currently, we receive a portion of the reported incidents online, through the Incident Reporting System (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sistema de Comunica&#231;&#227;o de Incidentes</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8221;) established by ARSESP, which introduces greater transparency and control to our operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2013, in compliance with rules enacted by ARSESP, we established procedures for communicating scheduled interruptions in the provision of water services by developing the Communication of Scheduled Interruptions of Basic Sanitation, or &#8220;SISCIP-S&#8221;.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are currently evaluating the enforceability and legality of some of these rules.&nbsp; Implementation of these rules started during 2011, is currently ongoing, and is expected to continue for the next few years.&nbsp; The implementation of these rules will impact our commercial and operations processes, and may adversely affect us in ways we cannot currently predict. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are attentive to these regulatory changes, have been working toward meeting ARSESP&#8217;s requirements and recommendations, and have presented technical, legal and factual reasons for any conduct that ARSESP may find irregular.&nbsp; As a result, we are subject to few regulatory infractions and to limited fines.&nbsp; See &#8220;Risk Factors&#8212;Risks Relating to Our Business&#8212;Current regulatory uncertainty, especially with regard to implementation and interpretation of the Brazilian Basic Sanitation Law, may have an adverse effect on our business&#8221;</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Following the increase in the demand for regulatory work, we created a regulatory affairs department, which focuses on regulatory matters and has centralized communication with the regulatory agencies, driving business to the new regulatory regime and proposing matters in which we have an interest to ARSESP.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April&nbsp;2011, we created a specific department in our Financial, Economic and Investor Relations Office responsible for costs and tariffs, given the subject&#8217;s importance to the continuation of our business. We also created a statutory Regulatory Affairs Committee, which was responsible for defining the guidelines, strategies and regulatory recommendations for our Company and coordinating the work of the Regulatory Affairs Department. This committee was terminated in April 2018 due to revisions to our bylaws. Regulatory matters are currently handled by our executive officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our Current Concession Agreements</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The current concessions are based on a standard form of agreement between us and the relevant municipality.&nbsp; Each agreement received the prior approval of the legislative council of each municipality.&nbsp; The assets comprising the existing municipal water and sewage systems are transferred from the municipality to us in order for us to provide the contracted services.&nbsp; Until 1998, we acquired municipal concessions and the existing water and sewage assets in exchange for our common shares issued at book value.&nbsp; Since 1998, we have acquired concessions and water and sewage assets by paying the municipality an amount equal to the present value of 30&nbsp;years of estimated cash flows from the date of acquisition of the concession, assuming a discount of at least 12%.&nbsp; For reference purposes, in 2011 ARSESP set the discount rate for our contracts at 8.06%and in October 2017 the discount rate was updated to 8.11% due to the Second Ordinary Tariff Revision. &nbsp;See &#8220;&#8212;Tariffs&#8221;.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The main provisions of our existing concession agreements are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">we assume all responsibility for providing water and sewage services in the municipality;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">according to the municipal laws authorizing the concession, we are permitted to collect tariffs for our services and tariff readjustments follow the guidelines established by the Basic Sanitation Law and ARSESP;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">as a general rule, to date, we are exempt from municipal taxes, and no royalties are payable to the municipality with respect to the concession;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">we are granted rights of way on municipal property for the installation of water pipes and water transmission lines, and sewage lines; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">upon termination of the concession, for any reason, we are required to return the assets that comprise the municipality&#8217;s water and sewage system to the municipality and the municipality is required to pay us the non&#8209;amortized value of the assets relating to the concession.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These assets have been considered to be intangible assets since January&nbsp;2008.&nbsp; See Note 3.8 to our financial statements.&nbsp; Under concession agreements executed prior to 1998, the reimbursement for the assets may be through payment of either:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the book value of the assets; or</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the market value of the assets as determined by a third&#8209;party appraiser in accordance with the terms of the specific agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our new agreement model follows the provisions of the Basic Sanitation Law.&nbsp; Its main contractual provisions include the joint execution of planning, supervision and regulation of services, the appointment of a regulatory authority for the services, and periodic disclosure of financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Furthermore, the economic and financial formulas in new agreements must be based on the discounted cash flow methodology and on the revaluation of returnable assets.&nbsp; Pursuant to the Basic Sanitation Law, the preexisting assets will be returned to the grantor of the concession.&nbsp; We will carry out all new investments and the municipalities will record them as assets.&nbsp; The municipalities will then transfer possession of these assets to us for our use and management and will also record a credit in the same amount of the assets recorded in our favor.&nbsp; According to Article&nbsp;42 of the Basic Sanitation Law and the new agreement model, investments made during the contractual period are the property of the applicable municipality, which in turn generates receivables for us that are to be recovered through the operation of the services.&nbsp; These receivables may also be used as guarantees in funding operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Another important development was that the new agreement model includes exemptions from municipal taxes applicable on our operational areas and the possibility of the revaluation of our assets that existed prior to the execution of the program agreements in cases involving the early resumption of services by the concession authority.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we provided water and sewage services to 368 municipalities.&nbsp; The majority of these concessions have 30-year terms.&nbsp; Due to court orders, we temporarily suspended our services in two other municipalities (Macatuba and Cajobi).&nbsp; For more information, see &#8220;Item&nbsp;8.A. Financial Statements and Other Financial Information&#8212;Legal Proceedings&#8221;.&nbsp; Between January&nbsp;1, 2007 and December&nbsp;31, 2017, we entered into agreements with 287 municipalities (including our services agreement with the city of S&#227;o Paulo) in accordance with the Basic Sanitation Law, of which six were entered into in 2017.&nbsp; As of December&nbsp;31, 2017, these 287 municipalities accounted for 81.7% of our gross operating revenues (including revenues relating to the construction of concession infrastructure).&nbsp; In addition to the contracts that have 30-year terms, the municipalities entered into cooperation contracts with the State of S&#227;o Paulo, delegating the regulation and monitoring of the provision of services to ARSESP.&nbsp; As of December&nbsp;31, 2017, 51 of our agreements or concessions had expired but we continued to provide water and sewage services to these municipalities and were in negotiations to execute program agreements to substitute the expired concessions.&nbsp; From January&nbsp;1, 2018 through 2030, 32 concessions will expire. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Municipalities have the inherent power under Brazilian law to terminate concessions prior to their contractual expiration dates for reasons of public interest.&nbsp; The municipality of Mau&#225;, which we previously served, terminated our concession in December&nbsp;1995.&nbsp; As arranged, we transferred ownership of the related assets as well as of the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">provision of services to the municipality of Mau&#225;.&nbsp; In another contract we entered into with the Basic Sanitation Company of the Municipality of Mau&#225; (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Saneamento B&#225;sico do Munic&#237;pio de Mau&#225;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &#8211; SAMA) and the municipality of Mau&#225;, we were responsible for providing water on a wholesale basis.&nbsp; However, neither SAMA nor the municipality of Mau&#225; complied with the stipulations of the agreement, culminating in a lawsuit brought against both parties.&nbsp; We demanded monetary compensation for our basic sanitary services.&nbsp; In a separate suit, we are demanding SAMA pay us the correct amount of tariffs for water services it has been receiving without our authorization at a cost below that contracted.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The receivables owed to us by Mau&#225;, due to the termination of the concession, total R$85.9 million and have not been recognized in our financial statements due to the uncertainty of our ability to collect them as of December&nbsp;31, 2017.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Despite these developments, we currently supply water on a wholesale basis to Mau&#225;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">. &nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In January 2016, the municipality of Mau&#225; executed a Protocol of Intentions with us for the preparation of studies and evaluations aiming to resolve commercial relations and existing debts between the municipality and us. &nbsp;However, the negotiations with Mau&#225; ended June 2016. On April 19, 2018, we published a press release stating that we have been in contact with the municipality of Mau&#225; regarding directly supplying water to four neighborhoods that have been affected by a water shortage, and that we will initiate formal discussions to engage in negotiations with the municipality. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We currently do not anticipate that other municipalities will seek to terminate concessions due to our close relationship with municipal governments, recent improvements in the water and sewage services we provide, and the obligation of the municipality to repay us for the return of the concession. However, we cannot be certain that other municipalities will not seek to terminate their concessions in the future.&nbsp;See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;Municipalities may terminate our concessions before they expire in certain circumstances.&nbsp; The indemnification payments we receive in such cases may be less than the value of the investments we made&#8221;.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, we are currently involved in litigation with respect to municipalities that intend to expropriate our water and sewage systems, or to terminate concession agreements before paying us any indemnification.&nbsp; For a detailed discussion on these proceedings, see &#8220;Item&nbsp;8.A. Financial Statements and Other Financial Information&#8212;Legal Proceedings&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Operations in the City of S&#227;o Paulo and Certain Metropolitan Regions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are a concessionary of the state of S&#227;o Paulo tasked with providing operate basic sanitary services in metropolitan regions, microregions and urban conglomerates instituted by state law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The state of S&#227;o Paulo, pursuant to Article No.&nbsp;25, Paragraph 3 of the Brazilian Constitution, enacted the LCE&nbsp; to create the metropolitan regions of S&#227;o Paulo (LCE No.&nbsp;94/1974), Baixada Santista (LCE No.&nbsp;815/1996), Campinas (LCE No.&nbsp;870/2000), Vale do Para&#237;ba and Litoral Norte (LCE No.&nbsp;1,166/2012), and Sorocaba No.&nbsp;(LCE 1,241/2014) and the urban clusters of Piracicaba (LCE No.&nbsp;1,178/2012) and Jundia&#237; (LCE No.&nbsp;1,146/2011).&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June 18, 2009, Municipal Law No. 14,934/2009 repealed Municipal Law 13,670/2003, which had assigned the responsibility for the city of S&#227;o Paulo&#8217;s planning, regulating and supervising the provision of water supply and sewage collection services exclusively to the city of S&#227;o Paulo. On June 23, 2010, the State and the city of S&#227;o Paulo entered into a formal agreement with the purpose of sharing the planning of the provision of water supply and sewage collection services; delegating oversight and regulation, including tariff regulation, to ARSESP; and authorizing the maintenance of water supply and sewage collection services in the city of S&#227;o Paulo for a 30-year term (renewable for the same period). </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In January 2015, the Federal Government issued the Metropolitan Bylaws (Law No.&nbsp;13,089/2015), amended by Provisional Measure No. 818 of January 11, 2018, establishing within the term of&nbsp; five years, counted from the date of the institution of the metropolitan region or urban cluster:&nbsp; (i) the general guidelines for the planning, management and performance of public interest initiatives in metropolitan regions and in urban clusters instituted by the states; (ii) the general planning standards for integrated urban development and other interfederal governance instruments; and (iii) the criteria to receive federal loans related to urban development.&nbsp;</FONT></P>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March 6, 2013, the Brazilian Supreme Court decided a matter related to the shared management of basic sanitation services in the state of Rio de Janeiro. In its decision, the court ruled that the state of Rio de Janeiro must establish a new entity, owned by both the state of Rio de Janeiro and the relevant municipalities, to oversee the planning, regulation and auditing of basic sanitation services in its metropolitan region with the non-partisan participation of all the municipalities located in the metropolitan region; creating a requirement that the state and the municipalities must participate jointly in the shared management of public services. </FONT></FONT></FONT></P><FONT style="COLOR: #000000"></FONT>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; COLOR: #000000" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">However, this decision is not yet fully effective, as a ruling on a motion for clarification is currently pending, and therefore does not yet alter the legislative framework regarding basic sanitation that is currently in effect for the State of S&#227;o Paulo. The S&#227;o Paulo metropolitan region (including the municipalities to which we provide water on a wholesale basis, but excluding the concession infrastructure construction revenue) accounted for 70.7% of our gross operating revenue from services in 2017. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">The S&#227;o Paulo metropolitan region accounted for 70.7% of our gross operating revenue in 2017 (excluding revenues relating to the construction of concession infrastructure) and including the formal agreement with the municipality of S&#227;o Paulo.&nbsp; We cannot predict how the shared management of these operations will be carried out in the S&#227;o Paulo metropolitan region and other metropolitan regions we operate in or what effect it may have on our business, financial condition or results of operations.&nbsp; See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;Current regulatory uncertainty, especially with regard to implementation and interpretation of the Brazilian Basic Sanitation Law, may have an adverse effect on our business&#8221;.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="Times New Roman">&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tariff Regulation&nbsp;in the State of S&#227;o Paulo</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The tariffs for our services are subject to Federal and State regulation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On December&nbsp;16, 1996, the Governor of the State of S&#227;o Paulo issued a decree which approved the existing tariff system and allowed us to continue to set our own tariffs.&nbsp; We used to set our tariffs based on the general objectives of maintaining our financial condition and preserving &#8220;social equality&#8221; in terms of the provision of water and sewage services to the population while providing a return on investment.&nbsp; The governor&#8217;s decree also directs us to apply the following criteria in determining our tariffs:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">category of use;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">capacity of the water meter;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">characteristics of consumption;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">volume consumed;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">fixed and floating costs;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">seasonal variations of consumption; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">social and economic conditions of residential customers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With the enactment of the Basic Sanitation Law and Federal Consortium Law, we are prohibited from planning, overseeing and regulating services, which includes determining the tariff policy to be adopted.&nbsp; Such activities are to be exercised by the owner of the concession.&nbsp; Other than the responsibility for planning, the remaining activities may not be delegated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The current tariff structure maintains different tariff schedules, depending upon whether a customer is located in the S&#227;o Paulo metropolitan region or the Regional Systems.&nbsp; There are four levels of volume consumed for each category of customer, except for the residential-social and shantytown</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">favelas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">categories.&nbsp; The residential-social tariffs apply to residences of low income families, residences of persons unemployed for up to 12&nbsp;months and collective living residences.&nbsp; The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">favela</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> tariffs apply to residences in shantytowns characterized by a lack of urban infrastructure.&nbsp; The latter two sub categories were instituted to assist lower income customers by providing lower tariffs for consumption.&nbsp; Customers are billed on a monthly basis.&nbsp; Water and sewage bills are based upon water usage determined by monthly water meter readings.&nbsp; Larger customers, however, have their meters read every 15&nbsp;days to avoid nonphysical loss resulting from faulty water meters.&nbsp; Sewage billing is included as part of the water bill and is based on the water meter reading.&nbsp; We are also authorized to enter into individual contracts with certain customers, such as municipalities, to supply water or sewage services on a wholesale basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Furthermore, since Law No.&nbsp;11,445/2007 permits municipalities to create their own regulatory agencies rather than being subjected to overview by ARSESP, a number of municipalities created their own regulatory agencies.&nbsp; The municipality of Lins, which decided in 2007 to create its own regulatory authority, revisited this decision in 2010 and transferred the regulation of water activities, including the setting of tariffs, to ARSESP.&nbsp; The municipality of Lins has reserved, however, the power to ultimately approve the tariff set by ARSESP.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The municipalities in which the hydrographic basins of the Piracicaba, Capivari and Jundia&#237; rivers are located created a consortium known as the Regulatory Agency of Sanitation Services for the Piracicaba, Capivari and Jundia&#237; River Basin (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Ag&#234;ncia Reguladora dos Servi&#231;os de Saneamento das Bacias dos Rios Piracicaba, Capivari e Jundia&#237;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or ARES-PCJ, in 2011 to regulate and supervise our activities in those areas, and for similar purposes, in November 2013 the Regulatory Agency of S&#227;o Bernardo do Campo (AR/SBC) was created.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the creation of ARES/PCJ, we are currently involved in legal proceedings in which ARES/PCJ is claiming that it has jurisdiction over the regulation and supervision of our activities in three municipalities (Mombuca, Santa Maria da Serra and Aguas de S&#227;o Pedro).&nbsp; We cannot predict the outcome of this case or how it may impact our business.&nbsp; See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;Current regulatory uncertainty, especially with regard to implementation and interpretation of the Brazilian Basic Sanitation Law, may have an adverse effect on our business&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Recent Water Crisis&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Prior to 2014, we planned our supply of water to the S&#227;o Paulo metropolitan region based on the water supply during the driest period on record, which was from 1953 to 1954.&nbsp; However, water inflow to the Cantareira reservoirs throughout 2014 and most of 2015 was less than half the inflow recorded in 1953, the previous most critical year.&nbsp; Consequently, the volume of water stored in the reservoirs in 2014 and 2015 declined significantly until September 2015, when the reservoirs once again held more water than 12 months previously for the first time since the beginning of the water crisis.&nbsp; In the rainy season from October 2015 to March 2016 rainfall returned to historical averages and water levels in the reservoirs that provide water to the S&#227;o Paulo metropolitan region, our largest market, increased. With the return of the rainfall to its historical average and the level of water in the reservoirs that provide water to the population of the S&#227;o Paulo metropolitan region at normal levels, the measures taken during the water crisis to continue services to consumers were gradually discontinued. At December 31, 2017, the reservoirs in the S&#227;o Paulo metropolitan region contained 916.8 million m<SUP>3</SUP> of water storage for treatment, compared to 951.1 million m<SUP>3</SUP> available for treatment as of December 31, 2016 not including the technical reserve of 287.5 million m&#179;. The average monthly water production in 2017 for the S&#227;o Paulo metropolitan region was 60.6 cubic meters per second, or m&#179;/s, compared to 58.5 m&#179;/s in 2016 and 52.0 m&#179;/s in 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information on the water production systems which we use to produce water for the S&#227;o Paulo metropolitan region, see &#8220;Item 4.B. Business Overview&#8212;Description of Our Activities&#8212;Water Operations&#8212;Water Resources&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cantareira System</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Cantareira System is located in the northern area of the S&#227;o Paulo metropolitan region.&nbsp; It uses water extracted from the PCJ River Basin and the&nbsp;Juqueri River Basin and consists of six reservoirs interconnected by a complex water network of tunnels and pipes, located along the municipalities of S&#227;o Paulo, Mairipor&#227;, Nazar&#233; Paulista, Piracaia, Vargem, and Joan&#243;polis.&nbsp; The latter two are located on the border of the state of Minas Gerais, approximately 100 kilometers from the city of S&#227;o Paulo.&nbsp; Gravity forces the flow of water from one reservoir to another, and once the water reaches the Paiva Castro reservoir, located in the&nbsp;Juqueri River Basin, it is pumped to the Guara&#250; water treatment plant. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Prior to February 2014 and the water crisis, this system supplied water to approximately 8.9 million people, with an average extraction of up to 33 m&#179;/s to serve the S&#227;o Paulo metropolitan region. After the water crisis, when conditions returned to normal levels, this system supplies water to approximately 7.8 million people, with an annual average extraction of up to 25.1m&#179;/s in 2017 in order to serve the S&#227;o Paulo metropolitan region.&nbsp;The volume of water that may be extracted from the Cantareira System is now based on the volume of water available in the reservoirs.&nbsp; A minimum of 10 m&#179;/s of water may be released to serve the metropolitan region of Campinas and Jundia&#237;, which is located downstream from the reservoirs. This flow is defined in Joint Resolution n&#186; 926/2017 and 925/2017, both dated May 29, 2017.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Inflow to the Cantareira System</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">During the October 2013 &#8211; March 2014 rainy season rainfall and water inflow levels into the reservoirs reached the lowest stream flow measurements in over 80 years.&nbsp; This drought persisted in the rainy season between October 2014 and March 2015. &nbsp;During the October 2015 &#8211; March 2016 and during the October 2016 &#8211; March 2017 rainy season, the level of rainfall in the region returned to the normal levels expected for the period and water inflow levels consequently improved. With the return of the rainfall to its historical average, the measures taken during the water crisis to continue services to consumers were gradually discontinued.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The table below sets forth water inflow (volume of water that flows into the reservoirs or natural inflow from the river basin), showing:&nbsp; (i)&nbsp;historical average and minimum flows; (ii) 1953, previously the driest year on record; (iii) inflow during the 2013-2014, 2014-2015 and 2015-2016 hydrological years; (iv) inflow during the 2016-2017 hydrological year; and (v) inflow during the 2017-2018 hydrological year (through&nbsp;April 2018).</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">For the month of</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Oct.</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(in </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">m&#179;/s)</FONT></I></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Water Inflow</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Historical Average</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">30.6</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">35.0</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">53.1</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">70.9</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">73.9</FONT></P></TD>

   <TD style="HEIGHT: 7.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">66.9</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">48.4</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">38.4</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">35.3</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">28.8</FONT></P></TD>

   <TD style="HEIGHT: 7.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">24.5</FONT></P></TD>

   <TD style="HEIGHT: 7.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">25.6</FONT></P></TD></TR>

<TR style="HEIGHT: 3.15pt">

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Historical Minimum</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">14.0</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">14.0</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">21.8</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">26.9</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">27.6</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">28.1</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">24.7</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">19.9</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">16.5</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">13.9</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">12.0</FONT></P></TD>

   <TD style="HEIGHT: 3.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">11.8</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Drought of 1953</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">17.5</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">26.0</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">31.5</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">26.9</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">34.5</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">29.8</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">34.6</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">23.8</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">20.7</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">17.6</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">16.3</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">16.2</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2013/14</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">25.1</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">22.1</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">22.5</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">15.4</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">10.5</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">18.9</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">17.2</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">10.1</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">10.0</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">6.4</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">8.2</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">9.0</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2014/15</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">5.2</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">8.8</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">16.0</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">11.5</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">40.7</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">42.6</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">18.1</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">14.0</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">16.2</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">11.3</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">5.8</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">18.3</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2015/16</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">14.8 </FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">27.1 </FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">52.3 </FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">73.8 </FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">49.6</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">69.8</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">24.1</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">25.0</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">62.9</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">19.4</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">19.3</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">14.9</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2016/17</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">24.2</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">29.5</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">30.2</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">76.0</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">36.4</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">36.9</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">24.3</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">33.8</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">22.6</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">13.9</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">14.9</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">9.0</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2017/18</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">13.7</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">23.0</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">18.8</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">57.4</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">35.8</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">33.2</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">17.8</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the drought and low water volume in the Cantareira System, DAEE and ANA regulated the volume of water we were permitted to extract from this system from March 2014 to May 2017. However, in May 2017, the water right that regulates the volume of water that may be extracted from the Cantareira System, the main water system we use to serve the S&#227;o Paulo metropolitan region, based on the volume of water available in the reservoirs was renewed. Under the new terms, the water we are permitted to draw from the system is divided into five tranches:&nbsp; (i) if the volume of water available is higher than 60% of the reservoirs&#8217; capacity, we can draw up to 33m<SUP>3</SUP>/s; (ii) if the volume of water is between 40% and 60% of the reservoirs&#8217; capacity, we can draw up to 31m<SUP>3</SUP>/s; (iii) if the volume of water is between 30% and 40% of the reservoirs&#8217; capacity, we can draw up to 27m<SUP>3</SUP>/s; (iv) if the volume of water is between 20% and 30% of the reservoirs&#8217; capacity, we can draw up to 23m<SUP>3</SUP>/s; and (v) if the volume of water available is lower than 20% of the reservoirs&#8217; capacity, we can draw up to 15.5m<SUP>3</SUP>/s.</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017, the reservoirs in the S&#227;o Paulo metropolitan region, where our largest market is located, contained 916.8 million m<SUP>3</SUP> of water storage for treatment, compared to 951.1 million m<SUP>3</SUP> available for treatment as of December 31, 2016. These figures do not include the Cantareira System&#8217;s technical reserve of 287.5 million m&#179;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table shows the volume of water stored in the systems that serve the S&#227;o Paulo metropolitan region as of December 2015, March 2016, December 2016, March 2017, December 2017 and March 2018 at the end of the rainy season:&nbsp; </FONT></P>

<DIV align=center>

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



<TR style="HEIGHT: 5.85pt">

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="66%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">For the month </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.85pt">

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">March 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">December 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">March 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">December </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">2016</FONT></B></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">March 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">December 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">Total Storage Capacity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="66%" colSpan=6>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Cantareira</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">532.3</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">405.23</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">931.96</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">740.06</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">641.90</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">290.69 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,269.5<SUP>(1)(2)</SUP></FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Guarapiranga</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">141.4</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">101.61</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">135.40</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">123.62</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">150.01</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">147.12 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">171.19</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Rio Grande</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">97.2</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">92.20</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">98.95</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">99.31</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">108.41</FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">106.18 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">112.18</FONT></P></TD></TR>

<TR style="HEIGHT: 5.85pt">

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Rio Claro</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">13.9</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10.08</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">13.98</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">11.30</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">14.02</FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">9.71 </FONT></P></TD>

   <TD style="HEIGHT: 5.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">13.67</FONT></P></TD></TR>

<TR style="HEIGHT: 0.05in">

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Alto Tiet&#234;</FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">362.8</FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">294.76</FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">314.60</FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">248.08</FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">247.94</FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">135.55 </FONT></P></TD>

   <TD style="HEIGHT: 0.05in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">573.81</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Cotia</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">15.2</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.94</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">16.39</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">16.20</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">16.53</FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 7.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">14.20 </FONT></P></TD>

   <TD style="HEIGHT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0in 9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">16.50</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="23%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><SUP><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">The Cantareira system&#8217;s total storage capacity is 982.0 million m&#179; available above the water intake level, plus 287.5 million m&#179; below the water intake level (known as the &#8220;technical reserve&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><SUP><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Amounts included since the May 2017 water right renewal do not include the water from the Cantareira System&#8217;s technical reserve, which is water stored below the water intake level. For more information, see &#8220;&#8212;Extracting Water from the Technical Reserve&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to continue to meet consumer demand in the S&#227;o Paulo metropolitan region and reduce water production in the Cantareira system to the limits set by ANA and DAEE, we adopted the following measures from February 2014 to early 2016 to maintain continuous water supply:&nbsp; </FONT></P></DIV>

<a name="_bclFooter70"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">66</FONT></P>

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

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<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">use of treated water from other production systems to serve consumers originally supplied by the Cantareira system; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">implementation of a bonus program and contingency tariff; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reduction of pressure in pipes in order to decrease leakage; </FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">adjustment to the volume of treated water sold to municipalities that operate their own distribution network, due to the reduced availability of water; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">extraction of water from the technical reserve.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The first four measures resulted in significant water savings and helped to offset the reduced volume of water extracted from the Cantareira System.&nbsp; The extraction of water from the technical reserve was critical to maintaining a continuous supply of water to the population.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With the return of historical average rainfall in the rainy season from October 2015 to March 2016, water levels for the S&#227;o Paulo metropolitan region returned to normal and we gradually discontinued the measures that we had taken during the water crisis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The rain levels and water inflows into the reservoirs that supply the metropolitan region of S&#227;o Paulo during the October 2017-March 2018 rainy season were below the historical average. However, when taking into account accumulated volume, the completion of the S&#227;o Louren&#231;o Project and the Jaguar&#237;-Atibainha interconnection, and the lower level of water production due to the reduction in demand after the water crisis, we believe that in terms of water security, the Metropolitan Region is prepared to face situations of similar magnitude as those observed in 2014 and 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Using Water from Other Production Systems to Serve Consumers Originally Supplied by the Cantareira System </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Cantareira System is part of the Integrated Water Supply System (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sistema Integrado de Abastecimento de &#193;gua</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or SIM, of the S&#227;o Paulo metropolitan region together with another seven production systems that are interconnected through a system of large water mains known as the Metropolitan Water Main System (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sistema Adutor Metropolitano</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or SAM.&nbsp; The SAM transports treated water to regional reservoirs.&nbsp; From there, treated water is distributed to the population through distribution networks.&nbsp; This system serves approximately 20 million people.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Throughout the years, we have expanded the capacities of a number of SIM production systems and major&nbsp;SAM water mains, which further integrated the systems and, among other things, allowed water to be transferred from different production systems to areas that, under normal conditions, would have been supplied by the Cantareira System.&nbsp; The Alto Tiet&#234; and Guarapiranga systems contributed most to this process. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Guarapiranga System, with a storage capacity of 171 billion liters, maintained favorable levels of water availability for the duration of the drought and was the system that supplied most water during the water crisis, serving an additional 1.4 million people in the south and southeast regions of the city of S&#227;o Paulo who had previously been served by the Cantareira System.&nbsp; As a result, the number of people served by the Guarapiranga System increased from 3.8 million before the water crisis to 5.2 million during the crisis.&nbsp; As of December 31, 2017, the Guarapiranga System served a population of 4.4 million people.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Throughout 2014 and 2015, with the adoption of these measures, almost three million people who used to be served by the Cantareira System began to be served by other systems.&nbsp; As of December 31, 2017, the Cantareira System served 7.8 million people, compared to 8.9 million people before the drought.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Bonus Program</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In February 2014, we implemented a water consumption reduction incentive program based on a bonus system, pursuant to which customers served by the Cantareira System who achieve a 20% reduction in water consumption are entitled to a 30% discount on their service bill.&nbsp; Initially, this incentive program was scheduled to last seven months or until the water level in the reservoirs normalized and became sufficient to supply the customers in the S&#227;o Paulo metropolitan region served by the Cantareira System.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April 2014, the incentive program was extended for the entire S&#227;o Paulo metropolitan region until the end of 2014 or until the water level in the reservoirs normalized.&nbsp; In May 2014, the incentive program was extended to the </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities we served in Piracicaba, Capivari and the Jaguari&nbsp;River Basin in the Cantareira System catchment area, and remained in effect for invoices issued between June and December 2014.&nbsp; This latter extension of the incentive program was suspended on April 17, 2015.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In October 2014, we implemented changes to the discount ranges in the bonus program:&nbsp; (i) customers who reduced their water consumption by 10-15% became entitled to a 10% discount on their service bill; (ii) customers who reduced their water consumption by 15-20% became entitled to a 20% discount; and (iii) customers who reduced their water consumption by 20% or more became entitled to a 30% discount.&nbsp; &nbsp;&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December 2014, we extended the Water Consumption Reduction Incentive Program until the end of 2015 or until reservoir levels normalized, whichever was to occur first.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December 2015, we modified our bonus program by updating the reference value used to determine the discounts.&nbsp; Prior to this change, the reference value for the discounts was average consumption between February 2013 and January 2014.&nbsp; In December 2015, we reduced the reference value to 78% of the prior reference value, applicable as of February 1, 2016.&nbsp; The bonus ranges previously established were maintained.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March 24, 2016, with the return of historical average rainfall and increased predictability of reservoir levels, we applied to ARSESP for cancellation our Water Consumption Reduction Incentive Program.&nbsp; ARSESP approved this request on March 31, 2016, with effect on water meter readings recorded as of May 1, 2016.&nbsp; There have been no further updates since that date. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Contingency Tariff</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In January 2015, ARSESP authorized us to implement a contingency tariff mechanism consisting of additions to water bills for customers who did not reduce consumption.&nbsp; Under this contingency tariff mechanism, increases of up to 20% above average consumption result in a tariff increase of 40% and increases in consumption of more than 20% above average result in a tariff increase of 100%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December 2015, ARSESP authorized us to extend the contingency tariff, maintaining the current rules and conditions for its application, until December 31, 2016 or until inflows of water into our systems returned to predictable levels.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March 24, 2016, with the return of historical average rainfall and increased predictability of reservoir levels, we applied to ARSESP for cancellation of the Contingency Tariff.&nbsp; ARSESP approved this request on March 31, 2016, with effect on water meter readings recorded as of May 1, 2016. &nbsp;There have been no further updates since that date.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reducing Pressure in the Water Distribution Lines in order to Decrease Leakage&nbsp; </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reducing water pressure in water distribution lines through operational maneuvers is a routine measure taken by sanitation companies to reduce water losses.&nbsp; We have been carrying out this measure in the S&#227;o Paulo metropolitan region water supply network since 1997. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Due to the severity of the recent water crisis, during 2014 and 2015 we intensified measures to decrease water pressure in the water supply network.&nbsp; As a result, some areas of the S&#227;o Paulo metropolitan region temporarily had less water availability during part of the day and night.&nbsp; The improvement of hydraulic and data transmission equipment allows us to monitor the volume of water used in a certain region in real time, remotely gauge existing pressure in the local water distribution line, and reduce the volume of water loss from leakages, mitigating any effects on water supply. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With the return of historical average rainfall beginning in October 2015, we returned to the normal pre-crisis policy of reducing pressure only at night starting in December 2015.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusting the Volume of Treated Water Sold to Municipalities that Operate their own Distribution Network </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">One of the measures adopted to offset the decreased volume of water extracted from the Cantareira System was to reduce the volume of water transferred to municipalities located in the area covered by the Cantareira System that we serve on a wholesale basis.&nbsp; The volume of water transferred was reduced by almost 2 m&#179;/s during the water crisis. &nbsp;As the situation improved, the volume of water provided to these municipalities was restored. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Extracting Water from the Technical Reserve </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">When our simulations indicated that the working volume of the Cantareira System would be depleted before the following rainy season, we obtained an authorization from ANA and DAEE to use part of the water from the Cantareira System&#8217;s technical reserve, which is water stored below the water intake level.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water from the technical reserve had never been used before.&nbsp; As a result, we built dams, water lines, water pipe facilities, and floating pumps to extract this water.&nbsp; We began using the first layer of the technical reserve, totaling 187 billion liters of water, in mid-May 2014, and the second layer, totaling 105 billion liters of water, at the end of October 2014.&nbsp; With the return of normal rainfall in the October 2015 &#8211; March 2016 rainy season, the technical reserve was fully restored in December 2015. We have reserved the right to access the technical reserve in our operational contingency plan in case this action becomes necessary again in the future.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Emergency Projects and Projects Implemented to Meet the Water Demand of the S&#227;o Paulo Metropolitan Region</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition to the measures discussed above, we made and continue to make short and medium-term investments in projects to increase water availability, transfer water between different reservoir systems and expand water treatment production capacity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our production of treated water was expanded by 8.6 m&#179;/s with the completion of the S&#227;o Louren&#231;o Project. In addition, an additional 13 m&#179;/s was made available to our reservoirs through interconnections to other reservoirs in the state of S&#227;o Paulo, which will be available to us if reservoirs levels once again become low. Completion of these projects results in improved water security for the SIM. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The main projects include</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">: </FONT></B></P>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Alto Tiet&#234; System &#8211; transfer of an additional 1 m&#179;/s from the Guai&#243; River to the Taia&#231;upeba reservoir, in order to recover the reserve volume of the Alto Ti&#234;te System.&nbsp; This project was concluded in June 2015.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Alto Tiet&#234; System &#8211; transfer of additional up to 4.0 m&#179;/s from Rio Grande - Billings reservoirs to the Alto Tiet&#234; System.&nbsp; This project was concluded in September 2015.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Guarapiranga System &#8211; transfer of an additional 1 m&#179;/s of which results from the expansion of the transfer capacity of the Billings reservoir to the Guarapiranga reservoir. This project was concluded in December 2015.&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interconnection of the Jaguari and Atibainha reservoirs &#8211; the purpose of this project is to recover water levels and increase the water security of the Cantareira System.&nbsp; The interconnection increases water availability in the Cantareira System by 5.13 m&#179;/s (annual average) to 8.5 m&#179;/s (maximum) by transferring water from the Jaguari reservoir to the Atibainha reservoir.&nbsp; Construction of the interconnection began in February 2016 and was completed in March 2018.&nbsp;Upon completion of construction, we began transferring water from the Jaguari reservoir (part of the Para&#237;ba do Sul Basin) to the Atibainha reservoir (part of the PCJ River Basin). For more information, see &#8220;Item 4.A. History and Development of the Company&#8212;Capital Expenditures Program&#8221;.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Alto Tiet&#234; System &#8211; transfer of an additional average 1.9 m&#179;/s and up to 2.5 m&#179;/s from the Itapanha&#250; river to the Biritiba reservoir, providing more volume to the Alto Tiet&#234; System.&nbsp; This project is currently under development and is expected to be concluded in 2019.</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Implementation of the S&#227;o Louren&#231;o Production System &#8211; this project was commenced in April 2014 and was completed in April 2018. Upon completion in April 2018, pre-operation commenced.&nbsp; This system has an average water treatment capacity of 6.4 m<SUP>3</SUP>/s.&nbsp; For more information, see &#8220;Item 4.A. History and Development of the Company&#8212;Capital Expenditures Program&#8221;.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Drought Committee</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On February 3, 2015, the State approved Decree No. 61,111, which established&nbsp; the Drought Committee for the S&#227;o Paulo metropolitan region (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Comit&#234; de Crise H&#237;drica no &#194;mbito da Regi&#227;o Metropolitana de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or Drought Committee, as coordinated by the State Department for Sanitation and Water Resources (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secretaria de Saneamento e Recursos H&#237;dricos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">). The Drought Committee holds meetings when necessary.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Drought Committee&#8217;s main purposes are exchanging information and planning joint actions between its members in relation to the drought affecting regions in the state.&nbsp; The Drought Committee shall be composed of the Secretaries of (a) Sanitation and Water Resources (who shall chair the Drought Committee); (b) Chief of Staff; (c) Health; (d) Public Security; (e) the Environment; (f) Agriculture and Supplies; (g) Energy; and (h) the State Coordinator of Civil Defense.&nbsp; In addition, if invited, the following parties may also compose the Drought Committee:&nbsp; the mayors of S&#227;o Paulo and Campinas, as well as the Chairmen of (a) the Intermunicipal Greater ABC Consortium (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cons&#243;rcio Intermunicipal do Grande ABC);</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> (b) the Development Consortium of the Alto Tiet&#234; Municipalities (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cons&#243;rcio de Desenvolvimento dos Munic&#237;pios do Alto Tiet&#234;)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">; (c) the Intermunicipal Consortium of the Juqueri Basin (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cons&#243;rcio Intermunicipal dos Munic&#237;pios da Bacia do Juqueri)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">; (d) </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the Intermunicipal Consortium of the Western Region of the S&#227;o Paulo Metropolitan Area (Cons&#243;rcio Intermunicipal da Regi&#227;o Oeste Metropolitana de S&#227;o Paulo)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">; and (e) the Intermunicipal Consortium of the Southeast Region of Greater S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cons&#243;rcio Intermunicipal da Regi&#227;o Sudeste da Grande S&#227;o Paulo)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Representatives of professional associations, civil society groups and public administration entities may also be included in the Drought Committee by means of invitations.&nbsp; The State Chief of Staff will monitor the Drought Committee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to fulfill its purposes, the Drought Committee will be in charge of:&nbsp; (i) providing the mayors of the respective S&#227;o Paulo metropolitan cities and the users of the water system with information regarding&nbsp; the status of the water systems, the severity of the water crisis and the decisions made on a governmental level regarding the water supply, in order to provide sufficient time for adaptation; (ii) examining alongside the city mayors the need to implement restrictions on the use of drinking water for purposes other than human consumption and animal consumption, by means of enacting local law; (iii) obtaining from the city mayors information necessary to update and/or amend contingency plans; and (iv) communicating to the public measures and risks related to restrictions on the supply of drinking water. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Marketing Channels</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we were the concessionaire for the provision of water supply and collection, treatment and disposal of sewage services directly to end consumers for 368 municipalities in the state of S&#227;o Paulo.&nbsp; We also supply water on a wholesale basis to five</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities located in the S&#227;o Paulo metropolitan region.&nbsp; It is the responsibility of these municipalities to then distribute the water to end consumers.&nbsp; We provide sewage services to four</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of these municipalities.&nbsp; Because of our distribution infrastructure, end consumers to whom we offer water services on a wholesale basis cannot alternatively acquire such services directly from us.&nbsp; For more information on service concessions, see&nbsp;&#8221;&#8212;Wholesale Operations&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Energy Consumption</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Energy is essential to our operations, and as a result we are one of the largest users of energy in the state of S&#227;o Paulo.&nbsp; In the year ended December&nbsp;31, 2017, we used approximately 1.79%</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of the total energy consumption in the state of S&#227;o Paulo.&nbsp; To date, we have not experienced any major disruptions in energy supply.&nbsp; Any significant disruption of energy to us could have a material adverse effect on our business, financial condition, results of operations or prospects. &nbsp;Energy prices have a significant impact on our results of operations.&nbsp; In 2017, we purchased approximately 54% of our total energy consumption in the &#8220;free market,&#8221; where we can more efficiently negotiate the supply of energy; and the remainder of our energy consumption comes from the Regulated Market. This allowed us to save approximately R$158 million in 2017, compared to what we expect we would have spent if we purchased all of our total energy consumption in the Regulated Market.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Most of the energy produced in Brazil comes from hydroelectric power plants. For more information on energy, see &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;We are exposed to risks associated with the provision of water and sewage services&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Insurance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We maintain insurance covering, among other things, fire or other damage to our property and office buildings and third&#8209;party liability.&nbsp; We also maintain insurance coverage for directors&#8217; and officers&#8217; liability (D&amp;O insurance).&nbsp; We currently obtain our insurance policies by means of public bids involving major Brazilian and international insurance companies that operate in Brazil.&nbsp; As of December&nbsp;31, 2017, we had paid a total aggregate amount of R$4.7 million in premiums.&nbsp; In addition, we paid R$1.6 million for a D&amp;O insurance policy, covering R$3.7 billion in assets, third&#8209;party liabilities and D&amp;O insurance.&nbsp; We do not have insurance coverage for business interruption risk because we do not believe that the high premiums for such insurance are justified by the low risk of major interruption of our activities.&nbsp; In addition, we do not have insurance coverage for liabilities arising from water </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">contamination or other problems involving our water supply to customers and for environmental related liabilities and damages.&nbsp; We believe that we maintain insurance at levels customary in Brazil for our type of business.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Intellectual Property </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Trademarks </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have secured registration of our logo and composite trademark (&#8220;Sabesp&#8221;) at the Brazilian Institute of Industrial Property (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Instituto Nacional da Propriedade Industrial</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or INPI. </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">In addition, we have registered with the INPI several other trademarks, such as: &#8220;Sabesp Solu&#231;&#245;es Ambientais&#8221;, &#8220;Projeto Tiet&#234;&#8221;, &#8220;Programa C&#243;rrego Limpo&#8221;, &#8220;Programa Onda Limpa&#8221;, &#8220;Prol &#8211; Programa de Reciclagem do &#211;leo de Fritura&#8221;, &#8220;Revista DAE&#8221;, &#8220;Liga&#231;&#227;o Sabesp&#8221;, &#8220;Agente da Gente &#8211; Sabesp na Comunidade&#8221;, &#8220;PURA &#8211; Programa de Uso Racional da &#193;gua&#8221;, &#8220;Sabesp Intelig&#234;ncia Ambiental&#8221;, &#8220;Re&#250;so de &#193;gua&#8221;, &#8220;Uso Racional da &#193;gua&#8221;, &#8220;Parque da Integra&#231;&#227;o&#8221;, &#8220;Sabesp Semana do Meio Ambiente&#8221;, &#8220;&#193;gua Sabesp Aqu&#237;fero Guarani&#8221;, &#8220;&#193;gua Sabesp Esta&#231;&#227;o Cantareira&#8221;, &#8220;Contrato de Fideliza&#231;&#227;o Sabesp&#8221;, &#8220;Esgoto n&#227;o Dom&#233;sticos Sabesp&#8221;, &#8220;PEA &#8211; Programa de Educa&#231;&#227;o Ambiental &#8211; Sabesp&#8221;, &#8220;Sabesp Abra&#231;o Verde&#8221;, &#8220;&#193;gua de Re&#250;so Sabesp&#8221;, &#8220;Eu Sou Guardi&#227;o das &#193;guas Sabesp Eu N&#227;o Desperdi&#231;o&#8221;, &#8220;Calculadora de Sonhos&#8221;, &#8220;Parque Sabesp Mooca&#8221;, &#8220;Parque Sabesp Butant&#227;&#8221;, &#8220;Parque Sabesp Canga&#237;ba&#8221; and &#8220;Clubinho Sabesp&#8221;, which is a tool for environmental education directed to children through our website, and of its characters:&nbsp; &#8220;SuperH2O&#8221;, &#8220;Gota Borralheira&#8221;, &#8220;Gotucho&#8221;, &#8220;Ratantan&#8221;, &#8220;Dr. Gast&#227;o&#8221;, &#8220;Cau&#227;&#8221;, &#8220;Denis&#8221;, &#8220;Gabi&#8221;, &#8220;Iara&#8221;, &#8220;Sayuri&#8221;, and &#8220;Cadu&#8221;.</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">We have also filed applications with the INPI for registration of the following trademarks: &#8220;Signos Sistema de Informa&#231;&#227;o Geogr&#225;fica no Saneamento&#8221;, &#8220;Acertando suas contas com a Sabesp&#8221;, &#8220;Sistema de Suporte a Decis&#245;es Sabesp&#8221; and &#8220;Programa &#193;gua Legal Sabesp&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Patents </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have a patent granted by the INPI for a device for the removal of supernatants during the sewage treatment process. Our patent for a constructive device in a building hydraulic simulator used for didactic purposes has expired and therefore, the rights associated with such patent have fallen into the public domain.&nbsp; We have also filed patent requests for the following additional devices:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a biofilter odor control unit;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">rotary devices used to clean water reservoirs transported by trucks with high-pressure hydrojetting systems;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a digital leakage detection system;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a chemical composition sensor, its fabrication process and use to measure pH in microfluid systems; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a bubble removal system, autonomous microlaboratory and use of autonomous microlaboratory to monitor water quality. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are currently awaiting responses to our patent requests from the INPI.&nbsp; While the requests are under consideration, we are granted the exclusive right to use these devices. </FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Software</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have adopted an internal policy that provides for an active and effective audit and prevention of unauthorized software.&nbsp; We have acquired the software licenses for all our workstations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have also developed certain computer programs for management and control of water and sewage treatment facilities, as well as for third&#8209;party services management, called &#8220;AQUALOG&#8221; (Control Water Treatment Plants), &#8220;SGL&#8221; (Bid Management System), &#8220;SCORPION&#8221; (Software to Operational Control), &#8220;Electronic Price Quotation&#8221;, &#8220;PREG&#195;O SABESP ONLINE&#8221;, &#8220;SISDOC&#8221; (Document Control System), &#8220;system for analyzing the metrological behavior of water meters&#8221;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">,</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &#8220;MPLT&#8221; (Standardized Model of Technical Report), &#8220;SGH&#8221; (Hydrometry Management System), &#8220;SAI&#8221; (Audit Information System), &#8220;CSI&#8221; (Business System: Information Services), &#8220;NETCONTROL&#8221; (Automation System of Sanitary Control Laboratories), &#8220;SACE&#8221; (External Commercial Service System), &#8220;SAN&#8221; (Navigation Support System), &#8220;online software for managing specific articles published in the DAE magazine&#8221;,&nbsp; &#8220;Dashboard panel&#8221;, &#8220;COP&#8221; (Online Control of Water Losses), &#8220;GEL&#8221; (Power Management System), &#8220;CADGEO&#8221;, </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;LIGGEO&#8221;, &#8220;Intellectual Property Management System&#8221;, &#8220;SOE&#8221; (Business Organization System) and &#8220;Application for Predicting the Concentration of Cyanobacteria through Artificial Intelligence&#8221;.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Among them, we highlight:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">AQUALOG is a software designed to monitor water treatment through the employment of artificial intelligence.&nbsp; In 2001, we completed the first rendering of services based on the AQUALOG software to a third party with the automation of a water treatment plant in the city of Jaguar&#225; do Sul, State of Santa Catarina.&nbsp; We have entered into an agreement to license the software to Sanesul, in the state of Mato Grosso do Sul and to Teuto&#8217;s drugs factory, in the city of Anap&#243;lis, state of Goi&#225;s. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SGL is an electronic price quotation system that allows us to view and control all bid and acquisition proceedings in real time.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CADGEO and LIGGEO are computer programs used to locate the water and sewage infrastructure in times of installation, maintenance or expansion in real time via satellite. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Application for Predicting the Concentration of Cyanobacteria through Artificial Intelligence&#8221;, is an application that was developed as a result of a joint research project by us, the S&#227;o Paulo State Foundation for Research Support (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o de Amparo &#224; Pesquisa do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> &#8211; FAPESP) and the Federal University of S&#227;o Paulo &#8211; UNIFESP.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have also registered all of these programs at the INPI.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Domain Names</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We own the domain names described below which have been registered with the relevant entity in Brazil, Registro.br:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.sabesp.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.corregolimpo.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.projetotiete.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.revistadae.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.blogdasabesp.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.blogsabesp.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.sustentabilidadesabesp.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.inovasabesp.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.ondalimpa.com.br;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.programaondalimpa.com.br;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.clubinhosabesp.com.br; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">www.superh2o.com.br.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Environmental Matters </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our environmental management, which is guided by the directives established in our environmental policy, is inherent to the provision of our services and the essence of our business.&nbsp; In order to consolidate our environmental culture, we prioritize the internal and external dissemination of knowledge and experience on the best environmental practices.&nbsp; There are actions of our environmental management corporate program that rely on the involvement of collaborators, the communities we service and partnerships with non-governmental organizations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have the following ongoing environmental management programs: </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">development of the Corporate Greenhouse Gas Management Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Corporativo de Gest&#227;o de Emiss&#245;es de Gases de Efeito Estufa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), in line with the guidelines from the S&#227;o Paulo State Climate Change Policy (PEMC), including the preparation of inventories of greenhouse gases, totaling 10 inventories concluded since 2007; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">continuation of the actions set forth in the corporate programs for obtaining and maintaining environmental licenses and grants for the right to use water; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the Environmental Education Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PEA-SABESP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), an important tool for the effectiveness of our sanitation activities, which propitiates connections with the communities we service through over a hundred environmental education projects. &nbsp;The activities developed by the PEA are organized with the following objectives:&nbsp; increment the intrinsic value of water; protect the environment; preserve the streams; improve the quality of the environment; valorize sanitation activities; valorize the conscious use of water; direct capacitation and production of guiding material;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Management of our institutional representation in the State and National Systems of Water Resources, including training of company representatives to participate in: (i) the creation of criteria for water usage charges, (ii) the monitoring of river basin plans (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Planos de Bacias</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), (iii) review of water bodies&#8217; classifications, and (iv) analysis of legislations regarding the protection of water sources;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the SABESP 3&#8209;Rs Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa SABESP 3Rs</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) for the reduction, re&#8209;use and recycling of waste from administrative activities, in partnership with waste and recycling collecting cooperatives and which includes employee training enabling them to act as multipliers in the roll-out of the program; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the progressive implementation and maintenance of the Environmental Management System (EMS) in our water and sewage treatment plants. &nbsp;The EMS is currently in place in 177 treatment plants, 35 of which are ISO 14001 certified. &nbsp;There are perspectives of implementing the EMS in all stations by 2024, whereby the scope of 14001 certification may be expanded according to the strategy of the Business Units, which scope is evaluated annually by means of external audits. Since 2015, we have been working on the EMS with a mixed model, whereby the ISO 14001 standard is applied to the certified scope, while the other stations adopt their own environmental management model (named SGA-SABESP); and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in the development of our activities related to the execution of works and interventions, we go through a process of obtaining permits and environmental licenses, according to the current legislation. As a result of these processes, we undertake environmental compensation commitments. In order to meet our current and future obligations, we developed and are implementing a program that includes the planting and the maintenance of 1 million seedlings in the next ten years. The work has already started and is included within the context of the &#8220;Programa Nascentes&#8221; of the Government of the State of S&#227;o Paulo. Currently, 213 thousand seedlings have already been planted and are being maintained in the Cantareira System and in the surrounding area of the Cachoeira Reservoir. The planting and maintenance of another 168 thousand seedlings has already been contracted for in the municipalities of Igarat&#225; and Mirante do Paranapanema. We are also in the process of contracting, planting and maintaining another 350 thousand seedlings in the Cantareira System, further expanding forest coverage in the area.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition to corporate environmental management initiatives, we have several projects and initiatives underway to benefit the environment by engaging the population at large. &nbsp;In 2017, we invested R$19.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in environmental programs and projects directly concerned with the development and implementation of corporative environmental management programs as well as the Program for Rational Use of Water (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa de Uso Racional da &#193;gua &#8211; PURA)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, among other environmental initiatives with a local scope executed by our Business Units</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; </FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other investments and expenses associated with environmental protection are included in the total value of operational expenses and investments mentioned in this annual report, due to the direct relationship of our environmental activities with our overall purpose. For example, we have made, among others, significant investment in sewage, effluent monitoring, payment for the use of water in federal and state water bodies, maintenance of reserves in protected areas, environmental education actions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Climate Change Regulations:&nbsp; Reduction of Greenhouse Gases (GHG) Emissions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are required to comply with laws and regulations related to climate change, including international agreements and treaties to which Brazil is a signatory.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The S&#227;o Paulo State Climate Change Policy (Law No.&nbsp;13,798/2009), enacted on November&nbsp;9, 2009, and regulated by Decree No. 55,947 of June 24, 2010,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">aims to reduce global emissions of carbon dioxide by 20.0% by 2020 compared with 2005 levels.&nbsp; Brazil&#8217;s Climate Change Policy (Law No.&nbsp;12,187/2009), enacted on December&nbsp;29, 2009 and regulated by Decree No. 7.390/2010</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">establishes a voluntary national commitment to reduce Brazil&#8217;s currently projected GHG emissions for 2020 by a percentage between 36.1% and 38.9%.&nbsp; Such targets have not been established for the sanitation sector yet.&nbsp; In this sense we are currently developing a Corporate Greenhouse Gas Management Program, aimed at reducing the amount of greenhouse gases released into the atmosphere, including the creation of an inventory to record releases of greenhouse gases. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, we concluded the corporate inventory of greenhouse gases for 2016, thus totaling ten inventories since 2007. We noted that the trend observed in the previous inventories persists, specifically that activities regarding sewage collection and treatment remain our largest sources of greenhouse gas release, representing approximately 89% of total greenhouse gas release.&nbsp; Electric energy represents approximately 9% and&nbsp;other activities represent approximately 2%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have projects in the research and development stages that entail using biogas generated in the treatment of sewage and recycling sewage sludge as a possible way to reduce the gases released in the treatment processes.&nbsp; We also have initiatives to reduce our emission of greenhouse gases, such as the coverage of stabilization ponds and the implementation of composting systems.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At this point, it is still not possible to predict if climate change policies will provide opportunities or generate new costs for us.&nbsp; Reducing our emissions of carbon dioxide will involve costs and expenses related to implementing more stringent control mechanisms, adopting pollution prevention measures and actions to minimize the generation of GHGs.&nbsp; We may not receive financial incentives to offset all or part of these costs.&nbsp; In addition, if limitations in GHG emissions affect our supply chain and increase our costs, we may not be able to pass on these costs to our end consumers.&nbsp; See &#8220;&#8212;Tariffs&#8221;.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Physical Effects of Extreme Weather Events </FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Since our financial performance is closely linked to climate patterns that influence the qualitative and quantitative availability of water, extreme weather conditions may cause adverse effects on our business and operations.&nbsp; Long-term effects of extreme weather conditions cause significant alterations in the physical environment that may create unfavorable circumstances, which could affect the costs of services and tariffs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">An increase in heavy rainfall can impact the regular operation of water sources, including abstraction of water from our dams, through potential increased soil erosion, silting and runoff of pollutants that can affect aquatic ecosystems.&nbsp; In addition, increased flows of rainwater into sewage systems may overwhelm the capacity of sewage treatment plants.&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the case of prolonged periods of drought, for example, reduced water levels in dams can greatly impact the production process.&nbsp; Droughts also lower reservoir levels available for hydroelectric plants, which may lead to power shortages, particularly since hydroelectric power accounts for most of Brazil&#8217;s electric power supply.&nbsp; Lack of electric energy could lead to instability in water supply and sewage collection and treatment services, which could damage our reputation.&nbsp; In addition, because we are one of the largest consumers of electricity in the state of S&#227;o Paulo, a potential increase in electricity tariffs due to a shortage of hydroelectric power could have a significant economic impact on us.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are also the concessionaire for water and sewage services for all the coastal municipalities of the state of S&#227;o Paulo.&nbsp; A rise in the sea level could result in increased salinity in the river estuaries where we abstract water, which could affect water treatment in these areas.&nbsp; Rising sea levels could also cause damage in our sewage collection network. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Extreme climate events may also affect the extraction, production and transportation of the materials necessary for our operations, such as water treatment materials, and may lead to an increase in the cost of these materials.&nbsp; A drastic rise in air temperature could also increase consumer demand for water, increasing the need to expand both water supply and sewage treatment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In this context, our strategy calls for identifying mitigating actions and enlarging their coverage in the areas we operate in, as well as identifying opportunities to increase our effectiveness and to implement new technologies.&nbsp; With regard to the risk of reduced water availability, we are working to adapt to a new scenario of water scarcity due to the risks associates with the effects of climate change through initiatives such as the Corporate Programs for </FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Business&#8212;New laws and regulations relating to climate change and changes in existing regulation, as well as the escalation of the physical effects of extreme weather events, may result in increased liabilities and increased capital expenditures, which could have a material adverse effect on us&#8221;.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Public Bidding Procedures</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to the Federal Public Bidding Law, the public bid process commences with publication by the granting authority in a federal, state or municipal official newspaper, as the case may be, and another leading Brazilian newspaper.&nbsp; The publication announces that the granting authority will carry out a public bidding contest pursuant to provisions set forth in an </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">edital </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(invitation to bid).&nbsp; The invitation to bid must specify, among other terms:&nbsp; (i)&nbsp;the purpose, duration and goals of the bid; (ii)&nbsp;the participation of bidders, either individually or forming a consortium; (iii)&nbsp;a description of the qualifications required for adequate performance of the services covered by the bid; (iv)&nbsp;the deadlines for the submission of the bids; (v)&nbsp;the criteria used for the selection of the winning bidder; and (vi)&nbsp;a list of the documents required to establish the bidder&#8217;s technical, financial and legal capabilities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The invitation to bid is binding on the granting authority.&nbsp; Bidders may submit their proposals either individually or in consortia, as provided for in the invitation to bid.&nbsp; After receiving proposals, the granting authority will evaluate each proposal according to the following criteria, which must have been set forth in the invitation to bid:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the technical quality of the proposal; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">lowest cost or lowest public service tariff offered; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a combination of the criteria above; or </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the largest amount offered in consideration for the concession.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The provisions of State Law No.&nbsp;6,544/1989 of November&nbsp;2, 1989, as amended, or the State Public Bidding Law, parallel the provisions of the Federal Public Bidding Law.&nbsp; The Federal and State bidding laws will apply to us in the event that we seek to secure new concessions.&nbsp; Moreover, these bidding laws currently apply to us with respect to obtaining goods and services from third parties for our business operations or in connection with our capital expenditure program, in each case subject to certain exceptions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June 30, 2016, Federal Law No.&nbsp;13,303/16 came into force in Brazil.&nbsp; This law sets new corporate governance standards for Brazilian government-owned and mixed capital companies like our company, as well as their subsidiaries.&nbsp; Federal Law No.&nbsp;13,303/16 also sets new rules that these companies must follow in public bidding procedures and when contracting third parties. We are working to implement the requirements of this federal law and expect to conclude the implementation process by June 30, 2018.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State law establishes the basic principles governing the use of water resources in the state of S&#227;o Paulo in accordance with the State constitution.&nbsp; These principles include:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">rational utilization of water resources, ensuring that their primary use is to supply water to the population; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">optimizing the economic and social benefits resulting from the use of water resources; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">protection of water resources against actions which could compromise current and future use; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">defense against critical hydrological events which could cause risk to the health and safety of the population or economic and social losses; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">development of hydro&#8209;transportation for economic benefit; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">development of permanent programs of conservation and protection of underground water against pollution and excessive exploitation; and </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">prevention of soil erosion in urban and rural areas, with a view to protecting against physical pollution and silting of water resources.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Among other instruments established by the State Water Policy, Law No. 7,663 of December 30, 1991, the competent public authority grants for the right to use water for the implementation of any enterprise that demands the use of surface or underground water resources (for water collection and release of effluents), as well as for the execution of services that alter the regime or quality of such water resources.&nbsp; In the case of rivers under the federal government&#8217;s domain (rivers crossing more than one state), ANA is the public authority which grants the authorization.&nbsp; With respect to the rivers under a state&#8217;s domain, the applicable state authority has jurisdiction to grant the right of use.&nbsp; In the state of S&#227;o Paulo, DAEE is the public authority responsible for granting such authorizations.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In conducting our principal activities, we have the majority of grants for the rights to use water, and there is a multi-annual corporate program in place to obtain and maintain the rights to use water for the remaining activities.&nbsp; However, all of our water-usage activities included in the corporate program have filed requests for grants for the right to use water with the competent authority; many of these requests have been granted and others are under analysis by DAEE and ANA.&nbsp; Another phase of the corporate program is predicted to meet new demands.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State Law No.&nbsp;12,183/2005, which was enacted on December&nbsp;29, 2005, established the basis for charging for the use of the water resources under the domain of the State of S&#227;o Paulo.&nbsp; To apply such charging, the law provides for, among other provisions, the participation of the River Basins Committees, the formulation of criteria by such committees, the creation of basin agencies and the organization of a registered list of water resource users.&nbsp; The basin committee&#8217;s proposals regarding the criteria to calculate the amounts to be charged at each basin must be approved by the State Water Resource Council, and formalized by a decree issued by the State Governor.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">According to existing law, the hydrographic basins committees are authorized to charge users, such as us, for the abstraction of water from, or dumping of sewage into, water bodies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Charging for the use of water is under gradual implementation by the State of S&#227;o Paulo, where the largest individual contributors are located, and it is a management tool of the Policy on Water Resources to promote the rational use of water and finance programs and actions established by the basin plans.&nbsp; In 2017, we paid approximately R$60.8 million </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#222222 face="Times New Roman">for the use of water resources.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#222222 face="Times New Roman">Charging for the use of water from rivers of federal domain began in 2003 in the Para&#237;ba do Sul basin, and charging for the use of water from rivers of state domain began in 2007 in the Para&#237;ba do Sul, Piracicaba, Capivari and Jundia&#237; basins.&nbsp; Subsequently, charges were implemented for the use of water from the Sorocaba, Baixo Tiet&#234;, M&#233;dio Tiet&#234; and Baixada Santista river basins.&nbsp; In 2014, charges were implemented for the use of water from the Alto Tiet&#234; river basin, and in 20</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">16, from the Tiet&#234; / Batalha, Tiet&#234; / Jacar&#233; and Ribeira de Iguape river basins.&nbsp;In 2017, charges were implemented for the use of water from the Sapuca&#237; Mirim/Grande, Baixo Pardo/Grade, Mogi Gua&#231;u and Pardo river basins. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#222222 face="Times New Roman">&nbsp;It is probable that the same will occur in </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2018 in the other river basins of the State of S&#227;o Paulo.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Water Quality</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Attachment XX of the Consolidation Administrative Rule&nbsp;No.&nbsp;5 from September 28, 2017, issued by the Ministry of Health of the federal government, provides the standards for potable water for human consumption in Brazil.&nbsp; This rule is similar to the U.S. Safe Drinking Water Act and the regulations enacted by the U.S. Environmental Protection Agency, which establishes rules for sampling and limits related to substances that are potentially hazardous to human health.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In compliance with Brazilian law, the physical&#8209;chemical, organic and bacteriological analyses carried out for water quality control must follow several national and international standards, such as:&nbsp; Standard Methods for the Examination of Water and Wastewater from the institutions such as the American Public Health Association (APHA), American Water Works Association (AWWA) and Water Environment Federation (WEF); United States Environmental Protection Agency (EPA); standards published by the International Standardization Organization (ISO); and methodologies proposed by the World Health Organization (WHO).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Decree No.&nbsp;5,440/2005 provides that the quality of water must be disclosed to consumers.&nbsp; We have been complying with this regulation by publishing the required information in monthly bills and annual reports delivered to all consumers that we serve.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Environmental Regulation </FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The implementation and operation of water and sewage systems are subject to strict federal, state and municipal laws and regulations on environmental and water&#8209;resource protection.&nbsp; The National Environmental Council (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conselho Nacional de Meio Ambiente</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the CONAMA, is the federal agency responsible for the regulation of potentially polluting activities.&nbsp; In the state of S&#227;o Paulo, CETESB is the governmental entity responsible for the control, supervision, monitoring and licensing of polluting activities, pursuant to State Law No.&nbsp;997/1976 and State Law No.&nbsp;13,542/2009.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The control and environmental planning instruments are defined by several legal instruments, such as State Law No.&nbsp;997/1976, which regulates environmental pollution control; CONAMA Resolution No.&nbsp;05/1988, which requires&nbsp; licensing of sanitation projects that cause significant alterations to the environment; Complementary Law No. 140/2011 CONAMA Resolution No.&nbsp;237/1997, which regulates (i)&nbsp;environmental licenses; (ii)&nbsp;federal, state and local jurisdiction over environmental issues; (iii)&nbsp;the list of activities subject to licensing; and (iv)&nbsp;environmental impact studies and reports; State Decree No.&nbsp;8,468/1976, State Decree No.&nbsp;47,400/2002 and related articles from State Law No.&nbsp;9,509/1997 regarding environmental licensing; State Decree No.&nbsp;8,468/1976, CONAMA Resolution No.&nbsp;357/2005, which establish standards of quality for receiving bodies of water; State Decree No.&nbsp;8,468/1976 and CONAMA Resolution No.&nbsp;430/2011 which establish the standards for discharge of effluents; and DAAE Ordinance No. 1,630/2017 and ANA Resolution No. 1,941/2017, which regulate the concession of grants for the right to use water and interfere in water resources on the State and federal level, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The licensing process, usually, is composed of three stages, including the following licenses:&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">preliminary license &#8211; granted in the planning stage, approving the location and concept and attesting to the project&#8217;s environmental feasibility;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">installation license &#8211; authorizing the beginning of works for the installation of the project, subject to compliance with approved plans, programs and projects, including environmental control measures and other necessary technical requirements; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">operation license &#8211; authorizing the operation of a unit or activity, subject to compliance with the technical requirements contained in the installation license.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There are cases, according to the type of business to be licensed, in which the preliminary license may be issued with the installation license.&nbsp; The environmental licenses are renewable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Projects with significant environmental impact are subject to specific studies prepared by multidisciplinary teams that present a series of recommendations focused on minimizing the environmental impact.&nbsp; These studies are then submitted for analysis and approval by the government authorities.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have a multi-annual corporate program to obtain and maintain the environmental licenses for our water treatment plants, sewage treatment plants and sewage pumping stations in order to comply with environmental regulations.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sewage Requirements </FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State law sets forth regulations regarding pollution control and environmental preservation in the state of S&#227;o Paulo.&nbsp; According to this law, in areas in which there is a public sewage system, all effluents of a &#8220;polluting source&#8221; must be discharged to such system, as is the case for industrial enterprises.&nbsp; It is the responsibility of the polluting source to connect itself to the public sewage system.&nbsp; All effluents to be discharged are required to meet the standards and conditions established by the applicable environmental law, which allows such effluents to be treated by our treatment facilities and discharged in an environmentally safe manner.&nbsp; Effluents that do not comply with such criteria are prohibited from being discharged into the public sewage system.&nbsp; State legislation also establishes that liquid effluents, except those related to basic sanitation, be subjected to pre&#8209;treatment so that they meet the required mandatory levels before being discharged into the public sewage system.&nbsp; Effluents from our treatment facilities must comply with effluent limitation guidelines and meet the water quality standards of the receiving water bodies established by federal and state legislation.&nbsp; See &#8220;&#8212;Sewage Operations&#8212;Sewage System&#8221;. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The CETESB is authorized under State law to monitor discharges of effluents into the water bodies, among other things.&nbsp; The CETESB also issues the environmental licenses to the polluting sources, including sewage treatment plants.&nbsp; For more information, see &#8220;&#8212;Environmental Matters&#8221;.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State and federal water resource legislation establishes the charging of fees for the discharge of treated effluents into water bodies.&nbsp; This charge is already in force for some river basins, and it is in different implementation stages for the remaining basins.&nbsp; See &#8220;&#8212;Environmental Matters&#8212;Water Usage&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Governmental Restrictions on Incurrence of Debt</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June&nbsp;29, 1998, the CMN issued Resolution No.&nbsp;2,515/1998 amending certain conditions that must be observed with respect to external credit operations (i.e., foreign currency borrowings) of states, the Federal District of Bras&#237;lia, municipalities and their respective </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">autarquias </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(agencies), foundations and non&#8209;financial companies,&nbsp; including us.&nbsp; This resolution provides, among other things, that, with certain exceptions applicable to the importation of goods and services:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the proceeds of external credit operations must be exclusively used to refinance outstanding financial obligations of the borrower, with preference given to those obligations that have a higher cost and a shorter term, and, until used for such purposes, the proceeds shall remain deposited, as directed by the Central Bank, in a pledged account; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the total amount of the contractual obligation must be subject to monthly deposits in a pledged account, equal to the total debt service obligation, including principal and interest, divided by the number of&nbsp;months that the obligation is to be outstanding.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The CMN resolution further provides that the requirements described above do not apply to financing transactions involving multilateral or official organizations such as the International Bank for Reconstruction and Development, or IBRD, the IADB or the JICA.&nbsp; The Central Bank regulation implementing this resolution provides, among other things, that the account referred to in the first bullet point above must be an account opened in a federal financial institution, which is to hold such funds until released for the purpose of refinancing outstanding obligations of the borrower.&nbsp; The Central Bank regulation further provides that the account described in the second bullet point above must be an escrow account to be opened in a federal financial institution and to secure the payment of principal and interest on the external debt.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our foreign currency&#8209;denominated transactions are also subject to the approval of the National Secretariat of Treasury (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secretaria do Tesouro Nacional</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and the Central Bank.&nbsp; After reviewing the financial terms and conditions of the transaction, the National Secretariat of Treasury and the Central Bank will issue an approval for the closing of the foreign exchange transaction relating to the entry of the funds into Brazil and, following such entry and at our request, an electronic certificate of registration through which all scheduled payments of principal, interest and expenses will be remitted by us.&nbsp; The electronic certificate of registration grants the borrower access to the market for foreign exchange.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Lending Limits of Brazilian Financial Institutions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The CMN Resolution No.&nbsp;2,827/2001 dated as of March&nbsp;30, 2001, as amended, limits the amount that Brazilian financial institutions may lend to public sector companies, such as us.&nbsp; Financing of projects which are put up for international bid and any financing in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">provided to the Brazilian counterpart of such international bids are excluded from these limits.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Scope of Business</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">State Law No.&nbsp;12,292/2006, dated as of March&nbsp;2, 2006, and amended State Law No.&nbsp;119/1973, dated as of June&nbsp;29, 1973, which created our Company, authorizes us to provide water and sewage services outside S&#227;o Paulo (in other states of Brazil and other countries).&nbsp; This law also authorizes us to own interests in other public or private&#8209;public companies and Brazilian or international consortia.&nbsp; In addition, this law permits us to incorporate subsidiaries and enter into a partnership with or acquire interests in a private company with a corporate purpose related to the sanitation business.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Organizational Structure</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Property, Plant, Equipment and Intangible Assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our principal property, plant and equipment comprise administrative facilities which are stated at historical costs less depreciation.&nbsp; The reservoirs, water treatment facilities, water distribution networks consisting of water </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">pipes, water transmission lines, water connections and water meters, sewage treatment facilities, and sewage collection networks consisting of sewer lines and sewage connections are recorded as intangible assets (concession assets).&nbsp; As of December&nbsp;31, 2017, we operated through 74,396 kilometers of water pipes and water transmission lines and 50,991</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#ff1f35 face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">kilometers of sewer lines.&nbsp; As of the same date, we operated 240 water treatment facilities and 557 sewage treatment facilities (including nine ocean outfalls), as well as 16 water quality control laboratories.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, the total net book value of our property, plant and equipment and intangible assets (including concession assets) was R$33,721.2 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">All of our material properties are located in the state of S&#227;o Paulo.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ITEM 4A.&nbsp;&nbsp;&nbsp;&nbsp; UNRESOLVED STAFF COMMENTS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following management&#8217;s discussion and analysis of financial condition and results of operations should be read in conjunction with our audited financial statements included elsewhere in this annual report.&nbsp; The financial statements included elsewhere in this annual report have been prepared in accordance with IFRS as issued by the IASB.&nbsp; This annual report contains forward&#8209;looking statements that involve risks and uncertainties.&nbsp; Our actual results may differ materially from those discussed in the forward&#8209;looking statements as a result of various factors, including, without limitation, those set forth in &#8220;Risk Factors&#8221;.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the following discussion, references to increases or decreases in any period are made by comparison with the corresponding prior period, except as the context otherwise indicates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Operating and Financial Review and Prospects</FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Overview</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we operated water and sewage systems in the state of S&#227;o Paulo, including in the city of S&#227;o Paulo, Brazil&#8217;s largest city.&nbsp; Our operations extended into a total of 368</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">municipalities, or 57% of all municipalities in the state.&nbsp; We also provided water services on a wholesale basis to five municipalities located in the S&#227;o Paulo metropolitan region in which we did not operate water distribution systems.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The S&#227;o Paulo metropolitan region, which includes the city of S&#227;o Paulo, is our most important service region.&nbsp; With a total population of approximately 20.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, the S&#227;o Paulo metropolitan region accounted for 70.7%, 69.7% and 67.3% of our gross operating revenue in 2017, 2016 and 2015 (excluding revenues relating to the construction of concession infrastructure), respectively.&nbsp; As of December&nbsp;31, 2017, 64.5% of the concession intangible assets reflected on our balance sheet were located in this region.&nbsp; In an effort to respond to demand in the S&#227;o Paulo metropolitan region, we have concentrated a major portion of our capital expenditure program to expand the water and sewage systems and to increase and protect water sources in this region.&nbsp; Our capital expenditure program is our most significant liquidity and capital resource requirement.</FONT></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Factors Affecting Our Results of Operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our results of operations and financial condition are generally affected by our ability to raise tariffs, control costs and improve productivity, general economic conditions in Brazil and abroad, and extreme weather events.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2015, our business was significantly affected by the most severe drought recorded in our service area in over 80 years. During the rainy season that began in October 2015 and ended in March 2016, rainfall returned to its historical average, resulting in the level of water in the reservoirs that provide water to the population of the S&#227;o Paulo metropolitan region returned to normal and the measures taken during the water crisis to continue to services consumers were gradually discontinued.&nbsp; However, heightened public awareness of the need to conserve water during the crisis resulted in our customers adopting lower water consumption practices during the water crisis and these practices have been partially integrated into our consumers&#8217; daily habits.&nbsp; Another probable factor of the reduction of consumption during 2016 is the contraction of the Brazilian economy, which may have resulted in lower consumption of water by industry and other businesses. In 2017, consumption levels largely recovered in the residential category, while consumption in the industrial category continued to decline mainly due to the low level of growth in the Brazilian economy. As a result of this new behavior, despite our reservoirs having a higher volume of </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water available for treatment, the volume of water billed to our clients has not returned to the 2013 pre-water crisis levels.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Effects of Tariff Increases</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our results of operations and financial condition are highly dependent on tariff increases for our water and sewage services.&nbsp; Since the enactment of the Basic Sanitation Law in 2007, as a general rule, regulatory agencies are responsible for setting, adjusting and reviewing tariffs, taking into consideration, among other factors, the following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">political considerations arising from our status as a State&#8209;controlled company;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">anti&#8209;inflation measures enacted by the federal government from time to time; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">when necessary, the readjustment to maintain the original balance between each party&#8217;s obligation and economic gain (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">equil&#237;brio econ&#244;mico&#8209;financeiro</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) under the agreement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Readjustment of our tariffs continues to be set annually and depend on the parameters established by the Basic Sanitation Law and ARSESP.&nbsp; The guidelines also establish procedural steps and the terms for annual adjustments.&nbsp; The annual adjustments must be announced 30&nbsp;days prior to the effective date of the new tariffs.&nbsp; See &#8220;4.B. Business Overview&#8212;Tariffs&#8221;.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth, for the years indicated, the percentage increase of our tariffs, as compared to three inflation indexes:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: -16.25pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Increase in average tariff<SUP>(1)</SUP> </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.89%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8.45%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">15.24%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Inflation &#8211; IPC &#8211; FIPE </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.27%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.54%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11.07% </FONT></P>
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<P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Inflation &#8211; IPCA </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.95%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6.29%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10.67% </FONT></P>
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<P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Inflation &#8211; IGP&#8209;M </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(0.52)%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.17%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10.54%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">See &#8220;Item&nbsp;4.B. Business Overview&#8212;Tariffs&#8221; for addition information on tariff increases.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -31.5pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">Sources:&nbsp;Central Bank, </FONT><I><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">Funda&#231;&#227;o Getulio Vargas</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">, or FGV, Instituto Brasileiro de Geografia e Estat&#237;stica, or IBGE, and</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"> Funda&#231;&#227;o Instituto de Pesquisas Econ&#244;micas</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Effects of Brazilian Economic Conditions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a company with all of its operations in Brazil, our results of operations and financial condition are affected by general economic conditions in Brazil, particularly by the economic activity and the inflation rate.&nbsp; For example, the general performance of the Brazilian economy may affect our cost of capital and inflation may affect our costs and margins.&nbsp; The Brazilian economic environment has been characterized by significant variations in economic growth rates.&nbsp; However, as our product is viewed as essential, in normal conditions our sales revenue demonstrates stability.&nbsp; </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">General Economic Conditions</FONT></I><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">In 2015, Brazilian GDP decreased </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">3.8%</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> in comparison with 2014, the worst result in 25 years.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Also in 2015, Brazil had US$368.4 billion in currency reserves and its trade surplus was US$19.7 billion.&nbsp; The average unemployment rate in Brazil was 8.5%</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2016, Brazilian GDP decreased 3.6% in comparison with 2015. &nbsp;Brazil&#8217;s trade surplus in 2016 was US$47.7 billion, the highest surplus recorded since the start of the historical series in 1989 and at year-end the country had US$372.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion in currency reserves.&nbsp; The average unemployment rate in Brazil in 2016 was 11.5%.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">In 2017, Brazilian GDP increased 1% in comparison with 2016. Brazil&#8217;s trade surplus in 2017 was US$67 billion and at year-end the country had US$381.9 billion in currency reserves. The average unemployment rate in Brazil in 2017 was 12.7%, the highest rate ever recorded by IBGE. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interest Rates</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a political monetary instrument of the federal government, the SELIC rate influences the behavior of other interest rates in the country, including the rates related indebtedness denominated in local currency.&nbsp; In 2011, until the month of August, the Central Bank continued increasing the SELIC rate, reaching 12.50% in July.&nbsp; In the month </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of August, the Central Bank started decreasing the SELIC, closing 2011 at 11.00%.&nbsp; This downward trend was maintained in 2012, with the SELIC rate closing the year of 2012 at 7.25%.&nbsp; In 2013, the SELIC rate was kept at 7.25% until April, after which the Central Bank started to gradually raise it.&nbsp; The SELIC rate was 11.65% at December 31, 2014 and increased to 14.15% at December 31, 2015. &nbsp;The SELIC rate increased to 13.65% at December 31, 2016. A series of rate reductions in 2017, brought the SELIC rate down to 6.90% as of December 7, 2017, where it remained at year-end 2017. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have not contracted any derivative financial instruments or any hedging instruments to mitigate interest rate fluctuations.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Inflation affects our financial performance by increasing our costs of services rendered and operating expenses.&nbsp; Part of our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8209;denominated debt is directly indexed to take into account the effects of inflation.&nbsp; Additionally, we are exposed to the mismatch between the inflation adjustment indices of our loans and financing and those of our receivables.&nbsp; Water supply and sewage service tariffs do not necessarily follow the increases in inflation adjustment and interest rates affecting our debt.&nbsp; We cannot assure you that our tariffs will be increased, in future periods, to offset, in full or in part, the effects of inflation.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Inflation adjustments derive from collections from or payment to third parties, as contractually required by law or court decision, and are recognized on an accrual basis.&nbsp; Inflation adjustments included in these agreements and decisions are not considered embedded derivatives, since they are deemed as inflation adjustments for us.&nbsp; See Notes 3.20, 5.1 and 28 of the financial statements for the impacts of inflation adjustments on our financial performance and debt.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Currency Exchange Rates</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We had total foreign currency&#8209;denominated indebtedness of R$5,672.8 million as of December&nbsp;31, 2017, of which R$547.4 million relates to the current portion of our long-term foreign currency&#8209;denominated obligations.&nbsp; In the event of significant devaluations of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in relation to the U.S.&nbsp;dollar or other currencies, the cost of servicing our foreign currency&#8209;denominated obligations would increase as measured in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, particularly as our tariff and other revenue is based solely in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; In addition, any significant devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">will increase our financial expenses as a result of foreign exchange losses that we must record.&nbsp;In 2015, the 47.01% depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> against the dollar and the 45.95% depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the yen led to a foreign exchange loss of R$1,992.0 million.&nbsp; In 2016, the 16.54% appreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> against the U.S. dollar and the 13.89% appreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the yen led to a foreign exchange gain of R$1,090.5 million.&nbsp;In 2017, the 1.50% depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the dollar and the 5.38% depreciation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the yen led to a foreign exchange loss of R$96.3 million. However, since most of our debt denominated in foreign currencies is long-term debt with a long amortization schedule, a devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> would principally impact cash flows regarding the current portion of our long-term debt. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We manage our indebtedness portfolio closely to decrease the cost of servicing our indebtedness as a whole and our exposure to exchange rate fluctuations.&nbsp; We do not have any exposure to derivatives tied to foreign currencies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table shows the fluctuation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the U.S.&nbsp;dollar, the period&#8209;end exchange rates and the average exchange rates as of or for the years indicated:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2017</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2016</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2015</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: -54.15pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(in reais, except percentages)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Depreciation (appreciation) of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">versus U.S.&nbsp;dollar<SUP>(1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1.50%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(16.54)%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">47.0%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Period&#8209;end exchange rate &#8211; US$1.00 </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.3080</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.2591</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.9048</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Average exchange rate &#8211; US$1.00<SUP>(2)</SUP> </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.1925</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.3523</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.3387</FONT></P>
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<P style="MARGIN: 0in 5.5in 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Represents the comparison with period-end exchange rate. Source:&nbsp; Central Bank.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Represents the average for period indicated.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table shows the fluctuation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">against the yen, the period&#8209;end exchange rates and the average exchange rates as of or for the years indicated:</FONT></P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">81</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2017</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2016</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2015</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(in reais, except percentages)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Depreciation (appreciation) of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">versus yen<SUP>(1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.38%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(13.89)%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">46.0%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Period&#8209;end exchange rate &#8211; &#165;1.00</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0294</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0279</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0324</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Average exchange rate &#8211; &#165;1.0<SUP>(2)</SUP> </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0291</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0289</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">0.0276</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Represents the comparison with period-end exchange rate. &nbsp;Source:&nbsp; Central Bank.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Represents the average for period indicated.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">During the years ended December&nbsp;31, 2017, 2016 and 2015 we had no forward exchange transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For further information on exchange rates, see &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to Brazil&#8212;The devaluation of the real to foreign currencies may adversely affect us and the market price of our common shares or ADSs&#8221; and &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness Financing&#8212;Financial Covenants&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Effects of Extreme Weather Events</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The southeastern region of Brazil, particularly the southern region of the state of Minas Gerais, the PCJ River Basin (from which we extract the water used in the Cantareira System), and the northern area of the S&#227;o Paulo metropolitan region, experienced below average rainfall since 2012.&nbsp; In the October 2013 &#8211; March 2014 rainy season, rain levels and water inflow into the reservoirs reached the lowest levels in more than 80 years of recorded rainfall in the region, a scenario that continued in the October 2014 &#8211; March 2015 rainy season.&nbsp; During the October 2015 &#8211; March 2016 rainy season, the level of rainfall in the region returned to the normal levels expected for the period.&nbsp; Improved rainfall in the rainy season that began in October 2015, the collaborative efforts between us and the population we serve and emergency construction works conducted by us throughout 2014 and 2015 to combat the water crisis, resulted in a partial restoration of the water levels of the Cantareira system.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, the reservoirs in the S&#227;o Paulo metropolitan region, where our largest market is located, contained 916.8 million m<SUP>3</SUP> of water storage for treatment, compared to 951.1 million m<SUP>3</SUP> available for treatment as of December 31, 2016. &nbsp;The measurements for these years do not include the technical reserve of 287.5 million m&#179;. &nbsp;In December 2017, this system served 7.8 million residents, compared to 8.9 million in February 2014, the last month before the water crisis started.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;In order to balance supply and demand despite restricted water availability, we adopted from February 2014 until April 2016 a series of measures. &nbsp;With the return of the rainfall to its historical average for the rainy season that began in October 2015 and ended in March 2016, the level of water in the reservoirs that provide water to the population of the S&#227;o Paulo metropolitan region returned to normal and the measures taken during the water crisis to continue to services consumers were gradually discontinued. &nbsp;See &#8220;Item&nbsp;4.B. Business Overview&#8212;The Recent Water Crisis&#8221;. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Critical Accounting Estimates and Judgments </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We make estimates and judgments concerning the future.&nbsp; The resulting accounting estimates will, by definition, seldom equal the related actual results.&nbsp; The estimates and judgments that have a significant risk of causing material adjustment to the carrying amount of our assets and liabilities within the next financial year are mentioned below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Allowance for Doubtful Accounts</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We establish an allowance for doubtful accounts in an amount that our management considers sufficient to cover expected losses, based on an analysis of customer accounts receivable, in accordance with the accounting policy stated in Note&nbsp;3.4 to our financial statements as of December&nbsp;31, 2017 and 2016 and for the years ended December&nbsp;31, 2017, 2016 and 2015.&nbsp; Bad debt expense, net of recoveries, is included in selling expenses, and was R$82.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$90.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$2.4 million for the years ended December 31, 2017, 2016 and 2015, respectively.&nbsp; Wholesale sales losses, amounting to R$203.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$328.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$273.0 million in 2017, 2016 and 2015, respectively, were also recorded as a reduction of&nbsp;revenue.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The methodology for determining the allowance for doubtful accounts requires significant estimates, considering a number of factors, including historical collection experience, current economic trends, estimates of </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">forecast write&#8209;offs, the aging of the accounts receivable portfolio and other factors.&nbsp; Actual results could differ from those estimates.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Intangible Assets Arising from Concession and Program Contracts</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we had intangible assets of R$33,466.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We recognize intangible assets arising from concession contracts under IFRIC 12.&nbsp; We estimate the fair value of construction and other work on the infrastructure to recognize the cost of the intangible asset, which is recognized when the infrastructure is built and provided that it will generate future economic benefits.&nbsp; The great majority of our contracts for service concession arrangements entered with each grantor is under service concession agreements in which we have the right to receive, at the end of the contract, a payment equivalent to the asset balance of the concession intangible asset, which in this case, is amortized over the useful life of the underlying physical assets; thus at the end of the contract, the remaining value of the intangible would be equal to the residual value of the related physical asset. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The fair value of construction and other work on the infrastructure is recognized as revenue, at its fair value, when the infrastructure is built, provided that this work is expected to generate future economic benefits.&nbsp; The accounting policy for the recognition of construction revenue is described in Note 3.3 &#8220;Operating Revenue&#8221; to our financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Intangible assets related to concession agreements and program contracts, when there is no right to receive the residual value of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract or the useful life of the underlying asset, whichever is shorter.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Investments made and not recovered through rendering of services, within the terms of our agreement, must be indemnified by the concession grantor; (1)&nbsp;with cash or cash equivalents or also, in general, (2)&nbsp;with a contract extension.&nbsp; These investments are amortized over the useful life of the asset.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Law No.11,445/2007 prescribes that, whenever possible, basic sanitation public utilities shall have their economic and financial sustainability ensured through the consideration received from service collection, preferably as tariffs and other public charges, which may be established for each service or both.&nbsp; Therefore, investments made and not recovered through these services, within the original term of the contract, are recorded as intangible assets and amortized over the useful life of the asset, taking into consideration a solid track record of concession renewal and, therefore, the continuity of services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The recognition of fair value for the intangible assets arising on concession contracts is subject to assumptions and estimates, and the use of different assumptions could affect the carrying amounts of these assets.&nbsp; The amortization of intangible assets and estimated useful lives of the underlying assets also requires significant assumptions and estimates, which different assumptions and estimates, and changes in future circumstances, could affect amortization of intangible assets and remaining useful lives of the underlying assets and can have a significant impact on the results of operations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Provisions and Contingent Liabilities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are a party to a number of legal proceedings involving significant monetary claims.&nbsp; These legal proceedings include, among other types, disputes with customers and suppliers and tax, labor, civil, environmental and other proceedings.&nbsp; For a more detailed discussion of these legal proceedings, see Note 19</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to our financial statements included in this annual report.&nbsp; We recognize provisions for legal proceedings in which our company has a present obligation as a result of past events (either due to an explicit agreement or duty, known as a legal obligation; or due to our past actions, known as a constructive obligation), it is probable that an outflow of resources embodying economic benefits will be necessary to settle the obligation and the amount of obligation can be estimated reliably.&nbsp; Therefore, we are required to make judgments regarding future events for which we often seek the advice of legal counsel.&nbsp; As a result of the significant judgment required in assessing and estimating these provisions, actual losses realized in future periods could differ significantly from our estimates and could exceed the amounts which we have provisioned. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we were party to judicial and administrative proceedings, relating to civil, environmental and tax matters, amounting to R$1,078.2 million (after deducting court escrow deposits in the amount of R$344.4 million) with respect to which we recognized provisions based on the criteria described above, as shown in Note 3.15 to our financial statements included in this annual report.&nbsp; As of the same date, the proceedings with respect to which we have contingent liabilities (i.e., no provisions have been recognized) totaled R$54,627.0 million, </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of which we believe R$46,396.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million of those have a remote probability of an outflow of resources embodying economic benefits exists. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pension Benefits</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions.&nbsp; The assumptions used in determining the net cost (income) for pensions include a discount rate and a mortality table.&nbsp; Any changes in these assumptions will impact the carrying amount of pension obligations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We determine the appropriate discount rates at the end of each year, which is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The discount rate was decreased from 5.71% in 2016 to 5.30% in 2017 under Plan G0 and from 5.74% in 2016 to 5.35% in 2017 under Plan G1 in order to follow the decrease in the rates applicable to the Brazilian Government NTN &#8211; B, long term notes, which term is similar to the duration of the pension benefits, as described in Notes 3.19 (a)&nbsp;and 20 (b)&nbsp;to our financial statements included in this annual report.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other key assumptions for pension obligations are based in part on current market conditions.&nbsp; Additional information on the pension plans under Plan G0 and G1 is disclosed in Note 20 to our financial statements included in this annual report.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Deferred income tax and social contribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We recognize and settle taxes on income based on the results of operations verified according to the Brazilian Corporate Law, taking into consideration the provisions of the tax laws.&nbsp;We recognize deferred tax assets and liabilities based on the differences between the accounting balances and the tax bases of assets and liabilities.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We regularly review the recoverability of deferred tax assets and do not recognize deferred tax assets if it is probable that these assets will not be realized, based on historic taxable income, the projection of future taxable income and the estimated period to reverse temporary differences.&nbsp; This process requires the use of estimates and assumptions.&nbsp; The use of different estimates and assumptions could result in the non-recognition of a significant amount of deferred tax assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017 and 2016, we have recognized R$36.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$186.3 million as deferred income tax liabilities and deferred income tax assets, respectively, in each case, net of the deferred tax assets and liabilities, as disclosed in Note 18 to our financial statements included in this annual report.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certain Transactions with Controlling Shareholder</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reimbursement Due from the State</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reimbursement due from the State for pensions paid represent supplementary pensions (Plan G0) that we pay, on behalf of the State, to former employees of State&#8209;owned companies which merged to form our Company.&nbsp; These amounts must be reimbursed to us by the State, as primary obligor.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In November&nbsp;2008, we entered into the third amendment to the agreement with the State relating to payments of pension benefits made by us on its behalf.&nbsp; The State acknowledged that it owed us an outstanding balance of R$915.3&nbsp;million as of September&nbsp;30, 2008, relating to payments of pension benefits made by us on its behalf.&nbsp; We provisionally accepted, but it is not recognized in our books, the reservoirs in the Alto Tiet&#234; System as partial payment in the amount of R$696.3&nbsp;million, subject to the transfer of the property rights of these reservoirs to us.&nbsp; Since November&nbsp;2008, the State has been paying the remaining balance in the amount of R$219.0&nbsp;million in 114&nbsp;successive monthly installments.&nbsp; See Note&nbsp;10</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to our financial statements included in this annual report and &#8220;Item&nbsp;7.&nbsp; Major Shareholders and Related Party Transactions&#8221;. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March 18, 2015, we, the State and DAEE, with the intervention of the Department of Sanitation and Water Resources, executed an agreement in the amount of R$1,012.3 million, consisting of R$696.3 million in principal amount and R$316.0 million in monetary adjustment of the principal through February 2015. &nbsp;For detailed </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">information on this agreement, see &#8220;Item 7.B. Related Party Transactions&#8212;Agreements with the State&#8221; and Note 10(a)(vii) to our financial statements included in this annual report. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017 and 2016, the amounts not recognized related to pension benefits paid by us on behalf of the State totaled R$1,021.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$937.0 million respectively.&nbsp; As a result, we also recognized the obligation related to pension benefits, maintained with the beneficiaries and pensioners of Plan G0.&nbsp; As of December 31, 2017 and 2016, the pension benefit obligations of Plan G0 totaled R$2,543.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$2,512.1 million, respectively.&nbsp; For detailed information on the pension benefit obligations refer to Note 20&nbsp;to our financial statements included in this annual report.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Accounts Receivable from the State for Water and Sewage Services Rendered</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certain of these accounts receivable have been overdue for a long period.&nbsp; We have entered into agreements with the State with respect to these accounts receivable.&nbsp; For further information on these agreements, see Note&nbsp;10 to our financial statements included in this annual report and &#8220;Item&nbsp;7. &nbsp;Major Shareholders and Related Party Transactions&#8221;.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Use of Guarapiranga and Billings reservoirs</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We draw water for use in the S&#227;o Paulo metropolitan area from the Guarapiranga and Billings reservoirs.&nbsp; EMAE, a company that is also controlled by the State of S&#227;o Paulo, has a concession to produce hydroelectric energy using water from the same reservoirs.&nbsp; EMAE commenced various lawsuits against us in the past seeking compensation for the water we draw from these reservoirs.&nbsp; Those lawsuits have now been settled, by way of an agreement between EMAE and our company.&nbsp; </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The settlement agreement requires us to make certain installment payments to EMAE in settlement of the claim for compensation for our capture and use of the water, as well as apportionment of the maintenance, operation and monitoring costs for the reservoirs.&nbsp; See &#8220;Item 7.&nbsp; Major Shareholders and Related Party Transactions&#8221; and See Note 10(c) to our financial statements included in this annual report. </FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Results of Operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth, for the years indicated, certain items from&nbsp;our income statements of operations, each expressed as a percentage of net operating revenue:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in&nbsp;millions of reais, except percentages)</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">Net operating revenue</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14,608.2</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">100.0%</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">14,098.2</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">100.0%</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">11,711.6</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">100.0%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Cost of services</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(8,778.9)</FONT></P>
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     <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(60.1)%</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(9,013.1)</FONT></P>
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     <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(63.9)%</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(8,260.8)</FONT></P>
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     <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(70.5)%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">Gross profit </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,829.3</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">39.9%</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">5,085.1</FONT></P>
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     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">36.1%</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">3,450.8</FONT></P>
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     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">29.5%</FONT></P>
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<TR style="HEIGHT: 9.75pt">
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<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">Selling expenses </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(768.7)</FONT></P>
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     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(5.3)%</FONT></P>
</TD>
     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">(730.0)</FONT></P>
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     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">(5.2)%</FONT></P>
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     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">(598.1)</FONT></P>
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     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">(5.1)%</FONT></P>
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<TR style="HEIGHT: 10.5pt">
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">Administrative income (expenses) </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1,099.0)</FONT></P>
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     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(7.5)%</FONT></P>
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     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">(934.9)</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">(6.6)%</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">45.0</FONT></P>
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     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">0.4%</FONT></P>
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<TR style="HEIGHT: 0.1in">
     <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Other operating income (expenses), net and equity in results of investments in affiliates</FONT></P>
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     <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.1</FONT></P>
</TD>
     <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0%</FONT></P>
</TD>
     <TD style="HEIGHT: 0.1in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9.5</FONT></P>
</TD>
     <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.1%</FONT></P>
</TD>
     <TD style="HEIGHT: 0.1in; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">146.4</FONT></P>
</TD>
     <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.3%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 10.5pt">
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">Profit from operations before finance income (expenses) and income tax and social contribution</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,961.7</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">27.1%</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">3,429.7</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">24.3%</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">3,044.1</FONT></P>
</TD>
     <TD style="HEIGHT: 10.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.5pt" face="Times New Roman">26.0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 9.75pt">
     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">Financial income (expenses), net </FONT></P>
</TD>
     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(458.1)</FONT></P>
</TD>
     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(3.1)%</FONT></P>
</TD>
     <TD style="HEIGHT: 9.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">699.4</FONT></P>
</TD>
     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">5.0%</FONT></P>
</TD>
     <TD style="HEIGHT: 9.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">(2,456.5)</FONT></P>
</TD>
     <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.75pt" face="Times New Roman">(21.0)%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6.7pt">
     <TD style="HEIGHT: 6.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Profit before income tax and social contribution </FONT></P>
</TD>
     <TD style="HEIGHT: 6.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,503.6</FONT></P>
</TD>
     <TD style="HEIGHT: 6.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">24.0%</FONT></P>
</TD>
     <TD style="HEIGHT: 6.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,129.1</FONT></P>
</TD>
     <TD style="HEIGHT: 6.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">29.3%</FONT></P>
</TD>
     <TD style="HEIGHT: 6.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">587.6</FONT></P>
</TD>
     <TD style="HEIGHT: 6.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5.0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11.25pt" face="Times New Roman">Income tax and social contribution </FONT></P>
</TD>
     <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(984.3)</FONT></P>
</TD>
     <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(6.7)%</FONT></P>
</TD>
     <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11.25pt" face="Times New Roman">(1,182.0)</FONT></P>
</TD>
     <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11.25pt" face="Times New Roman">(8.4)%</FONT></P>
</TD>
     <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11.25pt" face="Times New Roman">(51.3)</FONT></P>
</TD>
     <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11.25pt" face="Times New Roman">(0.4)%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="HEIGHT: 12pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Profit for the year </FONT></P>
</TD>
     <TD style="HEIGHT: 12pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,519.3</FONT></P>
</TD>
     <TD style="HEIGHT: 12pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">17.2%</FONT></P>
</TD>
     <TD style="HEIGHT: 12pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,947.1</FONT></P>
</TD>
     <TD style="HEIGHT: 12pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">20.9%</FONT></P>
</TD>
     <TD style="HEIGHT: 12pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">536.3</FONT></P>
</TD>
     <TD style="HEIGHT: 12pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.6%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Year Ended December 31, 2017 Compared to Year Ended December 31, 2016</FONT></I></B></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net operating revenue</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 22.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net operating revenue increased by R$510.0 million, or 3.6%, to R$14,608.2 million in 2017 from R$14,098.2 million in 2016. </FONT></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 22.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net operating revenue, disregarding the effect of construction revenue, as of December 31, 2017, increased R$1,092.0 million, or 10.5%, from R$10,365.3 million in 2016 to R$11,457.3 million in 2017. In 2017, the construction revenue was R$3,150.9 million compared to R$3,732.9 million in 2016. The variations in net operating revenue were principally due to: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of 8.4% in tariffs since May 2016 (ordinary tariff adjustment);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of 7.9% in tariffs since November 2017 (extraordinary tariff revision);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of 4.3% in our total billed volume (4.3% in water and 4.2% in sewage);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the cancelation of the Water Consumption Reduction Incentive Program, concluded in April 2016, resulting in no bonus granted in 2017, compared to a bonus granted in the amount of R$187.4 million in 2016 which resulted in a decrease in revenue in 2016; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a lower estimated loss of wholesale revenue in 2017, in the amount of R$125.1 million, due to the payment received in the period, mainly from the municipality of Guarulhos.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These increases were partially offset by the suspension of the Contingency Tariff in April 2016, in the amount of R$224.7 million in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cost of services </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our cost of services decreased by R$234.2 million, or</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.6%, to R$8,778.9 million in 2017 from R$9,013.1 million in 2016. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The decrease in cost of services was principally due to the following factors:</FONT></P>
</DIV>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">86</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_90></A>
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<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a decrease of R$570.9 million in construction costs due to lower investments in the municipalities we serve; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 21.3pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a decrease of R$138.1 million in the cost of electricity, mainly due to an average decrease of 12.7% in free market tariffs, with a 16.9% increase in consumption; an average decrease of 27.5% in the Tariff for the Use of Distribution System (TUSD), with a 19.6% decrease in consumption; and an average decrease of 5.3% in regulated market tariffs, with a 5.7% decrease in consumption. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The decrease in cost of services was partially offset by: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$303.2 million in salaries and payroll charges and pension plan obligations due to the reduction in non-recurring expenses in 2016 in connection with the migration of participants from the Defined Benefit Plan (G1) to the Defined Contribution Plan (Sabesprev Mais), which generated an early reduction of R$223.5 million in the actuarial deficit. The increase in salaries and payroll charges is also due to an increase of R$72.5 million, principally driven by the 1% increase related to the Career and Salary Plan since December 2016 and the 3.71% pay rise in May 2017; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$100.8 million in depreciation and amortization, mainly due to the increase in operating intangible assets in 2017, principally due to new assets entering into operation; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$34.5 million in the provision for the Municipal Fund for Environmental Sanitation and Infrastructure, as a result of the increase in revenues generated from the municipality of S&#227;o Paulo.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Gross Profit</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the factors discussed above, gross profit for the year ended December&nbsp;31, 2017</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">increased by R$744.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 14.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">%, to R$5,829.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2017 from R$5,085.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2016.&nbsp; </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Selling Expenses </FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Selling expenses increased by R$38.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 5.3%, to R$768.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in 2017 from R$730.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2016.&nbsp;The increase in selling expenses was primarily due to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$59.0 million in salaries and payroll charges and pension plan obligations due to the reduction in non-recurring expenses in 2016 in connection with to the migration of participants from the Defined Benefit Plan (G1) to the Defined Contribution Plan (Sabesprev Mais), which generated an early reduction of R$30.4 million in the actuarial deficit in 2016. The increase in salaries and payroll charges is also due to an increase of R$13.2 million, principally driven by the 1% increase related to the Career and Salary Plan since December 2016 and the 3.71% pay rise in May 2017;</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The increase in selling expenses was partially offset by the decrease of R$20.3 million related to outsourced services. </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Administrative Income (Expenses)</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Administrative expenses increased by R$164.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 17.6%, to an expense of R$1,099.0 million in 2017 from income of R$934.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2016.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The increase in administrative expenses was principally due to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$70.9 million in salaries and payroll charges and pension plan obligations resulting from the reduction in non-recurring expenses in 2016 in connection with the migration of participants from the Defined Benefit Plan (G1) to the Defined Contribution Plan (Sabesprev Mais), which generated an early reduction of R$80.3 million in the actuarial deficit in 2016. The increase in salaries and payroll charges is also driven by the 1% increase related to the Career and Salary Plan since December 2016 and the 3.71% pay rise in May 2017; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$48.5 million in depreciation and amortization, mainly due to the implementation of the Integrated Business Management System (Enterprise Resource Planning &#8211; SAP ERP) in 2017; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 58.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$28.8 million related to outsourced services. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Operating Income (Expenses), Net and Equity in Results of Investments in Affiliates</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other operating income, net&nbsp;was R$0.1 million in 2017 compared with R$9.5 million operating income, net&nbsp;in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other operating income, net consists of gains and losses from sales of property, plant and equipment, sale of contracts awarded in public bids, right to sell electricity, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse of water, PURA projects and services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other operating income decreased by R$9.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, mainly due to the estimate for losses in 2017 on discontinued concessions, in the amount of R$24.1 million, partially offset by higher revenues from the sale of surplus energy, in the amount of R$8.5 million.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our other operating expenses consist mainly of write-offs of concessions assets due to obsolescence, discontinued construction works, unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment and exceeding cost of electricity sold. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financial Income (Expenses), Net</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financial income (expenses), net consists primarily of interest on our indebtedness and foreign exchange losses (or gains) in respect to our indebtedness, offset partially by interest income on cash and cash equivalents and inflation based indexation accruals, mainly relating to agreements entered into with some customers to settle overdue accounts receivable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financial income (expenses), net increased by R$1,157.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million&nbsp;to&nbsp;financial expense, net of R$458.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2017 from&nbsp;financial income, net of R$699.4 million in 2016. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The variation was due to a positive variation of R$1,186.6 million in the cost of currency variations on borrowings and financing, due to the strengthening of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> against the U.S. dollar and the Japanese Yen in 2017 (1.5% and 5.3%, respectively), compared to a devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in 2016 (16.5% and 13.9%, respectively). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Profit before income tax and social contribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the factors discussed above, profit before income tax and social contribution decreased by R$625.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, to R$3,503.6 million in 2017 from R$4,129.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2016.&nbsp; As a percentage of net operating revenue, our profit before income tax and social contribution increased to 24.0% in 2017 compared to 29.3% in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Income Tax and Social Contribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Income tax and social contribution expense&nbsp;decreased by R$197.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 16.7%, to R$984.3 million in 2017 from R$1,182.0 million in 2016.&nbsp; This decrease was mainly due to our lower taxable result in 2017, which was impacted by the exchange rate variation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Profit for the year</FONT></I></B></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the factors discussed above, our profit for the year decreased to R$2,519.3 million in 2017 from R$2,947.1 million in 2016. As a percentage of net operating revenue, our profit for the year decreased to 17.2% in 2017 from 20.9% in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Year Ended December 31, 2016 Compared to Year Ended December 31, 2015</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net operating revenue</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net operating&nbsp;revenue increased by R$2,386.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 20.4%, to R$14,098.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2016 from R$11,711.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2015. &nbsp;These variations were principally due to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of 15.2% in tariffs since June 2015 (7.8% ordinary tariff adjustment and 6.9% extraordinary tariff revision);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of 8.4% in tariffs since May 2016;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of 4.4% in our total billed volume (4.0% in water and 4.8% in sewage); and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a reduction in the bonus granted within the Water Consumption Reduction Incentive Program, concluded in April 2016, which amounted to R$187.4 million in 2016 compared to the R$926.1 million granted in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These increases were partially offset by the suspension of the Contingency Tariff in April 2016, in the amount of R$224.7 million in 2016 compared to the R$499.7 million in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Construction revenue increased by R$396.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 11.9%, to R$3,732.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2016 from R$3,336.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2015.&nbsp; See Note 3.3(b)&nbsp;to our financial statements included in this annual report&nbsp;for a description of the accounting policies applicable to our construction services business. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cost of services </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our cost of services increased by R$752.3 million, or 9.1%, to R$9,013.1 million in 2016 from R$8,260.8 million in 2015. As a percentage of net operating revenue, cost of services decreased to 63.9% in 2016 from 70.5% in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The increase in cost of services was principally due to the following factors:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$387.6 million in construction costs due to higher investments in 2016;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$117.3 million in the cost of the electricity, mainly due to an average increase of 15.4% in the free market tariffs, with an 2.3% increase in consumption; an average increase of 21.5% in the Tariff for the Use of Distribution System (TUSD), with a 5.0% increase in consumption; and an average increase of 1.5% in the regulated market tariffs, with consumption remaining stable;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase in the provision for the Municipal Fund for Environmental Sanitation and Infrastructure, in the amount of R$101.1 million, as a result of the increase in revenues generated from the municipality of S&#227;o Paulo; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$72.0 million in depreciation and amortization, mainly due to the increase in operating intangible assets in 2016, arising principally from entry into operation of new assets. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Gross Profit</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the factors discussed above, gross profit for the year ended December&nbsp;31, 2016</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">increased by R$1,634.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 47.4%, to R$5,085.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2016 from R$3,450.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2015.&nbsp; As a percentage of net operating revenue, gross profit margin increased to 36.1% in 2016 from 29.5%&nbsp;in 2015.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Selling Expenses </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Selling expenses increased by R$131.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 22.1%, to R$730.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in 2016 from R$598.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2015.&nbsp; As a percentage of net operating revenue, selling expenses increased slightly to 5.2% in 2016 from 5.1% in 2015.&nbsp; The increase in selling expenses was primarily due to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$88.0 million, mainly resulting from (i) increase in default, causing a R$165.4 million impact, and (ii) lower recovery of funds, in the amount of R$34.5 million. &nbsp;This increase was partially offset by increased receipts of court-ordered debt payments, especially from the municipality of Guarulhos, amounting to R$110.9 million;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$30.9 million in services expenses, due to the increase in the scope of water meter readings and increased use of credit recovery services in 2016.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Administrative Income (Expenses)</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Administrative expenses increased by R$979.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, to an expense of R$934.9 million in 2016 from income of R$45.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2015.&nbsp; As a percentage of net operating revenue, administrative expenses amounted to 6.6% in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The increase in administrative expenses was principally due to:&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a credit in the amount of R$696.3 million received in 2015 as a result of an agreement with the government of the state of S&#227;o Paulo to receive an undisputed amount owed to us related to the payment of the benefits to former employees (see Note 10 (a) (vii) to our financial statements&nbsp;included in this annual report&nbsp;and;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase of R$278.4 million in general expenses, mainly due to increased provisions for court proceedings in 2016 and provision&nbsp;reversals in 2015, resulting from judicial decisions. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Operating Income (Expenses), Net and Equity in Results of Investments in Affiliates</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other operating income, net&nbsp;was R$9.5 million in 2016 compared with R$146.4 million operating expenses, net&nbsp;in 2015.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other operating income, net consists of gains and losses from sales of property, plant and equipment, sale of contracts awarded in public bids, right to sell electricity, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse of water, PURA projects and services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our other operating income decreased by R$128.3 million, mainly due to:&nbsp; (i) decrease in gain in sale of properties (R$47.4 million); (ii) decrease in sales of the exceeding cost of electricity (R$42.8 million); (iii) lower amounts received from the Hydrographic Basin Depollution Program (R$22.6 million); and (iv) lower amounts received related to contractual fines on suppliers (R$16.8 million).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our other operating expenses consist mainly of write-offs of concessions assets due to obsolescence, discontinued construction works, unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment and exceeding cost of electricity sold.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financial Income (Expenses), Net</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financial income (expenses), net consists primarily of interest on our indebtedness and foreign exchange losses (or gains) in respect to our indebtedness, offset partially by interest income on cash and cash equivalents and inflation based indexation accruals, mainly relating to agreements entered into with some customers to settle overdue accounts receivable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financial income (expenses), net increased by R$3,155.9 million&nbsp;to&nbsp;financial income, net of R$699.4 million in 2016 from&nbsp;financial expense, net of R$2,456.5 million in 2015. As a percentage of net operating revenues, financial income amounted to 5.0% in 2016 compared with financial expenses amounting to 21.0% in 2015. The variation was due to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a positive variation of R$3,082.9 million in the cost of currency variations on borrowings and financing, due to the strengthening of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> against the U.S. dollar and the Japanese Yen in 2016 (16.5% and 13.9%, respectively), when compared to the devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> in 2015 (47.0% and 45.9%, respectively); and</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an increase in the cost of other monetary variations by R$65.2 million, principally due to higher provisioning for court proceedings in 2016.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Profit before income tax and social contribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the factors discussed above, profit before income tax and social contribution increased by R$3,541.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, to R$4,129.1 million in 2016 from R$587.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2015.&nbsp; As a percentage of net operating revenue, our profit before income tax and social contribution increased to 29.3% in 2016 compared to 5.0% in 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Income Tax and Social Contribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Income tax and social contribution expense&nbsp;increased by R$1,130.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million to R$1,182.0 million in 2016 from R$51.3 million in 2015.&nbsp; This increase was mainly due to the upturn in our operating revenues and our financial income, net, which was impacted by the exchange rate variation. &nbsp;These increases were partially offset by the increases in our operating costs and expenses.&nbsp; Additionally, the effective tax rate increased from 9% in 2015 to 29% in 2016, mainly due to the agreement entered into with the State of S&#227;o Paulo on March 18, 2015, which was considered a non-taxable income (see reconciliation of the effective tax rate in Note 18(d) to our financial statements&nbsp;included in this annual report.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Profit for the year</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the factors discussed above, our profit for the year increased to R$2,947.1 million in 2016 from R$536.3 million in 2015. As a percentage of net operating revenue, our profit for the year increased to 20.9% in 2016 from 4.6% in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We assess the performance of our enterprise by analyzing the results of the sanitation services provided, our single reportable segment that includes all our operations results except for revenue and costs associated with the construction of concession services infrastructure, recognized in accordance with IFRIC 12 and as discussed in &#8220;Item 4.B. Business Overview&#8212;Description of Our Activities&#8221;.&nbsp;&nbsp;Consequently, management discussion and analysis of the performance of the sanitation services segment is substantially&nbsp;the same as our results&nbsp;discussed above.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Liquidity and Capital Resources</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Capital Sources</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to satisfy our liquidity and capital requirements, we have primarily relied on cash provided by operating activities, long-term borrowings from Brazilian federal governmental financial institutions, and long-term financing from multilateral organizations and from domestic and international development banks, and also from capital markets.&nbsp; As of December&nbsp;31, 2017, we had R$2,283.0 million of cash and cash equivalents.&nbsp; The outstanding current portion of our long-term indebtedness was R$1,746.8 million as of December&nbsp;31, 2017, of which R$547.4 million was denominated in foreign currency.&nbsp; Long&#8209;term indebtedness was R$10,354.2 million as of December&nbsp;31, 2017, of which R$5,125.4 million consisted of foreign currency-denominated obligations.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our management expects that the cash and cash equivalents available on December 31, 2017, the operating cash generation estimated for 2018 and the lines of credit available for investments are sufficient to meet our short-term liabilities, in light of our current financial position and our expected cash generated by operating activities. In our opinion, the working capital is sufficient for the company's present requirements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cash Flows</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net Cash Generated from Operating Activities </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Cash generated from operating activities is the single largest source of our liquidity and capital resources, and we expect that it will continue to be so in the future.&nbsp;Our net cash generated from operating activities was 3,301.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$3,003.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$2,641.4 million in 2017, 2016 and 2015, respectively.&nbsp; The main driver of our cash flow from operating activities relates to our cash collections from customers, which is due to the nature of our business and to the fact that we are expanding our infrastructure.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The increase in net&nbsp;cash generated in 2017 is due principally to the end of the water crisis, which led to an increase of 4.3% in our total billed volume (4.3% in water and 4.2% in sewage). This increase was partially offset by the income tax and social contribution paid in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net Cash Used in Investing Activities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net cash used in investing activities was R$1,971.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$2,130.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$2,459.5 million in 2017, 2016 and 2015, respectively.&nbsp; The main driver of our net cash outflow for investing activities relates to purchases of intangible assets, as required under our concession and program contracts, which is due to the fact that we are expanding our infrastructure and service coverage. Although we invested approximately R$867.3 million (including capitalized interest) in the S&#227;o Louren&#231;o PPP, a construction project planned and initiated before the water crisis, this project did not impact our cash flow in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Net Cash Generated By (Used in) Financing Activities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our net cash used in financing activities was R$933.6 million, R$625.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, and 265.7 million in 2017, 2016 and 2015, respectively.&nbsp; The main driver of our cash flows from financing activities relates to the proceeds and repayments of loans used to finance purchases of intangible assets related to our concession and program contracts, in order to support the expansion of our services and our payment of interest on shareholders&#8217; equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Indebtedness Financing</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our total financial indebtedness increased by 1.1%, from R$11,964.1 million as of December&nbsp;31, 2016 to R$12,101.0 million as of December 31, 2017.&nbsp; In addition, during the same period, our total indebtedness denominated in foreign currency increased by 0.2%, from R$5,660.4 million as of December&nbsp;31, 2016 to R$5,672.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million as of December 31, 2017.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we had R$10,354.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in long-term indebtedness outstanding (excluding the current portion of long-term indebtedness), of which R$5,125.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million consisted of foreign currency-denominated long-term debt.&nbsp; We had an outstanding current portion of long-term indebtedness of R$1,746.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million as of December&nbsp;31, 2017.&nbsp; As of December&nbsp;31, 2017, R$547.4 million of this current portion of long-term indebtedness was denominated in foreign currency.&nbsp; As of December&nbsp;31, 2017, our S&amp;P domestic rating was brAA-</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and our S&amp;P global rating was BB.&nbsp;Our Moody&#8217;s national rating was Aa2.br</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and our Moody&#8217;s global rating was Ba2 as of December 31, 2017, while our Fitch national rating was AA(bra) and our Fitch global rating was BB, as of the same date.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Various contractual agreements we have entered into, including certain financing agreements with </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and BNDES, provide for liens over a portion of our cash flows from the payment of water and sewage provision tariffs.&nbsp; In addition, we provide as guarantees a portion of our cash flow generation to transactions related to PPPs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; <FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to these agreements, cash received from operations is required to pass through designated accounts.&nbsp; In the event of a default under the relevant agreement, such cash and future cash flows that are required to be deposited in such accounts become restricted and are subject to security interests in favor of the relevant creditor.&nbsp; As of December&nbsp;31, 2017, a substantial portion of our monthly cash flows from operations was subject to these liens.&nbsp; As of that date, the total amount of our secured debt, including indebtedness benefiting from these liens, was R$3,747.0 million (R$3,720.4 million of principal and R$26.6 million related to interest and charges).&nbsp; See &#8220;&#8212;Indebtedness Financing&#8212;Financial Covenants&#8212;Local currency denominated indebtedness&#8221; and Note 16 to our financial statements included in this annual report.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth information on our indebtedness outstanding as of December 31, 2017:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.95pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.95pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.95pt" face="Times New Roman">December&nbsp;31, 2017</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.95pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10.95pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Current</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Noncurrent</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Final Maturity</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Interest Rates*</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8.9pt" face="Times New Roman">Denominated in local currency:</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8.9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8.9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8.9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8.9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8.9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10<SUP>th</SUP> issue debentures</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">41,702</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">80,953</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">122,655</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2020</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">TJLP + 1.92% (1<SUP>st</SUP> &amp; 3<SUP>rd</SUP> series) &amp; IPCA + 9.53% (2<SUP>nd</SUP> series)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12<SUP>th</SUP> issue debentures</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">45,450</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">294,702</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">340,152</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2025</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">TR + 9.5%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14<SUP>th</SUP> issue debentures</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">40,503</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">141,351</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">181,854</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2022</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">TJLP + 1.92% (1<SUP>st</SUP> &amp; 3<SUP>rd</SUP> series) &amp; IPCA + 9.19% (2<SUP>nd</SUP> series)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 19.15pt">
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">15<SUP>th</SUP> issue debentures</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">346,414</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">345,788</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">692,202</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">CDI + 0.99% (1<SUP>st</SUP> series) &amp; IPCA + 6.2% (2<SUP>nd</SUP> series)</FONT></P>
</TD></TR>
<TR>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">17<SUP>th</SUP> issue debentures</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">144,391</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">781,922</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">926,313</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2023</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">CDI + 0.75% (1<SUP>st</SUP> series) &amp; IPCA + 4.5% (2<SUP>nd</SUP> series) &amp; IPCA + 4.75% (3<SUP>rd</SUP> series)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">18<SUP>th</SUP> issue debentures</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">33,020</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">194,872</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">227,892</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2024</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">TJLP + 1.92% (1<SUP>st</SUP> and 3<SUP>rd</SUP> series) &amp; IPCA + 8.25% (2<SUP>nd</SUP> series)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">20<SUP>th</SUP> issue debentures</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">250,000</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">246,890</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">496,890</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">CDI + 3.80%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">21<SUP>st</SUP> issue debentures</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">-</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">499,628</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">499,628</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2022</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">CDI + 0.60% &amp; CDI + 0.90%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">78,487</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,154,599</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,233,086</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018/2038</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">TR + 5% to 9.5%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) Coastal region </FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">16,782</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">16,782</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">33,564</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.5% + TJLP</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) PAC</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">11,143</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">50,028</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">61,171</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2023</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.15% + TJLP</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) PAC II 9751</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">4,334</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">22,991</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">27,325</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2027</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.72% + TJLP</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) PAC II 9752</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">2,367</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">19,526</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">21,893</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2027</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.72% + TJLP</FONT></P>
</TD></TR>
<TR style="HEIGHT: 19.15pt">
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) Onda Limpa</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">23,469</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">146,461</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">169,930</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2025</FONT></P>
</TD>
     <TD style="HEIGHT: 19.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.92% + TJLP</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) Tiet&#234; III</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">30,378</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">280,825</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">311,203</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2028</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.66% + TJLP</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.5pt">
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">National Bank for Economic and Social Development (BNDES) 2015</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">10,050</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">397,922</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">407,972</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2035</FONT></P>
</TD>
     <TD style="HEIGHT: 18.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.5% + TJLP</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Financial leasing</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">17,573</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">544,044</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">561,617</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2035</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.73% to 10.12% + IPC</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Other</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,466</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">9,477</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">10,943</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018/2025</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">TJLP + 1.66% (FINEP) &amp; TR + 12.00% (Presidente Prudente)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Interest and others charges </FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">101,855</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">-</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">101,855</FONT></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">&nbsp;</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">&nbsp;</TD>
     <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.65pt">
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total denominated in local currency</FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,199,384</FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">5,228,761</FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">6,428,145</FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">&nbsp;</TD>
     <TD style="HEIGHT: 11.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 8.9pt">
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">&nbsp;</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">&nbsp;</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">&nbsp;</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">&nbsp;</TD>
     <TD style="HEIGHT: 8.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8.9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 9.6pt">
     <TD style="HEIGHT: 9.6pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.6pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 9.6pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">&nbsp;</TD>
     <TD style="HEIGHT: 9.6pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">&nbsp;</TD>
     <TD style="HEIGHT: 9.6pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">&nbsp;</TD>
     <TD style="HEIGHT: 9.6pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">&nbsp;</TD>
     <TD style="HEIGHT: 9.6pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 9.6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 18.55pt">
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Denominated in foreign currency:</FONT></B></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>&nbsp;</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">&nbsp;</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Inter-American Development Bank (IADB) US$527,096,000 (2016 - US$555,671,000)</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">115,757</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,613,358</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,729,115</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2025 to 2035</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2.33% to 2.74%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">International Bank for Reconstruction and Development (IBRD) US$91,286,000 (2016 &#8211; US$79,946,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">301,665</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">301,665</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2034</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">1.71%</FONT></P>
</TD></TR>
<TR>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Deutsche Bank &#8211; US$150,000,000 (2016 - US$150,000,000)</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">248,100</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">242,343</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">490,443</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2019</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Libor + 4.50%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.55pt">
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Eurobonds - US$350,000,000 (2016 &#8211; US$ 350,000,000)</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">-</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,155,331</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">1,155,331</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2020</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">6.25%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.55pt">
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">JICA 15 - &#165; 13,829,160,000 (2016 - &#165; 14,981,590,000)</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">33,881</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">372,696</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">406,577</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2029</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">1.8% &amp; 2.5%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 19.2pt">
     <TD style="HEIGHT: 19.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">JICA 18 - &#165; 12,433,920,000 (2016- &#165; 13,470,080,000)</FONT></P>
</TD>
     <TD style="HEIGHT: 19.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">30,463</FONT></P>
</TD>
     <TD style="HEIGHT: 19.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">334,849</FONT></P>
</TD>
     <TD style="HEIGHT: 19.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">365,312</FONT></P>
</TD>
     <TD style="HEIGHT: 19.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2029</FONT></P>
</TD>
     <TD style="HEIGHT: 19.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">1.8% &amp; 2.5%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.55pt">
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">JICA 17 - &#165; 1,534,959,000 (2016- &#165; 1,596,251,000)</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">2,507</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">41,835</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">44,342</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2035</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">1.2% &amp; 0.01%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.55pt">
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">JICA 19 - &#165; 29,777,232,000 (2016 - &#165; 27,569,009,000)</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">-</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">873,383</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">873,383</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2037</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">1.7% &amp; 0.01%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.55pt">
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">IADB 1983AB &#8211; US$ 82,404,000 (2016 &#8211; US$ 106,346,000)</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">79,201</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">189,990</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">269,191</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">2023</FONT></P>
</TD>
     <TD style="HEIGHT: 18.55pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Libor + 1.88% to 2.38%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.7pt">
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Interest and others charges</FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">37,462</FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">-</FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face="Times New Roman">37,462</FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">&nbsp;</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.7pt">
     <TD style="HEIGHT: 11.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 11.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.7pt">
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total denominated in foreign currency</FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547,371 </FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,125,450 </FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,672,821 </FONT></B></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11pt">
     <TD style="HEIGHT: 11pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="30%">
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11pt" face="Times New Roman">Total loans and financing</FONT></B></P>
</TD>
     <TD style="HEIGHT: 11pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,746,755 </FONT></B></P>
</TD>
     <TD style="HEIGHT: 11pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,354,211 </FONT></B></P>
</TD>
     <TD style="HEIGHT: 11pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,100,966 </FONT></B></P>
</TD>
     <TD style="HEIGHT: 11pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="HEIGHT: 11pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 11pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">93</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TR was 0.00% per month as of December&nbsp;31, 2017; CDI stands for Interbank Deposit Rate (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Certificado de Dep&#243;sitos Interbanc&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">), which was 6.89% per annum as of December&nbsp;31, 2017; IGP&#8209;M was -0.52% per annum as of December&nbsp;31, 2017; TJLP stands for Long&#8209;term Interest Rate (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">Taxa de Juros a Longo Prazo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">)</FONT><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">, </FONT></I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">published quarterly by the Central Bank, which was 6.90% per annum as of December&nbsp;31, 2017; and USD LIBOR was 1.69 as of December 31, 2017.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table shows the maturity profile of our debt, as of December&nbsp;31, 2017, for the period indicated:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="27%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2020</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2021</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2022</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">After 2023</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in&nbsp;millions of reais)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Loans and financing</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,746.8</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,779.3</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,242.5</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">858.4</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">843.5</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,630.5</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12,101.0</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Referring to all of our foreign currency-denominated indebtedness, the amount of R$3,945.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, net of transaction costs, as of December&nbsp;31, 2017 was denominated in U.S.&nbsp;dollars and R$1,689.6 million was denominated in Japanese Yen.&nbsp; This indebtedness consisted principally of:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$1,729.1&nbsp;million (US$527.1 million) in U.S. dollar denominated loans contracted with the Inter-American Development Bank, or the IADB, composed of the following:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 106.8pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">two loans to finance the first phase of the Tiet&#234; Project in 1992, one of which was terminated in December 2016 and the other terminated in December 2017;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 106.8pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">one loan to finance the second phase of the Tiet&#234; Project in 2000, under which payments of principal are made in semiannual installments with final maturity in July&nbsp;2025.&nbsp; The principal amount accrues interest at USD LIBOR plus a variable spread paid semiannually; and </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 106.2pt; TEXT-INDENT: -35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one loan to finance the third phase of the Tiet&#234; Project in 2010, under which payments of principal are made in semiannual installments with final maturity in September 2035.&nbsp; The principal amount accrues interest at USD LIBOR plus a variable spread paid semiannually;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$301.7 million (US$91.3 million) in U.S.&nbsp;dollar denominated loans contracted with the IBRD which was entered into on October&nbsp;28, 2009, amounting to US$100.0&nbsp;million, for the financing of the Water Source Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Mananciais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; The loan matures in March&nbsp;2034.&nbsp; Repayments of principal will be made in semiannual installments starting in September&nbsp;2019 after a grace period of ten years.&nbsp; The principal amount accrues interest at USD LIBOR plus a variable spread, paid semiannually;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$269.2&nbsp;million (US$82.4 million) in U.S. dollar denominated loans from the AB Loan financing contracted with the IADB in May&nbsp;2008.&nbsp; Under this loan, payments of principal are made in annual installments with final maturity in May&nbsp;2023.&nbsp; The principal amount accrues interest at USD LIBOR plus a rate varying from 1.88% to 2.38%, paid semiannually.&nbsp; The proceeds were used to repay an outstanding series of debt securities in connection with the implementation of our investment plan; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$1,155.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million (US$350.0 million) in U.S. dollar denominated Eurobonds issued in December&nbsp;2010 with an interest rate of 6.25%.&nbsp; The bonds pay interest semi&#8209;annually and mature in 2020.&nbsp; The proceeds from the offering were used to repay financial commitments throughout 2007 and 2011. In November 2016, the US$140.0 million 7.5% notes due to 2016 were completely amortized;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$1,689.6&nbsp;million (&#165;57,575.3 million) in Japanese yen denominated loans contracted with the JICA, composed of the following:&nbsp; (i)&nbsp;&#165;21,320.0&nbsp;million denominated loans contracted in August&nbsp;2004 for the financing of the environmental recovery program for the Baixada Santista metropolitan region, called the Clean Wave Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Onda Limpa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; Under these loans, the payments of principal are made in semi&#8209;annual installments with final maturity in August&nbsp;2029.&nbsp; The principal amount accrues interest at a rate that varies from 1.8% to 2.5% per year, paid semiannually; (ii)&nbsp;&#165;6,208&nbsp;million in denominated loans contracted in October&nbsp;2010 for the financing of the environmental improvement program in the basin of the Billings dam.&nbsp; The loan matures in October&nbsp;2035, with repayments of principal made in semiannual installments.&nbsp; The principal amount accrues interest at a rate that varies from 0.01% to 1.2% per year, paid semiannually; (iii)&nbsp;&#165;19,169.0&nbsp;million denominated loans contracted in February&nbsp;2011 to complement the financing for the first stage of the Clean Wave Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Onda Limpa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), with commercial conditions similar to the loan entered into in August&nbsp;2004.&nbsp; These funds were used for the provision of works and services in the Baixada Santista metropolitan region.&nbsp; The credit agreement expires in 18&nbsp;years with final maturity in August 2029. The principal amount accrues interest at a rate that varies from 1.8% to 2.5% per year, paid semiannually; and (iv)&nbsp;&#165;33,584&nbsp;million denominated loan in February&nbsp;2012 for the financing of the Corporate Program for Water Loss Reduction (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Corporativo para Redu&#231;&#227;o de Perdas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; The loan matures in February&nbsp;2037.&nbsp; Repayments of principal will be made in semiannual installments starting in February&nbsp;2019 after a grace period of seven years.&nbsp; The principal amount accrues interest at a rate that varies from 0.01% to 1.7% per year, paid semiannually; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$490.4 (US$150.0 million), in U.S. dollar denominated loan contracted in October 2016, with Deutsche Bank AG. London Branch and Banco Bradesco S.A., New York Branch, with an interest rate of 3-month LIBOR plus 4.50% interest per year and with final maturity in October 2019. &nbsp;Interest under this loan is paid quarterly and the principal amount is amortized in semiannual installments after an 18 month grace period. The proceeds from the loan were used to repay the US$140.0 million Eurobond issued in November 2006, which matured in November 2016, and other financial commitments throughout 2016. &nbsp;The loan agreement includes financial covenants requiring our debt service coverage ratio to be higher than 2.35:1.00; and our ratio of total adjusted debt to EBITDA, determined on a consolidated basis, to be lower or equal than 3.65:1.00.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our borrowings from multilateral institutions and with Government Agency, such as the IADB, IBRD and JICA are guaranteed by the federal government, and have a counter-guarantee from the state of S&#227;o Paulo.&nbsp;&nbsp;For further information on the terms of these loan agreements, see &#8220;Item&nbsp;7.B. Related Party Transactions&#8212;Government Guarantees of Financing&#8221;.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our outstanding domestic debt was R$6,428.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million as of December&nbsp;31, 2017 and consisted primarily of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8209;denominated loans from federal and state&#8209;owned banks, in particular, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and BNDES, as well as debentures issued in November&nbsp;2009, June&nbsp;2010, February&nbsp;2011, February&nbsp;2012, November 2012, January 2013, October 2013, June 2014, December</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2015, June 2017 and February 2018 and financial leasing.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following summarizes our principal borrowings from federal and State&#8209;owned banks:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">from 2003 to 2017, we entered into several financing agreements with </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, pursuant to which repayments of principal are paid in up to in 60, 180 or 240&nbsp;months in monthly installments commencing 30&nbsp;days following the applicable grace period, which varies from 10 to 48&nbsp;months from the date of signature of the line of credit agreement. &nbsp;The final maturity is 2039.&nbsp; The principal amount accrues interest from 5.0% to 8.0%.&nbsp; The financing agreements are collateralized (i)&nbsp;by collections of daily billings of water supply and sewage services up to the total amount of the debt, or (ii)&nbsp;by a monthly plan of billings corresponding to the minimum of three times the monthly charge, depending on the terms of the relevant financing agreement. As of December 31, 2017, the outstanding debt was R$1,233.1 million;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in November&nbsp;2007, we entered into a R$129.9&nbsp;million financing agreement with BNDES.&nbsp; Repayments of the principal amount are being made in 96 successive monthly installments, with final maturity in 2019.&nbsp; The principal amount accrues interest at the TJLP, but limited to 6.0% per year, plus 2.50% per year.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; The financing agreement is collateralized by part of the billings from the provision of water and sewage services. As of December 31, 2017, the outstanding debt was R$33.6 million;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in May&nbsp;2008, we entered into a R$174.0&nbsp;million financing agreement with BNDES.&nbsp; Repayments of the principal amount are being made in 150 successive monthly installments, with final maturity in 2023.&nbsp; The principal amount accrues interest at the TJLP, but limited to 6.0% per year, plus 2.15% per year.&nbsp; If the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; The financing agreement is collateralized by part of the billings from the provision of water and sewage services. As of December 31, 2017, the outstanding debt was R$61.2 million;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in March&nbsp;2010, we entered into a R$294.3&nbsp;million financing agreement with BNDES.&nbsp; Repayments of the principal amount are being made in 156 successive monthly installments, with final maturity in 2025.&nbsp; The principal amount accrues interest at the TJLP, but limited to 6.0% per year, plus 1.92% per year.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; The financing agreement is collateralized by part of the billings from the provision of water and sewage services. As of December 31, 2017, the outstanding debt was R$169.9 million;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in 2011, we entered into financial leases in the total amount of R$49.6&nbsp;million with certain contractors for the construction of infrastructure on land we own.&nbsp; During the construction phase, we recognize an intangible assets and the related liability of the lease at fair value.&nbsp; Upon the conclusion of the construction, we began paying the rental of the infrastructure (in 240 installments) and the lease was updated accordingly to the contract.&nbsp; On August&nbsp;31, 2013, SES Campo Limpo Paulista and V&#225;rzea Paulista started operations, and the corresponding amount as of December 31, 2014 was of R$138,602 million. As of December 31, 2017, the outstanding debt was R$561.6 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in March&nbsp;2012, we entered into a R$180.8&nbsp;million financing agreement with BNDES.&nbsp; Amortization of the principal amount is being made in up to 156 successive monthly installments, with the final maturity in 2027.&nbsp; The principal amount accrues interest at the TJLP but it is limited to 6.0% per year plus a yearly 1.72%.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; This financing agreement is collateralized with a portion of the revenues from the provision of water and sewage services. As of December 31, 2017, the outstanding debt was R$49.2 million; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in February 2013, we entered into a R$1.3 billion financing agreement with BNDES.&nbsp; Amortization of the principal amount is being made in up to 144 successive monthly installments with the final maturity in 2028.&nbsp; The principal amount accrues interest at the TJLP but is limited to 6.0% per year plus a yearly 1.66%.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; This financing agreement is collateralized with a portion of the revenues from the provision of water and sewage services. As of December 31, 2017, the outstanding debt was R$311.2 million; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in June 2014, we entered into a R$61.1&nbsp;million financing agreement with BNDES.&nbsp; Amortization of the principal amount shall be paid in up to 108 successive monthly installments after the grace period of 36&nbsp;months, with the final maturity in 2026.&nbsp; The principal amount accrues interest at the TJLP but is limited to 6.0% per year plus a yearly 1.76%.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; This financing agreement is collateralized with a portion of the revenues from the provision of water and sewage services;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in June 2015, we entered into a R$747.4&nbsp; million financing agreement with BNDES.&nbsp; Amortization of the principal amount shall be paid in up to 204 successive monthly installments after the grace period of 36&nbsp;months, with the final maturity in 2035.&nbsp; The principal amount accrues interest at the TJLP but is limited to 6.0% per year plus a yearly 2.18%.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; This financing agreement is collateralized with a portion of the revenues from the provision of water and sewage services.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017, the outstanding debt was R$408.0 million;&nbsp; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">in October 2015, we entered into a R$48.3 million financing agreement with Financier of Studies and Projects (<EM>Financiadora de Estudos e Projetos</EM>, or FINEP).&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Repayments</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> of the principal amount shall be paid in up in 91 successive monthly installments after the grace period of 30 months, with the final maturity in 2025. &nbsp;The principal amount accrues interest at the TJLP but it limited to 6.0% per year plus a yearly 1.5%.&nbsp; If TJLP exceeds 6% per year, such excess will be added to the principal amount. &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This financing agreement is collateralized with a portion of the revenues from the provision of water and sewage services.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017, the outstanding debt was R$10.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the BNDES program, we issued three tranches of debentures in the aggregate amount of R$826.1&nbsp;million.&nbsp; In November&nbsp;2009, we issued our tenth tranche of debentures in the aggregate principal amount of R$275.4&nbsp;million.&nbsp; The debentures are divided in three series:&nbsp; the first and third series will mature in November&nbsp;2020 and the second in December&nbsp;2020.&nbsp; The debentures of the first and third series, in the aggregate principal amount of R$77.1&nbsp;million and R$115.7&nbsp;million, respectively, bear interest at 1.92% per year, plus the TJLP.&nbsp; If the TJLP </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; The debentures of the second series, in the aggregate principal amount of R$82.6&nbsp;million, bear interest at the rate of the IPCA index plus 9.53% per year.&nbsp; This issuance was entirely subscribed by BNDES.&nbsp; As of December 31, 2017 the outstanding debt of tenth issuance of debentures is R$122.7 million.&nbsp; In February&nbsp;2011, we issued our fourteenth tranche of debentures, the second tranche out of those three, also subscribed exclusively by BNDES.&nbsp; These debentures are divided in three series:&nbsp; the first and third series will mature in February&nbsp;2022 and the second, in March&nbsp;2022.&nbsp; The debentures of the first and third series, in the aggregate principal amount of R$77.1&nbsp;million and R$115.7&nbsp;million, respectively, bear interest at 1.92% per year, plus the TJLP.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; The debentures of the second series, in the aggregate principal amount of R$82.6&nbsp;million, bear interest at the rate of the IPCA index plus 9.20% per year.&nbsp; As of December 31, 2017 the outstanding debt of fourteenth issuance of debentures is R$181.9 million.&nbsp; In October 2013, we concluded our eighteenth issuance of debentures, the third tranche out of those three also subscribed exclusively by BNDES.&nbsp; These debentures are divided in three series:&nbsp; the first and third series will mature in October&nbsp;2024 and the second, in November&nbsp;2024.&nbsp; The debentures of the first and third series, in the aggregate principal amount of R$77.1&nbsp;million and R$115.7&nbsp;million, respectively, bear interest at 1.92% per year, plus the TJLP.&nbsp; If the TJLP exceeds 6.0% per year, such excess will be added to the principal amount.&nbsp; The debentures of the second series, in the aggregate principal amount of R$82.6&nbsp;million, bear interest at the rate of the IPCA index plus 8.26% per year.&nbsp; In December 2013, BNDES subscribed to the debentures of the first and second series.&nbsp; In December 2014 and July 2015, BNDES subscribed in part to the debentures of the third series and will subscribe to the other debentures of the third series in 2018.&nbsp; We have used the funds raised from the three issuances for investments primarily in the Corporate Program for Water Loss Reduction and on improvements and reforms of the Rio Grande&#8217;s water treatment plant, including other projects for water supply and sewage collection systems in the S&#227;o Paulo Northern Coast, Para&#237;ba Valley and Mantiqueira Regions.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017 the outstanding debt of eighteenth issuance of debentures is R$227.9 million.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In June&nbsp;2010, we carried out our twelfth issuance of debentures, totaling R$500 million, to the FGTS, based on the FGTS&#8217;s program to finance companies in the sanitation, transport and real estate businesses.&nbsp; The debentures will mature in June 2025 and bear monthly interest based on the TR plus 9.5% per year.&nbsp;The proceeds of this issuance were used to fund a portion of our capital expenditure program in the water supply and sewage system. As of December 31, 2017 the outstanding debt of twelfth issuance of debentures is R$340.2 million.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In February&nbsp;2012, we issued our fifteenth issuance of debentures in two series in the aggregate principal amount of R$771.0 million.&nbsp; The first and second series will mature in February&nbsp;2017 and 2019, respectively.&nbsp; The debentures of the first series (in the aggregate principal amount of R$287.3&nbsp;million) bear interest at a rate of CDI plus 0.99% per year.&nbsp; The second series (in the aggregate principal amount R$483.7&nbsp;million) bears interest at a rate of IPCA plus 6.2% per year.&nbsp; The net proceeds were used to repay financial commitments throughout 2012, including the early redemption of our thirteenth debentures issuance. As of December 31, 2017 the outstanding debt of fifteenth issuance of debentures is R$692.2 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In November&nbsp;2012, we carried out our sixteenth issuance of debentures of R$500&nbsp;million, with a maturity date of November&nbsp;2015 and bearing interest, each quarter with an interest rate of between 0.30% and 0.7% per year plus the CDI rate.&nbsp; The proceeds of this issuance were used to pay our financial commitments for 2012 and 2013. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In January&nbsp;2013, we carried out our seventeenth issuance of debentures of R$1.0&nbsp;billion in three series, the first for R$424.7&nbsp;million with maturity date of January&nbsp;2018 and with an interest rate of 0.75% per year plus the CDI rate, the second for R$395.2&nbsp;million with a maturity of January&nbsp;2020 and with the interest rate of 4.50% per year plus IPCA variation and the third for R$180.1&nbsp;million with a maturity date of January&nbsp;2023 and with an interest rate of 4.75% per year plus IPCA variation.&nbsp; The proceeds of this issuance were used to pay our financial commitments for 2013. As of December 31, 2017 the outstanding debt of seventeenth issuance of debentures is R$926.3 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In June&nbsp;2014, we carried out our nineteenth issuance of debentures of R$500&nbsp;million, with a maturity date of June&nbsp;2017 and bearing interest, each semester with an interest rate of between 0.80% and 1.08% per year plus the CDI rate.&nbsp; The proceeds of this issuance were used to pay our financial commitments for 2014 and 2015. In March 2016, we made an extraordinary partial amortization of the nineteenth issuance of R$300 million, and in June 2017, we repaid the remaining amount due under these debentures. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In December 2015, we carried out our twentieth issuance of debentures of R$500 million, with a maturity date of December 2019 and bearing interest, each semester with an interest rate of 3.80% per year plus the CDI rate.&nbsp; The proceeds of this issuance were used to strengthen our cash position and refinance financial commitments which were set to mature in the first trimester of 2016.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017 the outstanding debt of twentieth issuance of debentures is R$496.9 million.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In June 2017, we carried our twenty-first issuance of debentures in two series in the aggregate principal amount of R$500 million. The first and second series will mature in June 2020 and 2022, respectively. The debentures of the first series (in the aggregate principal amount of R$150 million) bear interest at a rate of CDI plus 0.60% per year. The debentures of the second series (in the aggregate principal amount of R$350&nbsp;million) bear interest at a rate of CDI plus 0.90% per year.&nbsp;The proceeds of this issuance shall be used to strengthen our cash position and refinance financial commitments which mature in 2017.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017 the outstanding debt of twenty-first issuance of debentures is R$499.6 million.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In February 2018, we carried our twenty-second issuance of debentures in three series in the aggregate principal amount of R$750 million. The first, second and third series will mature in February 2021, 2023 and 2025 respectively. The debentures of the first series (in the aggregate principal amount of R$100&nbsp;million) bear interest at a rate of CDI plus 0.58% per year, with semi-annual interest payments.&nbsp; The second series (in the aggregate principal amount R$400&nbsp;million) bears interest at a rate of CDI plus 0.90% per year, with semi-annual interest payments. The third series (in the aggregate principal amount R$250&nbsp;million) bears interest at a rate of IPCA plus 6.00% per year, with annual interest payments. The proceeds from this funding are intended to strengthen our cash position and refinance outstanding financial commitments in 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Part of our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8209;denominated indebtedness is indexed to take into account the effects of inflation.&nbsp; This debt provides for inflation&#8209;based increases to the principal amount, determined by reference to the IPCA.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are subject to financial covenants under the agreements evidencing or governing our outstanding indebtedness.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Foreign currency denominated indebtedness</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to our indebtedness denominated in U.S. dollars, including our borrowings from the IADB, we are</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">subject to financial covenants, including limitations on our ability to incur debt. For example:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The financial covenants in our Loan No. 1212 from the IADB require as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our tariff revenues must be sufficient to cover the operational expenses of our system, including administrative, operating and maintenance expenses, and depreciation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our tariff revenues must provide a return on the balance sheet value of our property, plant, and equipment of not less than 7%; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">during project execution, the balance of our short-term borrowings must not exceed 8.5% of our total equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This contract contain an early maturity clause in the event of non-compliance on our part, of any obligation stipulated therein or in other contracts with the bank relating to the financing of the above-mentioned projects.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The financial covenants in our AB Loan Agreements with the IADB (No. 1983AB) require as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our debt service coverage ratio must be greater than or equal to 2.35:1.00; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our ratio of Net Debt (defined as all borrowed money, including debentures and Eurobonds, less interest and financial charges that have been provisioned for the current period) to Adjusted EBITDA (defined as our net income before net financial expenses, income tax and social contribution tax, depreciation and amortization, non-operating income or expenses, and extraordinary items net of income tax and social contribution, as set forth in our consolidated financial statements), each determined on a consolidated basis, must be less than 3.65:1.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This contract contains an early maturity clause. In the event of non-compliance with the terms of the contract, the BID can request the anticipated payment of part or all of the loan. The contract also contains cross-default provisions whereby an event of non-compliance on our part relating to any other of our debts with BID or third-parties (in this case, if over US$25 million) allows BID to request the&nbsp;early payment of the loan. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In a Letter Agreement executed on September 30, 2015, the IADB irrevocably agreed not to exercise its right to accelerate its loans to us if our ratio if Net Debt to Adjusted EBITDA is equal to or exceeds 3.65:1.00 for one fiscal quarter only during the period from September 30, 2015 to October 1, 2016. As a result, the IADB was only able to accelerate its loans to us if we breached this ratio for more than one quarter during that period. This agreement had a cross-default clause. See Note 16 to our financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The indenture relating to our US$350.0&nbsp;million 6.25% notes due 2020 prohibit, subject to some exceptions, the incurrence of additional debt in the event that:&nbsp; (i)&nbsp;the ratio of Adjusted Total Debt to adjusted EBITDA (as defined in the related indentures) is greater than 3.65:1.00:&nbsp; or (ii)&nbsp;the Debt Service Coverage Ratio (as defined in the related indentures) is less than 2.35:1.00.&nbsp; This agreement has a cross-default clause, i.e. the early maturity of any debt in connection with our loans or the loans of any of our subsidiaries in a total principal amount of US$25.0 million or more (or the corresponding amount in other currencies) shall imply this agreement&#8217;s early maturity.&nbsp; See Note 16 to our financial statements included in this annual report. In November 2016, the US$140.0 million 7.5% notes due 2016 were completely amortized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any significant devaluation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> will affect the total portion of our debt denominated in foreign currencies when measured in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; As a result, the Adjusted Total or Net Debt in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> will be affected, with consequent impact on the ratio between Adjusted Total or Net Debt to adjusted EBITDA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017 and 2016, we had met all the requirements set forth by these loans and financing agreements.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt 0.25in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Local currency denominated indebtedness</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to our outstanding indebtedness denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, we are subject to financial covenants.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The covenant clauses apply to all of SABESP&#8217;s indebtedness with BNDES, including the 10th, 14th, and 18th issuances of debentures held by BNDES, which totaled R$1,504.2 million as of December 31, 2016.&nbsp; The only financing agreement which is exempt from the renegotiated financial is contract No. 08.2.0169.&nbsp; See Note 16 (a) (ii) to our financial statements included in this annual report. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;In summary, the BNDES financings specify two bands for the ratios of Adjusted Net Debt / Adjusted EBITDA, Adjusted EBITDA / Adjusted Financial Expenses, and Other Onerous Debt / Adjusted EBITDA.&nbsp; The financings also specify a collateral mechanism by which we assign a portion of its tariff payment receivables to BNDES in order to provide a partial guarantee of the amounts due under the financings.&nbsp; Under this mechanism, each month we must ensure that a portion of the tariff payments which we receive are deposited on a daily basis into a blocked collateral account, before being released to a regular movements account later in the day provided that BNDES has not notified the bank that we are in default.&nbsp; If the ratio of Adjusted EBITDA / Adjusted Financial Expenses is equal to or higher than 3.50, the ratio of Adjusted Net Debt / Adjusted EBITDA equal to or lower than 3.00, and the Other Onerous Debt / Adjusted EBITDA equal to or lower than 1.00, the amount that must pass through this blocked collateral account is R$225.9 million per month.&nbsp; If one of the three aforementioned ratios are not met in any two or more quarters, consecutive or not, within a twelve-month period, yet remain within the following band of ratios:&nbsp; Adjusted EBITDA / Adjusted Financial Expenses lower than 3.50 but equal to or higher than 2.80, Adjusted Net Debt / Adjusted EBITDA equal to or lower than 3.80 but higher than 3.00, and Other Onerous Debt / Adjusted EBITDA equal to or lower than 1.30 but higher than 1.00,&nbsp; the amount that must pass through the blocked collateral account is automatically increased by 20%.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The current covenant clauses are:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face="Times New Roman">A.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face="Times New Roman">Maintenance of the following ratios, calculated quarterly and relative to amounts accumulated&nbsp;over the last 12 months at the time of disclosure of reviewed quarterly financial statements or audited annual financial statements:</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusted EBITDA / Adjusted Financial Expenses equal to or higher than 3.50;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusted Net Debt / Adjusted EBITDA equal to or lower than 3.00; and</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Onerous Debt / Adjusted EBITDA equal to or lower than 1.00 (where &#8220;Other Onerous Debt&#8221; is equal to the sum of (i) social security liabilities and health care plans, (ii) installment payments of tax debt and (iii) installment payments of debt with electricity providers).</FONT></P>
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<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">B.&nbsp;&nbsp;&nbsp; If any one of the ratios specified in A. above are not met in any two or more quarters, consecutive or not, within a twelve-month period, we shall be deemed to be in non-compliance with the first band ratios and must, as a result, automatically increase the amount passing through the blocked collateral account by 20%, provided that the following second band ratios are met:</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusted EBITDA / Adjusted Financial Expenses lower than 3.50 but equal to or higher than 2.80;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusted Net Debt / Adjusted EBITDA equal to or lower than 3.80 but higher than 3.00; and</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Onerous Debt / Adjusted EBITDA equal to or lower than 1.30 but higher than 1.00.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">C.&nbsp;&nbsp;&nbsp; If any one of the second band ratios specified in B. above are not met for any one quarter, or if we are required to but fails to ensure that the increased monthly amount specified in B. above passes through the blocked collateral account, then we shall be deemed to be in non-compliance with its ratio covenants, in which case BNDES may at its discretion:&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">require us to provide additional financial guarantees within a deadline specified by BNDES, which may not be less than 30 days;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">suspend the release of funds; and/or</FONT></P>
<P style="MARGIN: 0in 0in 12pt 49.5pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">declare the financings to be immediately due and payable.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 31, 2017, the amount that must pass through the blocked collateral account is R$225.9 million per month, not including the financial guarantees for financing contract No. 08.2.0169.1.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The financial covenants applicable to financing contract No. 08.2.0169.1 are the following:</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusted EBITDA / Adjusted Net Operational Revenue equal to or higher than 38%;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusted EBITDA / Adjusted Financial Expenses equal to or higher than 2.35; and</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Adjusted Net Debt / Adjusted EBITDA equal to or lower than 3.20.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">BNDES will annually verify the maintenance of the aforementioned ratios for contract 08.2.0169.1 by reviewing our audited annual financial statements, which must be presented to BNDES or published by April 30 of the following year to which the financial statements refer.&nbsp; If we maintain all of the financial covenants for contract 08.2.0169.1, BNDES shall reduce the interest charged in such financing contract from 2.15% to 1.82% per annum.&nbsp; If the financial covenants are maintained, the interest rate is reduced as of June 16 of the same year in which the financial covenants were verified until June 15 of the subsequent year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The financing agreement established with BNDES in March 2010 is subject to a cross-default clause.&nbsp; For example, the early maturity of any of our debts, the financial contracts and/or amounts of which may compromise the obligations stipulated in the indenture shall cause the early maturity of such agreement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our financing agreements with </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> do not contain material financial covenants.&nbsp; The agreement with </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> has a cross-default clause.&nbsp; See Note 16 to our financial statements included in this annual report.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to our outstanding debentures, the twelfth issuance requires us to maintain an Adjusted Current Ratio (current assets divided by current liabilities, excluding from current liabilities the current portion of noncurrent debts incurred by us that is recorded in current liabilities) higher than 1.0:1.0 and an EBITDA/Financial Expenses Ratio equal to or higher than 1.5:1.0.&nbsp; The twelfth debenture issuance has an early maturity clause, which is triggered if our credit ratings are downgraded two levels below the &#8220;brAA-&#8221; Brazil National Scale rating assigned to our debentures by the credit rating agency S&amp;P at the time of their issuance. On January 12, 2018, our credit rating and the one assigned to the twelfth debenture issuance by S&amp;P were both &#8220;brAA-&#8221;. This issuance has a cross-default clause.&nbsp; See Note 16</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to our financial statements included in this annual report.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The tenth, fourteenth and eighteenth issuances follow the covenants set forth with BNDES, as described above, and contain a cross-default clauses.&nbsp; See Note 16</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to our financial statements included in this annual report.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The fifteenth, seventeenth,&nbsp; nineteenth and twentieth issuances require us to maintain an EBITDA/paid financial expenses ratio equal to or higher than 1.5:1.0 and&nbsp;an adjusted total debt/EBITDA ratio equal to or lower than 3.65:1.0.&nbsp; These issuances have a cross-default clause.&nbsp; See Note 16</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to our financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The table below shows the more restrictive covenants ratios and our financial covenants ratios as of December&nbsp;31, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The twenty-first and twenty-second issuances require us to maintain an EBITDA/paid financial expenses ratio equal to or higher than 1.5:1.0 and&nbsp;an adjusted net debt/EBITDA ratio equal to or lower than 3.50:1.0.&nbsp; These issuances have a cross-default clause.&nbsp; See Note 16</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to our financial statements.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Restrictive Ratios</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Ratio as of December 31, 2017</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Adjusted EBITDA / Adjusted financial expenses </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Equal to or higher than 2.80:1.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.55</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Adjusted net debt / Adjusted EBITDA</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Equal to or lower than 3.80:1.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.89</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Adjusted total debt / Adjusted EBITDA</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Lower than 3.65:1.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2.27</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Other onerous debt<SUP>1</SUP>/ Adjusted EBITDA</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Equal to or lower than 1.30:1.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.56</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Adjusted current ratio</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Higher than 1.0</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.45</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">EBITDA/Paid financial expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Equal to or higher than 2.35:1.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7.79</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net debt/Adjusted EBITDA</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Equal to or lower than 3.50:1.0</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.84</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&#8220;Other Onerous Debts&#8221; correspond to the sum of social security liabilities, health care plan, installment payment of tax debts and installment payment of debts with the electricity supplier.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017 and 2016, we had met all the requirements set forth by these loans and financing agreements. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Capital Requirements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have, and expect to continue having, substantial liquidity and capital resource requirements.&nbsp; These requirements include debt&#8209;service obligations, capital expenditures to maintain, improve and expand our water and sewage systems, and dividend payments and other distributions to our shareholders, including the State.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Capital Expenditures</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Historically, we have funded and plan to continue funding our capital expenditures with funds generated by operations and with long-term financing from international and national multilateral agencies and development banks.&nbsp; We generally include in our capital expenditure program for the following year the amount of investment that was not realized in the previous year.&nbsp; In 2017, we recorded R$3.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion to improve and expand our water and sewage system and to protect our water sources in order to meet the growing demand for water and sewage services in the state of S&#227;o Paulo. We have budgeted investments in the amount of approximately R$17.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">billion from 2018 through 2022.&nbsp; See &#8220;Item&nbsp;4.A. History and Development of the Company&#8212;Capital Expenditure Program&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dividend Distributions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are required by our bylaws to make dividend distributions, which can be made as payments of interest on shareholders&#8217; equity to our shareholders in an amount equal to or higher than 25% of the amounts available for distribution.&nbsp; In addition, our dividend policy, which was approved at the annual shareholders&#8217; meeting held on April 27, 2018, establishes that this percentage shall be maintained until the universalization of basic sanitation services in the areas where we operate. We declared dividends of R$703.9</FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman"> </FONT><FONT lang=EN-US face="Times New Roman">million, R$823.5 million and R$149.9 million in 2017, 2016 and 2015, respectively.&nbsp; See &#8220;Item&nbsp;7.B. Related Party Transactions&#8212;Dividends&#8221;.</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Research and Development, Patents and Licenses, Etc.<SUP>&nbsp; </SUP></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our policy is to invest continually in the modernization of equipment and identify and evaluate the technology needed to improve our provision of basic sanitation services while promoting environmental protection and maintaining our competitiveness and profitability.&nbsp; In 2017, 2016 and 2015, we invested R$10.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$11.9 million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$14.7 million, respectively, in research and development.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With respect to our partnership with FAPESP to develop and support research projects involving researchers from graduate schools, the State of S&#227;o Paulo and our employees, the projects are equally financed by us and FAPESP.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under this partnership, two phases of projects were carried out. &nbsp;In the first phase, 10 projects have been approved and 9 of them have been executed and concluded.&nbsp; They are related to:&nbsp; (i) the development of technology related to the use of membrane filtration in water and sewage treatment, (ii)&nbsp;alternatives for the treatment, use and </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">disposal of sludge from water and sewage treatment plants, (iii)&nbsp;new technologies for the implementation, operation and maintenance of water distribution and sewage collection systems, (iv)&nbsp;new technologies for improvements in unitary operations processes, (v) monitoring&nbsp;water quality; (vi)&nbsp;energy efficiency and (vii)&nbsp;the sanitary economy.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Some of nine projects concluded in the first round have led to several patents and software registrations requests, including:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Use of Autonomous Microlaboratories to Monitor Phosphorus in Real Time&#8221; &#8211; This project consists of the development of a microlaboratory to detect phosphorus in water bodies using a more efficient method than traditional processes;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Intensive Monitoring of S&#227;o Paulo Metropolitan Region Reservoirs, with emphasis on cyanobacteria and its correlation with physical and chemical parameters:&nbsp; the&nbsp; Billings case&#8221; &#8211; One of the results of this project was the development of a forecasting model to determine the concentration of cyanobacteria in water sources; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Specialized System for the Detection and Diagnosis of Leaks in Urban Water Lines&#8221; &#8211; This project represents the first phase of the development of a water leakage detection system with less dependence on manual detection by the field operators.&nbsp; The acoustic signals derived from the leak are recorded on a portable GPS device that generates a database to be posteriorly correlated and analyzed. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Some of the research institutions with whom we have partnered on the abovementioned projects are the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de S&#227;o Paulo - USP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), the Aeronautic Technical Institute (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Instituto Tecnol&#243;gico de Aeron&#225;utica - ITA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), S&#227;o Paulo State University (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade Estadual Paulista &#8211; UNESP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), Federal University of S&#227;o Paulo &#8211; UNIFESP, and the National Institute of Spacial Research (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Instituto Nacional de Pesquisas Espaciais &#8211; INPE</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In May 2013, we launched the second phase of our agreement with FAPESP.&nbsp; In this second phase, the seven lines of research were defined in greater detail in order to precisely contemplate our needs.&nbsp; In this phase, 37 proposals were submitted, 10 proposals were approved according to the technical-scientific criteria and eight of them had their agreements signed in 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Development of a National Correlated Signal Optimized for Locating and Detecting Leaks in Underground SABESP Water Pipes - UNESP;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Development of an Aerobic Granular Sludge for Simultaneous Removal of Organic Matter, Nitrogen and Phosphorous from Sanitary Sewage &#8211; USP; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sewage Sludge Composting:&nbsp; Evaluation of the Process, Generated Product and its Costs - UNESP;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Diagnosis, Management and New Treatment Alternatives &#8211; USP;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Saxitoxins in Water Supply:&nbsp; Production of Analytical Standards, Development of Analytical Methodologies and the Degradation Study &#8211; USP; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Feasibility of the Use of Water Treatment Sludge as Landfill Cover Material and in the Construction of Compacted Soil Landfills - USP;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Online Analysis of Water Quality &#8211; USP; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Separation Systems by Membranes for the Public Supply of Water:&nbsp; Hiring Projects Mechanisms and Treatment of Contaminated Underground Water &#8211; USP. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">In 2015, we entered into a financing agreement with </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FINEP,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> for the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8220;Sabesp &#8211; Technological Innovations for the Sanitation Sector&#8221; plan</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">.&nbsp; Th</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">is plan is part of the &#8220;FINEP Innovates Brazil&#8221; program and aims at supporting Brazilian companies&#8217; plans for strategic investment in innovation.&nbsp; This plan must detail a company&#8217;s targets and goals for the period during which they will receive financing, pursuant to the Federal Government&#8217;s &#8220;Greater Brazil Plan &#8211; PBM&#8221;.&nbsp; This plan consists of four projects, whose costs total approximately</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> R$60 million,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> as follows:&nbsp; (i) production system for reused water in urban and industrial uses; (ii) biofiltration units for odor control; (iii)&nbsp;sludge dryer based on solar radiation for sewage treatment plants in the city of Franca, Franca Sewage Treatment Plant; and (iv) plasma gasification system for solid waste from sewage treatment plants in the Barueri Sewage Treatment Plant</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also entered into an agreement with the Fraunhofer Institute in Germany in 2011 in order to obtain biomethane from the sewage treatment process to be used as fuel for cars&nbsp; The objective is to mobilize a fleet of 49 cars using biomethane fueled by a sewage treatment process instead of gasoline.&nbsp; This project has been delayed due to a judicial dispute between the supplier of the equipment and the Fraunhofer Institute which has temporarily impeded the importation of equipment donated by the Fraunhofer Institute.&nbsp; In 2016, we received the imported equipment. &nbsp;In 2017, we completed the construction and installation of equipment, and started testing the technology. Full operation is expected to begin in 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2016, we signed a technical cooperation agreement with Magni, a representative of the Danish company Liqtech, aiming to test cutting edge ceramic ultra-filtering membranes to treat residual water in our water treatment plants. &nbsp;Tests were completed in 2017. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2016, we also formalized a Memorandum of Understanding with the Danish Water Forum (&#8220;DWF&#8221;), aiming to enhance technological cooperation to create pilot projects that seek to make our treatment plants more energy-efficient and to fight water loss through the creation of &#8220;Measure and Control Districts&#8221;, areas of the distribution network temporarily or permanently closed to measure the amount of water entering or leaving. As part of this cooperation, in 2017 a workshop was held to present the loss reduction technologies used by Danish companies in the management of water supply networks.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Seeking energy efficiency in our operations, we established a procedure to calculate the oxygen transfer rate in air diffusers dissolved in sewage treatment plants.&nbsp; The project also aims to find the best cleaning period and when these devices would have to be replaced.&nbsp; The tests conducted at our pilot sewage treatment plant were concluded in 2017. In 2018, we expect to conclude the evaluation of operational and quality results as well as the elaboration of technical reports in order to reach a final conclusion regarding the feasibility of replicating this technology in other sewage treatment plants.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, we signed a Term of Commitment with the Federal University of Minas Gerais (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade Federal de Minas Gerais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8211; UFMG), through the university&#8217;s Department of Sanitary and Environmental Engineering, aiming to continue the project entitled &#8220;Evaluation of the potential energy utilization of biogas generated in anaerobic reactors as applied to domestic sewage treatment in Brazil&#8221; at the V&#225;rzea Paulista Sewage Treatment Plant. Measurements and assessments of biogas production are currently in process.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, we also signed a Memorandum of Understanding with ino3W Ltd. with the specific purpose of exchanging knowledge and experience aimed at potentially establishing a partnership in the area of technological development. Ino3W Ltd. hosts a platform on which large water and sanitation utility providers in several countries can collaborate to find efficient solutions through partnerships with global innovative technology providers, entrepreneurs and water and sanitation companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also have developed custom made biofilters to reduce the odor from sewage pumping stations and sewage treatment plants. &nbsp;Additionally, we have projects linked to the quality and treatment of water, including projects that focus on particularly hard to remove chemical components, and projects that focus on machinery used to control the water treatment process in our treatment plants. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In our sewage collection and treatment plants, we have projects that seek to automotize operational processes and develop alternative technologies not used or rarely used in Brazil, such as the use of ultraviolet technology in the disinfection of water planned to be re-used and the use of activated charcoal to minimize odors generated by the sewage collection process in cities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We publish DAE Magazine, our company&#8217;s quarterly engineering journal which has now totaled over 200 editions since its inauguration. This journal&#8217;s publication began in 1936 under the title Bulletin of the Water and Sewage Department &#8211; RAE (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Boletim da Reparti&#231;&#227;o de Aguas e Esgotos &#8211; RAE</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">). The journal has a specialized staff and is currently accredited by the Qualis / CAPES system under the category &#8220;B2.&#8221; Through the journal&#8217;s publication of technical and scientific articles on basic and environmental sanitation, we aim to ensure that improvements in processes, innovations and technological advances aid in the construction of universalized and sustainable sanitation, which in addition to the implementation of infrastructure, generate social-environmental solutions to improve the quality of life and health of the Brazilian population. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Trend Information&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Several factors may affect our future results of operations, liquidity and capital resources, including:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the interests of our controlling shareholder;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">our potential corporate reorganization, as approved by State Law No. 16,525 on September 15, 2017;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">regulations issued by ARSESP regarding several aspects of our business, with respect to our ability to adjust our tariffs and the competency of state and municipalities to manage their sanitation affairs;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Brazilian economic conditions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the effects of extreme weather events;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the effects of any continuous international financial turmoil that may affect liquidity in the Brazilian capital and lending markets;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the effects that further changes in the Basic Sanitation Law and its interpretation may have on the basic sanitation industry in Brazil and on us;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the effects of inflation in our results of operations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the effects of fluctuations in the value of the Brazilian real and in interest rates on our net interest income;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the renewal of our concession agreements; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the impact on our business of&nbsp; lower water consumption practices adopted by our customers during the water crisis, which may remain in place despite the discontinuation of the measure we adopted to serve the S&#227;o Paulo metropolitan region during the water crisis; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">investments made, by some sectors, during the water crisis in search of alternative sources of supply, such as the drilling of artesian wells, the reuse of water and the use of rainwater; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the May 2017 renewal of the concession that regulates the volume of water that may be extracted from the Cantareira System, the main water system we use to serve the S&#227;o Paulo metropolitan region, based on the volume of water available in the reservoirs divided into five tranches: (i) if the volume of water available is higher than 60% of the reservoirs&#8217; capacity, we can draw up to 33m<SUP>3</SUP>/s; (ii) if the volume of water is between 40% and 60% of the reservoirs&#8217; capacity, we can draw up to 31m<SUP>3</SUP>/s; (iii) if the volume of water is between 30% and 40% of the reservoirs&#8217; capacity, we can draw up to 27m<SUP>3</SUP>/s; (iv) if the volume of water is between 20% and 30% of the reservoirs&#8217; capacity, we can draw up to 23m<SUP>3</SUP>/s; and (v) if the volume of water available is lower than 20% of the reservoirs&#8217; capacity, we can draw up to 15.5m<SUP>3</SUP>/s; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">any measures that we may be required to take to ensure the provision of water to our customers; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the formalization of agreements with certain of the municipalities we serve.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Some of these factors are described in more detail under &#8220;5.A. Operating and Financial Review and Prospects&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, you should read &#8220;3.D. Risk Factors&#8221; for a discussion of the risks we face in our business operations, which could affect our business, results of operations or financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">E.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Off&#8209;Balance Sheet Arrangements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We had no off&#8209;balance sheet arrangements as of December&nbsp;31, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">F.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tabular Disclosure of Contractual Obligations </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our debt obligations and other contractual obligations as of December&nbsp;31, 2017 were as follows:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Less than 1 year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1&#8209;3 years</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3&#8209;5 years</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">More than 5 years</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 3.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in&nbsp;millions of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,746.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,021.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,701.9</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,630.5</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12,101.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Estimated interest payments<SUP>(1)</SUP></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">474.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">947.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">510.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">904.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,836.4</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Accounts payable to suppliers and </FONT></P>

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">contractors</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">344.9</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">344.9</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Services payable</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">408.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">408.3</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Program contract commitments</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">128.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">108.1</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">16.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">16.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">269.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Purchase obligations<SUP>(2)</SUP></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,239.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,273.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,412.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7,186.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">15,112.1</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,342.9</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.1pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8,350.2</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,641.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 6.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12,737.5</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 4.5pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">31,072.4</FONT></P></TD></TR></TABLE></DIV></DIV>

<a name="_bclFooter108"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">104</FONT></P></DIV>

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

&nbsp; <A name="page_108"></A>

<a name="_bclPageBorder109"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.5in 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Estimated interest payments on loans and financing were determined considering the interest rates as of December&nbsp;31, 2017.&nbsp; However, our loans and financing are subject to variable interest indexation and foreign exchange fluctuations, and these estimated interest payments may differ significantly from payments actually made. &nbsp;The debt agreements have cross-default clauses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">The purchase obligations are the contractual obligations of investments and expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We believe that we can meet the maturity schedule through a combination of funds generated by operations, the net proceeds of new issuances of debt securities in the Brazilian and international capital markets and additional borrowings from domestic and foreign lenders.&nbsp; Our borrowings are not affected by seasonality.&nbsp; For information concerning the interest rates on our indebtedness outstanding as of December&nbsp;31, 2017, see Note</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">16 to our financial statements as of December&nbsp;31, 2017 and 2016 and for the years ended December&nbsp;31, 2017, 2016, 2015 included elsewhere in this annual report.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<a name="_bclFooter109"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">105</FONT></P></DIV>

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

&nbsp; <A name="page_109"></A>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Directors and Senior Management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under our bylaws and Brazilian Corporate Law, we are managed by our board of directors (</FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Conselho de Administra&#231;&#227;o</FONT><FONT lang=EN-US face="Times New Roman">), which currently consists of ten directors, and a board of executive officers (</FONT><FONT lang=EN-US face="Times New Roman">Diretoria</FONT><FONT lang=EN-US face="Times New Roman">), which currently consists of six executive officers.</FONT></FONT></FONT></P><FONT style="FONT-SIZE: 10pt"></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 10pt"></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As our controlling shareholder, the State has the ability to elect the majority of our board of directors and, therefore, our direction and future operations.&nbsp; Upon the election of a new State governor and any resulting change in the administration of the State, all or some of the members of our board of directors, including our chairman, have historically been replaced by designees of the new administration.&nbsp;Our board of directors may in turn replace some or all of the executive officers.&nbsp;See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Control by the State of S&#227;o Paulo&#8212;We are controlled by the State of S&#227;o Paulo, whose interests may differ from the interests of non-controlling shareholders, including holders of ADSs&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Board of Directors </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our bylaws provide for a minimum of seven and a maximum of 11 directors.&nbsp; The members of our board of directors are elected at a general shareholders&#8217; meeting to serve a two-year term.&nbsp; Such terms may be renewed three consecutive times. Pursuant to our bylaws, our employees have the option to elect one member of our board of directors.&nbsp; Currently, our employees have not elected a director. In addition, pursuant to Law No.&nbsp;6,404/1976 of December 15, 1976, as amended (&#8220;Brazilian Corporate Law&#8221;), at least one member of the board of directors of mixed capital companies, such as us, must be appointed by the minority shareholders.&nbsp; Finally, according to the </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> rules and Federal Law No. 13,303/16, at least two, or 25.0%, of the board of directors must be comprised of independent members.</FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">All the current members of our board of directors were elected at the annual shareholders&#8217; meeting held on April 27, 2018, except for Karla Bertocco Trindade who joined our board of directors on May 14, 2018 when she was appointed our Chief Executive Officer.&nbsp;The tenure of all the directors will end upon the election of members for the new term at the annual shareholders&#8217; meeting in 2020. &nbsp;Currently, we have seven members considered independent under the </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Novo Mercado </FONT><FONT lang=EN-US face="Times New Roman">rules and Federal Law No. 13,303/16.</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our board of directors ordinarily meets once a month or, when necessary for the interests of our company, when called by a majority of the directors or the chairman.&nbsp; Its responsibilities include the establishment of policy and general orientation of our business, and the appointment and supervision of our executive officers.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following are the names, ages, positions, dates of election and brief biographical descriptions of the current members of our board of directors elected at the shareholders&#8217; meeting on April 27, 2018 and, in the case of Karla Bertocco Trindade, on May 14, 2018: </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Director</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Age</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Date Elected</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Mario Engler Pinto Junior</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">61</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Chairman</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Karla Bertocco Trindade </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">41</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">May 14, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Jer&#244;nimo Antunes </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">62</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Independent Member*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Reinaldo Guerreiro </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">64</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Independent Member*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Francisco Vidal Luna </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">71</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Independent Member*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Lu&#237;s Eduardo Alves de Assis </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">61</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Independent Member*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Francisco Luiz Sibut Gomide </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">72</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Independent Member*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Lucas Navarro Prado</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">37</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Independent Member*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Ernesto Rubens Gebcke</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">74</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Independent Member*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Rog&#233;rio Ceron de Oliveira</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">37</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 5.5in 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; These members comply with the independence requirements established by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"> rules.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mario Engler Pinto Junior</FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">.&nbsp;Mr. Pinto has been the Chairman of our board of directors since April 2018. &nbsp;Mr. Pinto holds a law degree and PhD in Commercial Law from the University of S&#227;o Paulo (</FONT><FONT lang=EN-US face="Times New Roman">Universidade de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; USP). He is the CEO and a member of the board of directors of the S&#227;o Paulo Partnership Company (</FONT><FONT lang=EN-US face="Times New Roman">Companhia Paulista de Parcerias - CPP</FONT><FONT lang=EN-US face="Times New Roman">), a member of the State Capital Protection Board (</FONT><FONT lang=EN-US face="Times New Roman">Conselho de Defesa dos Capitais do Estado - CODEC</FONT><FONT lang=EN-US face="Times New Roman">), chief advisor on public and corporate finance to the Treasury Department, an arbitrator for the B3 Arbitration Chamber, a member of the Advisory Chamber for the Governance Market for State-Owned Companies (</FONT><FONT lang=EN-US face="Times New Roman">Mercado de Governan&#231;a de Estatais</FONT><FONT lang=EN-US face="Times New Roman">) and a member of the Fiscal Council for the Luso-Brazilian Bank (</FONT><FONT lang=EN-US face="Times New Roman">Banco Luso-Brasileiro</FONT><FONT lang=EN-US face="Times New Roman">).&nbsp; He is also a professor at the bachelor&#8217;s and master&#8217;s levels and for a specialization course at the Get&#250;lio Vargas Foundation (</FONT><FONT lang=EN-US face="Times New Roman">Funda&#231;&#227;o Get&#250;lio Vargas</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; FGV), where he also conducts legal research regarding contractual and corporate arrangements in the public and private sector and serves as coordinator of the professional master&#8217;s degree program. He has been an active lawyer since 1979 and served as a S&#227;o Paulo State Attorney from 1984 to 2014. He was also a member of the Energy Council for the Regulatory Agency of Sanitation and Energy for the State of S&#227;o Paulo (</FONT><FONT lang=EN-US face="Times New Roman">Conselho de Orienta&#231;&#227;o de Energia da Ag&#234;ncia Reguladora de Saneamento e Energia do Estado de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman">) from 2008 to 2010, a member of our board of directors from 2006 to 2011, a member of our audit committee from 2006 to 2009, a member of the board of directors for the Brazilian Institutue of Corporate Governance (</FONT><FONT lang=EN-US face="Times New Roman">Instituto Brasileiro de Governan&#231;a Corporativa</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; IBGC) from 2004 to 2006, Deputy Attorney General for the State of S&#227;o Paulo from 2000 to 2003 and a member of the board of directors for the airline Via&#231;&#227;o A&#233;rea S&#227;o Paulo from 2000 to 2001. </FONT></FONT></FONT>
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<FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Karla Bertocco Trindade</FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">.&nbsp; Mrs. Trindade has been our Chief Executive Officer and a member of our board of directors since May 2018. She holds a Bachelor&#8217;s degree in Public Administration from the Get&#250;lio Vargas Foundation (</FONT><FONT lang=EN-US face="Times New Roman">Funda&#231;&#227;o Get&#250;lio Vargas</FONT><FONT lang=EN-US face="Times New Roman"> - FGV), a Bachelor&#8217;s degree in Law from the Pontificial University of S&#227;o Paulo (</FONT><FONT lang=EN-US face="Times New Roman">Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; PUC-SP) and a post-graduate degree in Administrative Law from FGV. She was Undersecretary of Partnerships and Innovation at the Secretariat of the S&#227;o Paulo State Government, responsible for coordinating different public-private partnerships and concession projects in the State of S&#227;o Paulo between 2015 and 2018, Director General of the State of S&#227;o Paulo Regulatory Agency for Delegated Transportation Public Services (</FONT><FONT lang=EN-US face="Times New Roman">Ag&#234;ncia Reguladora de Servi&#231;os P&#250;blicos Delegados de Transporte do Estado de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman"> - ARTESP) between 2011 and 2015, and Director of Institutional Relations of the State of S&#227;o Paulo Regulatory Agency for Sanitation and Energy (</FONT><FONT lang=EN-US face="Times New Roman">Ag&#234;ncia Reguladora de Saneamento e Energia do Estado de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman"> - ARSESP) between 2008 and 2010. She also worked as Advisor to the President of our company between 2003 and 2006.</FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Jer&#244;nimo Antunes.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Mr. Antunes has been an independent member of our board of directors and Coordinator of the Audit Committee since April 2008.&nbsp; He holds a Bachelor&#8217;s degree in Business Administration and Accounting and both a Masters&#8217; degrees and a doctorate in Controllership and Accounting from the Business, Economics and Accounting School at the University of S&#227;o Paulo (Universidade de S&#227;o Paulo - USP).&nbsp; He has been a professor of several MBA courses at the Foundation Institute of Accounting, Actuary and Financial Research (Funda&#231;&#227;o Instituto de Pesquisas Cont&#225;beis, Atuariais e Financeiras - FIPECAFI) and at the Foundation Institute of Administration (Funda&#231;&#227;o Instituto de Administra&#231;&#227;o - FIA), among other institutions.&nbsp; Mr. Antunes has acted as an independent auditor from 1977 to 2005 and as an expert and specialist in accounting examinations since 2005. He was a member of the board of directors and a member of Finance, Risks, and Contingencies committee of Paranapanema S.A. from October 2016 to August 2017 and he has been a member of the audit committee of Paranapanema S.A. since November 2017. He has been member of the audit committee of Desenvolve SP since April 2013 and was the president of its audit committee from April 2013 to February 2017. Since July 2015, he has been an independent member of the board of directors, a member of the audit committee (acting as president since September 2016) and a member of compensation and succession committee of Petr&#243;leo Brasileiro S.A. - Petrobras. He has been an independent member of the board of directors and the President of the audit committee of Petrobras Distribuidora S.A. since August 2016. Mr. Antunes has also been a member of the board of trustees of FIPECAFI since April 2017, and an alternate member of the fiscal council of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Companhia Brasileira de Distribui&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> since April 2017. He is a member of IBGC and was an executive officer of the Institute of Accounting, Actuary and Financial Research (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Instituto de Pesquisas Cont&#225;beis, Atuariais e Financeiras</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">- IPECAFI), the Brazilian Institute of Independent Auditors (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Instituto Brasileiro de Auditores Independentes </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&#8211; IBRACON) and the National Association of Executives in Finance, Administration and Accounting (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Associa&#231;&#227;o Nacional de Executivos de Finan&#231;as, Administra&#231;&#227;o e Contabilidade</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&#8211; ANEFAC).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Reinaldo Guerreiro</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">.&nbsp; Mr.&nbsp;Guerreiro has been an independent member of our board of directors since January 2007 and a member of our Audit Committee from January 2007 to May 2017.&nbsp; He holds a doctorate in Accounting and Controllership, a Master&#8217;s degree in Accounting and Controllership and a Bachelor&#8217;s degree in Accounting Sciences, all of them from the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> Business, Economics and Accounting School at</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de S&#227;o Paulo - USP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">.&nbsp; Currently, he is a professor and Deputy Head of the Accounting Department at the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> Business, Economics and Accounting School at USP</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">.&nbsp; He has authored books in management accounting</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">and has published various scientific articles in domestic and international magazines.&nbsp; He is a specialized consultant in financial management.&nbsp; Mr.&nbsp;Guerreiro has worked on various projects in the areas of financial management, costs, budget and IT in a variety of companies</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, such as Banco do Brasil, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Caixa Econ&#244;mica Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, Previ and for the S&#227;o Paulo Government - GESP. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Francisco Vidal Luna</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">.&nbsp; Mr.&nbsp;Luna has been an independent member of our board of directors since April 2013 and a member of our Audit Committee from April 2013 to September 2016.&nbsp; He has a doctorate </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in Economics from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> Business, Economics and Accounting School at the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de S&#227;o Paulo - USP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and is a retired professor of the same university.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">In the public sector, he has served as the Secretary of Planning for the state and city of S&#227;o Paulo.&nbsp; He has also worked at the Treasury Department for the State of S&#227;o Paulo and the Federal Planning Bureau, among other roles.&nbsp; Within the private sector, Mr.&nbsp;Luna was Chairman and President of Banco Inter American Express S.A.&nbsp; At the governmental level, he served as a member of the advisory board of the Superintendency for the Development of the Northeast (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Superentend&#234;ncia de Desenvolvimento do Nordeste &#8211; Sudene)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">, a member of the board of directors of BNDES; superintendent of the Planning Institute of the Federal Planning Bureau, Special Secretary for Economic Affairs of the Federal Planning Bureau.&nbsp; At the state level, Mr.&nbsp;Luna has also been the Chairman of the Advisory Board for the division of Economic Affairs of the Secretariat of Finance of the State of S&#227;o Paulo and Executive Secretary of the Board of Financial Coordination of S&#227;o Paulo.&nbsp; </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Currently, Mr.&nbsp;Luna is a member of the board of directors and the audit committee of Develop S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Desenvolve SP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">), a member of the board of directors and the audit committee of Gafisa S.A., a member of the board of directors of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Tenda S.A.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">, Chairman of the board of directors of IDBRASIL and the Afro-Brazilian Museum, a member of the board of trustees of the Father Anchieta Foundation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Funda&#231;&#227;o Padre Anchieta</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">) and an advisory board member of the Foundation of Medical Faculty (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Funda&#231;&#227;o Faculdade de Medicina &#8211; FFM</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">).</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face="Times New Roman">Lu&#237;s Eduardo Alves de Assis.</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mr.&nbsp;Assis has been an independent member of our Board of Directors since April 2014 and a member of our Audit Committee since September 30, 2016.&nbsp; He holds a degree in Economics from the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de S&#227;o Paulo - USP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), a Master&#8217;s degree from the State University of Campinas (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade Estadual de Campinas &#8211; UNICAMP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and an MBA from </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Scuola Superiore Enrico Mattei</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> in Milan, Italy.&nbsp; He was director of Monetary Policy of the Central Bank of Brazil and a professor in the Department of Economics at the Pontificial University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo - PUC-SP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and at the Getulio Vargas Foundation </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Funda&#231;&#227;o Getulio Vargas - FGV-SP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; He has developed his long career in the financial market, having held the positions of Chief Economist and Investment Director at Citibank, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Chief Executive Officer at HSBC Investment Bank Brasil, Chief Executive Officer at HSBC Asset Management, Chief Operating Officer at HSBC Bank Brasil, Senior Strategic Planning Executive at the HSBC Group in London and Local Director for Latin America at HSBC. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Currently, he serves as the President of Fator Seguradora and as vice-president of the Fernand Braudel Institute of World Economics council. He also writes an opinion column for the newspaper </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">O Estado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Francisco Luiz Sibut Gomide</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;Mr. Gomide has been an independent member of our board of directors since April 2017 and was a member of our Audit Committee from May 2017 to August 2017. He holds a Bachelor&#8217;s degree in Civil Engineering and Economic Sciences from the Federal University of Paran&#225; (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade Federal do Paran&#225;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and a PhD in Hydrology and Water Resource from the Colorado State University. He was Minister of Mines</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and Energy in 2002, President of ESCELSA &#8211; Esp&#237;rito Santo Centrais El&#233;tricas S.A. between 1995 and 2001, President of the Energy Company of Mato Grosso do Sul between 1997 and 2001, General Manager of Itaipu Binacional between 1993 and 1995. Mr. Gomide was also a professor at the Federal University of Paran&#225; (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade Federal do Paran&#225;) </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">from 1970 to 1995 and the President and Chief Financial Officer of the Energy Company of Paran&#225; (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Paranaense de Energia &#8211; Copel</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) between 1986 and 1993 and from 1983 to 1985, respectively. He was also a hydraulic engineer at the Energy Company of Paran&#225; between 1969 and 1982.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Lucas Navarro Prado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">. Mr. Prado has been an independent member of our board of directors and a member of our Audit Committee since August 2017. He holds a law degree from the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Universidade de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> - USP) and a master&#8217;s degree in Corporate Finance and Investment Banking from the University of S&#227;o Paulo&#8217;s Business Institute Foundation (FIA-USP).&nbsp; From 2005 to 2007, he served as the advisor to the public-private partnership division of the Planning, Budget and Management Ministry of Brazil.&nbsp; Mr. Prado served as an advisor to SABESP&#8217;s CEO between 2007 and 2009 and as the head of SABESP&#8217;s legal department between 2009 and 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"><EM>Ernesto Rubens Gelbcke</EM></FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US color=black face="Times New Roman"><EM>.</EM> </FONT><FONT lang=EN-US face="Times New Roman">Mr. Gelbcke has been an independent member of our board of directors since April 2018. Mr. Gelbcke has a Bachelor&#8217;s degree and a Master&#8217;s degree in accounting sciences, both from the School of Economics, Administration and Accounting of the University of S&#227;o Paulo (</FONT><FONT lang=EN-US face="Times New Roman">Faculdade de Economia, Administra&#231;&#227;o e Contabilidade da Universidade de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; FEA USP). He worked at Arthur Andersen (various positions, including S&#227;o Paulo audit coordinator and member of the Brazil technical policies committee) from 1965 to 1976, Directa Auditores (founder and CEO) from 1977 to 2014, Grant Thornton Brasil (chairman of the board of directors) from 2014 to 2015, Gelbcke Consultores (founder and consultant) since 2001, and GHG Contadores (founder) since 2017. He was one of the twelve elected members of the Accounting Pronouncements Committee, representing the Foundation Institute of Accounting, Actuary and Financial Research (</FONT><FONT lang=EN-US face="Times New Roman">Funda&#231;&#227;o Instituto de Pesquisas Cont&#225;beis, Atuariais e Financeiras</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; FIPECAFI) from its creation in 2006 until 2016. He was also a professor at FEA USP from 1971 to 2003, professor and coordinator of the audit specialization course at the Central Bank with the Foundation Institute for Accounting, Actuarial and Financial Research (</FONT><FONT lang=EN-US face="Times New Roman">Funda&#231;&#227;o Instituto de Pesquisas Cont&#225;beis, Atuariais e Financeiras</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; FIPECAFI) from 1978 to 1980, among others. He has authored and co-authored various articles, technical opinions and books, such as &#8220;Accounting Manual for Stock Companies&#8221; (</FONT><FONT lang=EN-US face="Times New Roman">Manual de Contabilidade das Sociedades por A&#231;&#245;es</FONT><FONT lang=EN-US face="Times New Roman">), &#8220;Manual for Corporate Accounting&#8221; (</FONT><FONT lang=EN-US face="Times New Roman">Manual de Contabilidade Societ&#225;ria</FONT><FONT lang=EN-US face="Times New Roman">), and &#8220;Intermediate Accounting&#8221; (</FONT><FONT lang=EN-US face="Times New Roman">Contabilidade Intermedi&#225;ria</FONT><FONT lang=EN-US face="Times New Roman">). He was a member of the fiscal committee and of the audit committee of AMBEV S.A. from 2007 to 2009, a member of the Board of Directors of the Brazilian Institute of Independent Accountants (</FONT><FONT lang=EN-US face="Times New Roman">Instituto dos Auditores Independentes do Brasil</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; IBRACON) from 2015 to 2017, and a member of the audit committee of AES Eletropaulo in 2017, among others. Since 2017, he has been a member of the fiscal council of FIPECAFI. This term expires in 2019.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman"><EM>Rog&#233;rio Ceron de Oliveira</EM></FONT><FONT lang=EN-US face="Times New Roman"><EM>.</EM> Mr. Oliveira has been a member of our board of directors since May 2018. Mr. Oliveira holds a Bachelor&#8217;s degree and a Master&#8217;s degree in economics from the State University of Campinas (</FONT><FONT lang=EN-US face="Times New Roman">Universidade Estadual de Campinas</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; UNICAMP) from 2005 to 2012, and is completing a doctorate in public administration at the Get&#250;lio Vargas Foundation (</FONT><FONT lang=EN-US face="Times New Roman">Funda&#231;&#227;o Get&#250;lio Vargas</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; FGV), with experience in public finance. Since 2017, he is the Deputy Secretary of the Treasury of the State of S&#227;o Paulo. He served in the S&#227;o Paulo Municipal Government as Finance Secretary between 2015 and 2016, Deputy Secretary of Finance in 2015, Deputy Secretary of Treasury from 2001 to 2014 and Chief and Advisor of Economics for the Finance Department between 2007 and 2010. He also worked at the Accounting Court of the State of S&#227;o Paulo in 2006 and worked as a researcher at CPqD Telecom &amp; IT Solutions between 2001 and 2005. He was and is a member of the boards of directors and of the fiscal committees of companies such as the S&#227;o Paulo Company for the Development and Mobilization of Assets (</FONT><FONT lang=EN-US face="Times New Roman">Cia. </FONT><FONT lang=PT-BR face="Times New Roman">S&#227;o Paulo de Desenvolvimento e Mobiliza&#231;&#227;o de Ativos</FONT><FONT lang=PT-BR face="Times New Roman"> &#8211; SPDA), SP Neg&#243;cios and the Paulista Company of Securitization (</FONT><FONT lang=PT-BR face="Times New Roman">Companhia Paulistana de Securitiza&#231;&#227;o</FONT><FONT lang=PT-BR face="Times New Roman"> &#8211; SPSEC). He was also a member of the fiscal council of the S&#227;o Paulo Metro Company (</FONT><FONT lang=PT-BR face="Times New Roman">Companhia Metropolitano de S&#227;o Paulo </FONT><FONT lang=PT-BR face="Times New Roman">&#8211; Metro).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Board of Executive Officers </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our board of executive officers is composed of six executive officers appointed by our board of directors for a two year term.&nbsp; Such terms may be renewed three consecutive times. Our executive officers are responsible for all matters concerning our day&#8209;to&#8209;day management and operations.&nbsp; Members of our board of executive officers have individual responsibilities established by our board of directors and our bylaws. </FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following are the names, ages, positions, dates of election and brief biographical descriptions of our board of executive officers: </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Executive Officer</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Age</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Date Elected</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Karla Bertocco Trindade</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">41</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">May 14, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Manuelito Pereira Magalh&#227;es Junior </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">50</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Corporate Management Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">June 22, 2017</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Rui de Britto &#193;lvares Affonso </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">60</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Chief Financial Officer and Investor Relations Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">June 22, 2017</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Paulo Massato Yoshimoto </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">65</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Metropolitan Region Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">June 22, 2017</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Luiz Paulo de Almeida Neto </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">62</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Regional Systems Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">June 22, 2017</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Edison Airoldi </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">61</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Technology, Enterprises and Environment Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">June 22, 2017</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Karla Bertocco Trindade.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">See above, &#8220;&#8212;Board of Directors&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Manuelito Pereira Magalh&#227;es J&#250;nior</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Mr.&nbsp;Magalh&#227;es has been our Corporate Management Officer since February&nbsp;2011.&nbsp; He holds a degree in Economic Sciences from the State University of Campinas (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade Estadual de Campinas &#8211; UNICAMP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; Mr.&nbsp;Magalh&#227;es was a member of our board of directors from January&nbsp;2007 to February&nbsp;2011. From 2009 to 2011 he was the Chief Executive Officer of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Empresa Paulista de Planejamento </FONT></I>

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<I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Metropolitano &#8211; EMPLASA.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; From 2006 to 2009 he was the Secretary of Planning of the Municipality of S&#227;o Paulo and from 2005 to 2006 he was the Deputy Secretary of the Planning Secretariat.&nbsp; From 2003 and 2004 he was Ombudsman of the National Supplementary Health Agency.&nbsp; From 1998 to 2002, he was the special advisor of the Ministry of Health. He was also a parliamentary advisor in the Federal Senate from 1997 to 1998.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Rui de Britto &#193;lvares Affonso</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mr.&nbsp;Affonso has been our Chief Financial Officer and Investor Relations Officer since July&nbsp;2003.&nbsp; Mr.&nbsp;Affonso holds a PhD and a Master&#8217;s degree in Economics from the State University of Campinas (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade Estadual de Campinas &#8211; UNICAMP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), and a degree in Economics from the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de S&#227;o Paulo - USP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; He has been a professor at UNICAMP since 1986, a professor at </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> Business, Economics and Accounting School of USP from 1983 to 1989, and a Director of Public Economy at the Foundation of Administrative Development (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o do Desenvolvimento Administrativo)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> from 1994 to 2003.&nbsp; He also represented Brazil on the board of directors of the Forum of Federations, a non&#8209;governmental entity located in Canada, from 2000 to 2006.&nbsp; Mr.&nbsp;Affonso has also held several positions in state government.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Paulo Massato Yoshimoto</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Mr.&nbsp;Yoshimoto has been our Metropolitan Region Officer since February&nbsp;2004.&nbsp; He holds a degree in Civil Engineering from the Lins School of Engineering (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Escola de Engenharia de Lins)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Mr.&nbsp;Yoshimoto joined us in 1983, and has held the positions of executive assistant to the operations office and head of the water production and maintenance and metropolitan planning departments.&nbsp; Mr.&nbsp;Yoshimoto has also held the position of senior planning professional at </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Empresa Metropolitana de Planejamento</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> from 1975 to 1983.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Luiz Paulo de Almeida Neto</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mr.&nbsp;Almeida Neto has been our Regional Systems officer since January&nbsp;2011.&nbsp; He holds a degree in Civil Engineering from the Polytechnic School at the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de S&#227;o Paulo - USP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), a degree in Business Administration from the Votuporanga Educational Foundation (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o Educacional Votuporanga/SP)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and a post&#8209;graduate degree in Sanitary Engineering from the School of Public Health at USP.&nbsp; Mr.&nbsp;Almeida joined us in 1979&nbsp;and has worked with us as head of the Baixo Tiet&#234; Business Unit responsible for the management of areas located in the hydrographic basins of Baixo Tiet&#234;, Tiet&#234;&#8209;Batalha, S&#227;o Jos&#233; dos Dourados and Turvo Grande.&nbsp; Mr.&nbsp;Almeida Neto has authored several articles.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Edison Airoldi</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Mr Airoldi has been our Technology, Enterprises and Environment Officer since June 2015.&nbsp; He holds a degree in Mechanical Engineering from the Polytechnic School at the University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de S&#227;o Paulo - USP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and a Master&#8217;s degree in Business Administration from the Foundation Institute of Administration (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o Instituto de Administra&#231;&#227;o - FIA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; Mr. Airoldi joined us in 1981 and has worked with us as the Head of the Northern Region business unit, the Water Production business unit and the Technical and Integrated Planning Unit.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Compensation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Brazilian Corporate Law, our shareholders are responsible for establishing the aggregate amount of compensation we pay to the members of our board of directors, members of our fiscal committee and our executive officers.&nbsp; According to Instruction No.&nbsp;480 issued by CVM, we have to periodically disclose certain information on the aggregate compensation such as averages and fringe benefits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2017, 2016 and 2015, the aggregate compensation, including benefits in kind granted that we paid to members of our board of directors, board of executive officers and fiscal committee for services in all capacities were R$4.4</FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US face="Times New Roman">million, R$4.4 million</FONT><FONT lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US face="Times New Roman">and R$4.6 million, respectively. At our annual shareholders&#8217; meeting held on April 27, 2018, our shareholders approved R$4.7 million in aggregate compensation payable to members of our board of directors, members of our fiscal committee and our executive officers in 2018.</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The tables below sets forth the breakdown of the total compensation received by our directors and members of our board of executive officers and fiscal committee and other data related to their compensation for the periods indicated: </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in thousands of R$, except where indicated otherwise)</FONT></I></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total compensation per administrative body </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">848</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">923</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,139</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,184</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,135</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">313</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">299</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">324</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total amount of compensation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,369</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,406</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4,598</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Number&nbsp;of members (in individuals)</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fixed annual compensation</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Salary </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">659</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">710</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">878</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,856</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,877</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,781</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">247</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">243</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">252</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Direct and indirect benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">189</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">213</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">262</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">796</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">812</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">833</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">66</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">56</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">72</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Variable compensation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Bonus </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">556</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">494</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">521</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Maximum amount of compensation </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">156</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">157</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">157</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">691</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">618</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">581</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">66</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Minimum amount of compensation </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">96</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">439</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">420</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">494</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">64</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Average amount of compensation </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">114</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Board of executive officers</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">535</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">531</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">489</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="55%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fiscal committee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">60</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Profit Sharing and Pension Plans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have established a pension and benefit fund (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o SABESP de Seguridade Social</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or SABESPREV, to provide our employees with retirement and pension benefits.&nbsp; This pension plan provides benefit payments to former employees and their families.&nbsp; Both we and our employees make contributions to the pension plan under SABESPREV, which we called as plan G1. &nbsp;Our total contributions to the pension plan totaled R$48.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$24.3 million and R$23.7 million in 2017, 2016 and 2015, respectively.&nbsp; In addition to the pension plan under SABESPREV, we are also required to pay supplemental pension payments relating to the employment contract of certain employees prior to the creation of SABESPREV, which we called as plan G0. &nbsp;Based on independent actuarial reports, as of December&nbsp;31, 2017, our obligation under these both plans (G0 and G1) totaled R$2,932.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million.&nbsp; For further information on our pension plans see Note&nbsp;20 to our financial statements&nbsp;included in this annual report.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp; </FONT></P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Beginning in 2008, payments under the profit&#8209;sharing plan were based both on general goals that evaluate us as a whole and on other goals that evaluate the performance our different business units.&nbsp; Payments are proportionally reduced annually if the goals are not completely achieved.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We recorded profit&#8209;sharing expenses of R$94.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$83.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$76.6 million in 2017, 2016 and 2015, respectively.&nbsp; We do not have a stock&#8209;option plan for our employees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Board Practices</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The members of our board of directors are elected at an annual shareholders&#8217; meeting to serve a two&#8209;year term. Such term may be renewed three consecutive times.&nbsp; Our next annual shareholders&#8217; meeting will be held on April 27, 2018.&nbsp; Our board of directors ordinarily meets once a month or when called by a majority of the directors or the chairman.&nbsp; See &#8220;Item&nbsp;6.A. Directors and Senior Management&#8212;Board of Directors&#8221;. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Our board of executive officers is composed of six executive officers appointed by our board of directors for a two&#8209;year term. Such term may be renewed three consecutive times.&nbsp; Although our bylaws provide that the meetings of our board of executive officers shall be held at least twice a month, meetings are held on a weekly basis. &nbsp;See &#8220;Item&nbsp;6.A. Directors and Senior Management&#8212;Board of Executive Officers&#8221;.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">None of our directors and/or executive officers is a party to an employment contract providing for benefits upon termination of employment.&nbsp; Those directors and officers who are also our employees will remain as our employees after their tenure as directors and/or officers, in this case, maintaining all benefits granted to our employees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fiscal Committee (Conselho Fiscal) </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our fiscal committee, which is established on a permanent basis, consists of a minimum of three and a maximum of five members and generally meets once a month. Our fiscal committee currently consists of four members and four alternates.&nbsp; Although each member must have his or her respective alternate, we currently only have three alternates due to the resignation of one of the alternates immediately following election.&nbsp; All of the current members of our fiscal committee were elected in the shareholders&#8217; meeting held on April&nbsp;27, 2018.&nbsp; Their tenure will end on April&nbsp;2019.&nbsp; The primary responsibility of the fiscal committee, which is independent from management and from the external auditors appointed by our board of directors, is to review our financial statements and report on them to our shareholders.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following are the names, ages, position, date of election and brief biographical descriptions of the current and alternate members of our fiscal committee:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Date Elected</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Humberto Macedo Puccinelli </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">60</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Pablo Andres Fernandez Uhart</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">44</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Rui Brasil Assis </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">63</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Alexandre Pedercini Issa</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">36</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Gustavo Carvalho Tapia Lira </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">39</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">C&#233;sar Aparecido Martins Louvison</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">57</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Leticia Pedercini Issa Maia</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">37</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April 27, 2018</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Humberto Macedo Puccinelli</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Mr.&nbsp;Puccinelli has been a member of our fiscal committee since April&nbsp;2011.&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Mr.&nbsp;Puccinelli holds a degree in Economics from the Pontificial University of S&#227;o Paulo (</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo - PUC-SP</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">He worked at the Economy and Planning Secretariat State of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secretaria de Planejamento e Gest&#227;o do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) from 1985 to 1995, at the Health State Department as Assistant Secretary from 1995 to 1996, at the State Treasury from 1996 to 2002, and at the Economy and Planning Secretariat State of S&#227;o Paulo as Assistant Secretary in 2003.&nbsp; He has been the Technical Assistant of the State Treasury since January&nbsp;2004.&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pablo Andres Fernandez Uhart. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mr. Uhart has been a member of our fiscal committee since&nbsp;April 2017. He holds a Bachelor&#8217;s degree in Public Administration from the Getulio Vargas Foundation&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Funda&#231;&#227;o Get&#250;lio Vargas &#8211; FGV - SP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and an MBA from the Pontifical Catholic University of Rio de Janeiro (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pontif&#237;cia Universidade Cat&#243;lica do Rio de Janeiro &#8211; PUC</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> - </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">RJ)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">. He also was an advisor to the S&#227;o Paulo State Secretary </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(Secretaria da Fazenda do Estado de S&#227;o Paulo &#8211; FESP)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and has more than twenty years of experience in finance, having held the positions of Corporate Controller, Regional Head (Latin America) of Treasury Center and Corporate Finance, and Advisor &amp; Risk Manager at Nestl&#233; from 1995 to 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Rui Brasil Assis.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Mr.&nbsp;Assis has been a member of our fiscal committee since April 2014.&nbsp; He holds a degree in Civil Engineering from Escola de Engenharia de Lins.&nbsp; In the public sector, he worked for Lins City Hall from 1980 to 1983, the Water and Electricity Department from 1983 to 1999, the Water Resources, Sanitation and Construction Secretariat from 1999 to 2003, the Energy, Water Resources and Sanitation Secretariat from 2003 to 2007, the </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Energy Secretariat from 2007 to 2010 and the Sanitation and Water Resources Secretariat since 2011.&nbsp; Mr.&nbsp;Assis has been a member of the fiscal committee of the Foundation Hydraulic Technology Center (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Funda&#231;&#227;o Centro Tecnol&#243;gico de Hidr&#225;ulica</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">) since 2014. He has also served as a member of the deliberative council of the Foundation Agency of Alto Tiet&#234; Water Basis (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Funda&#231;&#227;o Ag&#234;ncia de Bacia Hidrogr&#225;fica do Alto Tiet&#234;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">) from 2006 to 2014 and since 2017. Mr. Assis was a member of the fiscal committee of EMAE from 2007 to 2011, the board of directors of the Association for Water Management of the Para&#237;ba do Sul River Basin (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">AGEVAP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">) from 2003 to 2006 and the board of directors of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Companhia Ambiental</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">do Estado de S&#227;o Paulo </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">-</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">CETESB</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> from 1999 to 2007.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Alexandre Pedercini Issa. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Mr. Padercini has been a member of our fiscal committee since&nbsp;April 2017. He holds a Bachelor&#8217;s degree in Administration from Milton Campos College (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Faculdade Milton Campos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">) and an MBA in Strategic Business Management from the Foundation for Education and Culture of Minas Gerais (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Funda&#231;&#227;o Mineira de Educa&#231;&#227;o e Cultura</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> &#8211; FUMEC). He was a member of the Board of Directors of the Sanitation Company of Minas Gerais State (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Companhia de Saneamento de Minas Gerais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&#8211; COPASA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">) from 2011 to 2016, a member of the fiscal committee of the Telecommunications&nbsp; provider that is part of the Minas Gerais Energy Company Group (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Companhia Energ&#233;tica de Minas Gerais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&#8211; CEMIG</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">) between 2013 and 2015. Additionally, he is also the founder and administrator of the investment club Letalex. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Gustavo Carvalho Tapia Lira. </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Mr. Tapia has been a member of our fiscal committee since&nbsp;April 2018. He holds a Bachelor&#8217;s degree in Administration and a Master&#8217;s degree in Political Economics, both from the Pontificial University of S&#227;o Paulo (</FONT><FONT lang=EN-US face="Times New Roman">Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; PUC-SP). Since 2013, he has been the expert advisor of the Management and Planning Secretariat&#8217;s Office (</FONT><FONT lang=EN-US face="Times New Roman">Gabinete da Secretaria de Planejamento e Gest&#227;o</FONT><FONT lang=EN-US face="Times New Roman">), where he also served as an economic advisor public executive from 2009 to 2013. He also worked as an examiner for the Funda&#231;&#227;o Procon-SP, from 2005 to 2008. He was a member of the fiscal committee of the Paulista Company of Events and Tourism (</FONT><FONT lang=EN-US face="Times New Roman">Companhia Paulista de Eventos e Turismo</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; CPETUR) and is currently a member of the fiscal committee of the S&#227;o Paulo Retirement Plan (</FONT><FONT lang=EN-US face="Times New Roman">S&#227;o Paulo Previd&#234;ncia</FONT><FONT lang=EN-US face="Times New Roman"> &#8211; SPPREV).</FONT></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">C&#233;sar Aparecido Martins Louvison. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mr. Louvison has been a member of our fiscal committee since&nbsp;April 2017. He holds a Bachelor&#8217;s degree in Law from the University of Marilia (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Universidade de Mar&#237;lia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) and was a professor in several universities and secondary schools (1981-2006). He is currently the Technical Director III of Hydrological Resources Department and was previously a Public Executive at the Secretariat for Sanitation and Water Resources (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secretaria de Saneamento e Recursos H&#237;dricos do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) between 2013 and 2017. He has also been an administrative director of the Barueri Campus of the Pontificial Catholic University of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pontif&#237;cia Universidade Cat&#243;lica de S&#227;o Paulo &#8211; PUC - SP) </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">between 2010 and 2011, an Administrative Officer of the Office for the Development of Sanitary Education and Mass Immunization (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fomento de Educa&#231;&#227;o Sanit&#225;ria e Imuniza&#231;&#227;o em Massa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8211; FESIMA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">)</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">between 2000 and 200</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">7, </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Planning and Control Technical</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> A</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ssistant II of the Justice and Citizenship Defense Secretariat&#8217;s Office of the State of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secretaria de Estado da Justi&#231;a e Defesa da Cidadania de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) between 1998 and 1999, and director of the Brazilian detention center for the&nbsp;youth (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Funda&#231;&#227;o do Bem-Estar do Menor &#8211; FEBEM-SP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) from 1996 to 1998.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Leticia Pedercini Issa Maia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">. Ms. Pedercini has been a member of our fiscal committee since&nbsp;April 2017. She holds a Bachelor&#8217;s degree in Administration from the Administrative School of Minas Gerais (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FEAD Minas - Centro de Gest&#227;o Empreendedora)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">. She is the founder and manager of Hydrocenter V&#225;lvulas Tubos e Conex&#245;es Ltda since 2004 and the Chief Financial Officer of GPI Distribuidora since 2012. She has also been the Vice-President of the Fiscal Council of the Sanitation Company of Minas Gerais State (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia de Saneamento de Minas Gerais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8211; COPASA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) from 2015 to 2016, the President of the Fiscal Council of the Sanitation Company of Minas Gerais State (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia de Saneamento de Minas Gerais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8211; COPASA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) from 2014 to 2015 and a member of the Fiscal Committee of the Sanitation Company of Minas Gerais State (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia de Saneamento de Minas Gerais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#8211; COPASA</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) from 2011 to 2014. Prior to that, she was a portfolio manager at Clube de Investimentos Letalex from 2007 to 2008 and the CFO of Grupo Dismetal from 1999 to 2004.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Audit Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our bylaws provide for an audit committee to be comprised of three board members, who will cumulatively comply with the requirements of (i)&nbsp;independence, (ii)&nbsp;technical expertise, and (iii)&nbsp;identifying and complying with applicable exemptions in accordance with the United States Securities and Exchange Commission, or the SEC, and New York Stock Exchange, or NYSE, rules. &nbsp;Our Board of Directors determined that Jer&#244;nimo Antunes qualifies as a financial expert under the SEC rules. &nbsp;The members are appointed by the board of directors and pursuant to our bylaws, the members of our audit committee may be appointed simultaneously to their election to the board of directors or by a subsequent resolution.</FONT></FONT></P></DIV><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt"></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">The audit committee is mainly responsible for assisting and advising the board of directors in its responsibilities to ensure the quality, transparency and integrity of our published financial information and financial statements.&nbsp; The audit committee is also responsible for supervising all matters relating to the Code of Ethics and Conduct, accounting, internal controls, the internal and independent audit functions, compliance, risk management and internal policies, such as the related parties transaction policy.&nbsp; The audit committee and its members have no decision making powers or executive functions.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US face="Times New Roman">The minimum availability required from each member of the audit committee is thirty hours per month.&nbsp; Under our bylaws, the members shall exercise their roles for the same period as their corresponding term of office, or until otherwise resolved by the general shareholders&#8217; meeting or by resolution of the board of directors.&nbsp; In the event that an audit committee member resigns or is removed from office after exercising any portion of his or her term, such member may only rejoin the audit committee at least three years from the end of such member&#8217;s term. All of our audit committee members are independent.</FONT></P></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following are the names, positions and dates of election of the members of our audit committee:&nbsp; </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Director</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Date Elected</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Jer&#244;nimo Antunes </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Coordinator and Financial Expert</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">May 12, 2016</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Lucas Navarro Prado</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">August 24, 2017</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">Lu&#237;s Eduardo Alves de Assis </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Member</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">September 30, 2016</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Regulatory Affairs Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In April 2011, we created a regulatory affairs committee, which was comprised of our Chief Executive Officer, Chief Financial Officer and Investor Relations Officer, Metropolitan Officer, and Regional System Officer.&nbsp; The regulatory affairs committee was responsible for defining our regulatory directives, strategies and guidelines and coordinating our regulatory affairs department, under the directives of our executive board.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">In our annual shareholders&#8217; meeting, held on April 27, 2018, our bylaws were amended and this committee was terminated. Regulatory affairs matters are currently handled by our executive officers.</FONT></FONT></P>

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<FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><STRONG><EM>Eligibility and Advisory Committee</EM></STRONG></FONT></FONT></P><FONT style="FONT-SIZE: 10pt">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">In accordance with Federal Law No. 13,303/16, and pursuant to our bylaws, as approved at the extraordinary shareholders&#8217; meeting held on April 27, 2018, we will create an Eligibility and Advisory Committee, responsible for supervising the process for the appointment and evaluation of members of our board of directors, executive board and fiscal council.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">This committee will be composed of up to three members, elected by a general shareholders&#8217; meeting. Members must have at least three years' professional experience in public administration, or three years&#8217; experience in the private sector in an area in which, or related to which, we operate. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">Members of the Eligibility and Advisory Committee may attend board of directors&#8217; meetings where matters related to this committee are discussed and will have the right to speak, but not to vote, in accordance with our bylaws.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">This committee will be also responsible for providing methodological and procedural support to the board of directors to evaluate the performance of officers and other members of statutory committees.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US face="Times New Roman">We expect that a written charter addressing the committee&#8217;s purpose and detailing its required responsibilities will be approved by the board of directors.</FONT></P></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Employees</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, we had 13,672</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">full&#8209;time employees.&nbsp; On December 31, 2017, we had 910</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">interns and 540</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">apprentices (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">aprendizes</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), as defined by Federal Law No.&nbsp;10,097/2000, dated December&nbsp;19, 2000, as amended.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth the number of our full&#8209;time employees by main category of activity and geographic location as of the dates indicated: </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of December&nbsp;31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Number&nbsp;of employees by category of activity</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">:</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

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

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Projects and operations </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9,176</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9,456</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9,489</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Administration </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,147</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,211</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Finance </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">387</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">424</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">440</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Marketing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,962</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,037</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2,083</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Number&nbsp;of employees by corporate division</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">:</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Head office </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,389</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1,377</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">S&#227;o Paulo metropolitan region </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,353</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,634</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,612</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Regional Systems </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,977</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">6,234</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total number of employees</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13,672</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14,137</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14,223</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The average tenure of our employees is approximately&nbsp;19.5 years.&nbsp; We also outsource certain services such as maintenance, delivery of water and sewage bills, meter reading, catering and security.&nbsp; We believe that our relations with our employees are generally satisfactory.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Approximately 70% of all our employees are members of unions.&nbsp; The five main unions that represent our employees are (i)&nbsp;the Union of Workers in Water, Sewage and Environment of the State of S&#227;o Paulo &#8211; SINTAEMA; (ii)&nbsp;workers union of Santos Urban Industries, Baixada Santista region, South Coast and Vale Ribeira &#8211; SINTIUS; (iii)&nbsp;the Union of Engineers of the State of S&#227;o Paulo &#8211; SEESP; (iv)&nbsp;the Union of Attorneys of the State of S&#227;o Paulo &#8211; SASP; and (v)&nbsp;the Union of Industrial Technicians of the State of S&#227;o Paulo &#8211; SINTEC.&nbsp; </FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The collective bargaining agreement signed in 2014 resulted in:&nbsp; (i) a salary increase of 5.2% (which corresponds to the inflation adjustment for the period); (ii) the establishment of an employment guarantee for 98% of our employees; (iii) an increase of 8% in meal vouchers; (iv) an increase of 5.2% in food allowance; and (v) the termination of Regional Salary for which Sabesp adopted separate pay scales for Region 1 &#8211; S&#227;o Paulo metropolitan region, Vale do Para&#237;ba, Baixada Santista, Capivari/Jundia&#237; and Litoral Norte &#8211; and Region 2 &#8211; other interior and coast cities. &nbsp;Region 2 employees received salaries at a ratio of 80% of the salaries of Region 1 employees.&nbsp; As a result of the collective agreement of 2014, equalization in salaries was conceded for the two regions in two stages:&nbsp; first, on May 1, 2014 with a salary increase from 80% to 90% and second, on May 1, 2015, from 90% to 100%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The collective bargaining agreement signed in 2015 resulted in:&nbsp; (i) a salary increase of 8.29% (which corresponds to the inflation adjustment for the period plus a 1.01% real adjustment); (ii) the readjustment of 10% in the values of the meal vouchers and monthly food stipend; (iii) a readjustment of 8.29% for the remaining benefits; (iv) maintenance of the clause that guarantees the employment of 98% of our employees according to the 2014/2015 collective bargaining agreement; and (iv) maintenance, in an exceptional character, of the Christmas food stipend.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The collective bargaining agreement signed in 2016 resulted in:&nbsp; (i) a salary increase of 10.03% (which corresponds to the inflation adjustment for the period); (ii) a 10.03% increase in meal vouchers, food stipends and nursery stipends; (iii) maintenance of the clause from the 2014/2015 collective bargaining agreement which guarantees the employment of 98% of our employees; (iv) and maintenance of the Christmas food stipend. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The collective bargaining agreement signed in 2017 resulted in: (i) a salary increase of 3.7% (which corresponds to the inflation adjustment for the period); (ii) a 7.1% increase in meal vouchers; (iii) a 36.1% increase </FONT>

<a name="page_119"></a>
<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in food assistance; (iv) a 8.39% increase in nursery stipends; (v) maintenance of the clause from the 2016/2017 collective bargaining agreement which guarantees the employment of 98% of our employees; and (vi) maintenance of the Christmas food stipend on an exceptional basis.</FONT></P></DIV>

<a name="_bclFooter118"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">114</FONT></P>

<DIV></DIV>

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



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

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<DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We experienced a two day strike in 2013, which did not interrupt the essential services that we provide.&nbsp; In 2017, 2016, 2015 and 2014 there were no strikes. Under Brazilian law, our non&#8209;administrative employees are considered &#8220;essential employees&#8221; and, therefore, are limited in their right to strike.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">E.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Share Ownership</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of May 24, 2018, none of our directors and executive officers owned any of our common shares.&nbsp;See &#8220;Item&nbsp;7.A. Major Shareholder&#8221; for more information.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Major Shareholder</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April&nbsp;22, 2013 our shareholders approved a stock split, following which each common share represented three new common shares.&nbsp; Since then, our outstanding capital stock consists of 683,509,869 common shares, without par value.&nbsp; Under state laws, the State is required to own at least one&#8209;half plus one of our outstanding common shares.&nbsp; All of our shareholders, including the State, have the same voting rights. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth ownership information for each of our shareholders that beneficially owned 5.0%&nbsp;or more of our common shares and for our officers and directors, individually and as a group, as of April 2, 2018:&nbsp; </FONT></P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Common shares</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">%</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">State of S&#227;o Paulo</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">343,528,563</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">50.3%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Directors and executive officers of Sabesp</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Lazard Asset Management</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">34,596,179</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5.1%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Others</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">305,385,127</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">44.6%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT></SUP></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">683,509,869</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">100.0%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of May 24,&nbsp;2018, 49.7% of our outstanding common shares were held by 5,962 registered shareholders in Brazil.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of April 2, 2018, 19.4% of our outstanding common shares were held in the United States, in the form of ADSs.&nbsp; According to the ADS depositary&#8217;s records, which contain information regarding the ownership of our ADSs, there were, on March 31, 2018, 31 record holders of ADSs in the United States.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On May 12, 2017, we announced that the State of S&#227;o Paulo&#8217;s Privatization Program Board, established by State Law No. 9,361/1996, dated as of July 5, 1996, resolved to take the following measures:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 53.4pt; TEXT-INDENT: -53.4pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(i).</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to proceed with studies aiming to provide alternatives to our current capitalization model; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 53.4pt; TEXT-INDENT: -53.4pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(ii).</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the hiring of the International Finance Corporation, a member institution of the World Bank Group; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 53.4pt; TEXT-INDENT: -53.4pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(iii).</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the conclusion of an agreement between us and the S&#227;o Paulo State Government, through the Secretariat of Sanitation and Water Resources and the Secretariat of Finance, to delineate the scope of the International Finance Corporation&#8217;s hiring and to govern the relationship between the contracting parties, including the proportional reimbursement of expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The proposed capitalization plan provides for the creation of a new parent company to which the State of S&#227;o Paulo would transfer all of its ownership interest in us, thus maintaining direct control over our operations through this new parent company. In the process, institutional investors may be invited to participate in the new company&#8217;s capital, but the State of S&#227;o Paulo will in any case retain sufficient shareholding interest to exercise corporate control, as required by law</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In September 2017, the State of S&#227;o Paulo obtained approval for State Law No. 16,525/2017, which authorizes the State of S&#227;o Paulo to set up a controlling company to hold all of the shares that the State of S&#227;o Paulo holds in our company. Once formed, this controlling company will control our company, pursuant to the provisions of Art. 116 of the Brazilian Corporate Law. State Law No. 16,525/2017 allows other minority shareholders, including </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">private companies and state companies, to hold shares of the controlling company, provided that the State of S&#227;o Paulo holds the majority of the common shares of the controlling company. On March 9, 2018, the State of S&#227;o Paulo received a letter from a group of investors expressing interest in acquiring shares of the controlling company. This letter is being assessed by the State Privatization Program&#8217;s Board (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conselho Diretor do Programa Estadual de Desestatiza&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> - CDPED), which has authority over our corporate reorganization, including the formation of the controlling company. The transaction proposed in the letter relates only to shares of the controlling company level and therefore would not affect the corporate control of our company, which will remain held by the State of S&#227;o Paulo. The identity of the investors and the content of the letter remain confidential in accordance with the rules applicable to the administrative procedure established by CDPED for the purposes of operation.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Related Party Transactions</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Transactions with the State of S&#227;o Paulo</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have entered into extensive transactions with the State, which is our controlling shareholder, and we expect to continue to do so.&nbsp; The State is our largest customer.&nbsp; It owns some of the facilities that we use in our business, it is one of the governmental entities that regulate our business, and it has assisted us in obtaining financing on favorable terms.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Many of our transactions with the State reflect policies of the State that depend on decisions of elected officials or public servants, and are accordingly subject to change. &nbsp;Among the practices that could change are those described below concerning the provision of State guarantees, and the terms on which we use State&#8209;owned reservoirs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Rendering Services</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We provide water and sewage services to the federal government, state and municipal governments and government entities in the ordinary course of our business.&nbsp; Gross revenue from sales to the State, including State entities, totaled R$463.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million in 2017, R$445.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in 2016</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$357.5 million in 2015.&nbsp; Our accounts receivable from the State for sanitation services totaled R$106.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$77.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, as of December&nbsp;31, 2017 and 2016, respectively.&nbsp; In addition, as required by law, we invest our cash and cash equivalents with government financial institutions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Payment of Pensions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to a law enacted by the State, certain former employees of some State owned companies that provided services to us in the past and later merged to form our Company acquired a legal right to receive supplemental pension benefit payments.&nbsp; These rights are referred to as &#8220;Plan G0&#8221;.&nbsp; These amounts are paid by us, on behalf of the State, and are claimed by us as reimbursements from the State, as primary obligor.&nbsp; In 2017, 2016 and 2015, we made payments to former employees of R$179.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$178.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$158.9 million, respectively, in respect of Plan G0.&nbsp; The State made reimbursements in 2017, 2016 and 2015 in the amounts of R$192.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$139.5</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$121.7 million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Agreements with the State</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In September&nbsp;1997, we and the State entered into a memorandum of understanding providing that we would, in effect, apply dividends we declared that were otherwise payable to the State to offset accounts receivable in connection with the provision of water and sewage services to the State and its controlled entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On December&nbsp;11, 2001, we entered into an agreement with the State and the DAEE.&nbsp; Pursuant to this agreement, the State acknowledged and agreed, subject to an audit by a State&#8209;appointed auditor, to pay us amounts it owed to us in respect of:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">water and sewage services we provided to governmental agencies, State&#8209;owned autonomous entities and foundations through December&nbsp;1, 2001, and that was not offset in accordance with the September&nbsp;1997 memorandum of understanding, in the total amount of R$358.2&nbsp;million.&nbsp; This amount was renegotiated and included in the second amendment to this agreement discussed below; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">supplemental retirement and pension benefits we paid from March&nbsp;1986 to November&nbsp;2001 on behalf of the State to former employees of the State&#8209;owned companies which merged to form our Company; as we did not reach an agreement regarding these amounts, a joint inquiry has commenced in order to ensure </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">agreement between us and the State, in the total amount of R$320.6&nbsp;million.&nbsp; This amount was renegotiated and included in the third amendment to this agreement discussed below.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The agreement provided that the DAEE would transfer to us ownership of the Taia&#231;upeba, Jundia&#237;, Biritiba, Paraitinga and Ponte Nova reservoirs (herein after referred to as &#8220;the reservoirs&#8221;), which form the Alto Tiet&#234; system, and that the fair value of these assets would reduce the amounts owed to us by the State.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the December&nbsp;2001 agreement, in 2002, a State&#8209;owned construction company (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Paulista de Obras e Servi&#231;os</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the CPOS, on behalf of the State, and an independent appraisal firm (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Engenharia de Avalia&#231;&#245;es</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the ENGEVAL, on our behalf, presented their valuation reports relating to the reservoirs.&nbsp; Under the agreement, the arithmetic average of these appraisals is deemed the fair value of the reservoirs.&nbsp; The appraisals contained in these reports were in the amounts of R$335.8&nbsp;million and R$341.2&nbsp;million, respectively.&nbsp; Because we had already made investments in these reservoirs by then, the arithmetic average of the appraisals submitted to our board of directors by August&nbsp;2002, R$300.9&nbsp;million, was net of a percentage corresponding to these investments.&nbsp; Our board of directors approved the valuation reports.&nbsp; This amount was updated until September 2008 according to IPCA index and amounted to R$696.3 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the December&nbsp;2001 agreement, for amounts due in excess of the fair value of the reservoirs, the State is to make payments in 114 consecutive monthly installments.&nbsp; The nominal amount owed by the State would not be indexed to inflation or earn interest if there was a delay in concluding the appraisal of fair value.&nbsp; The installments will be indexed on a monthly basis by the IGP&#8209;M index, plus 6.0% per year, starting on the date the first installment becomes due.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On October&nbsp;29, 2003, the Public Prosecution Office of the State of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Minist&#233;rio P&#250;blico do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), on behalf of the people of the State, brought a civil public action in a Trial Court of the State of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">12 Vara da Fazenda P&#250;blica do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) alleging that a transfer to us of ownership of the Alto Tiet&#234; system reservoirs from the DAEE would be illegal.&nbsp; An injunction against the transfer of ownership of such reservoirs was granted but was later reversed.&nbsp; However, in October&nbsp;2004, the court of first instance handed down its judgment on the civil public action and declared the agreement between us, DAEE and State of S&#227;o Paulo null and void.&nbsp; This decision was suspended by us, and the State treasury and DAEE appealed the decision.&nbsp; On August&nbsp;23, 2010, the appeal was denied.&nbsp; We have petitioned for clarification of the appeal court&#8217;s decision and will seek to take the case to the Supreme Court.&nbsp; The effects of the appeal court&#8217;s decision will be suspended until the end of the legal process.&nbsp; We have assessed&nbsp;that it is not&nbsp;probable that we will ultimately prevail in our appeal, which would prohibit the transfer of the reservoirs in payment of the accounts receivable due from the State.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The December&nbsp;2001 agreement also provided that the legal advisors of the State would carry out specific analyses, which have commenced, to ensure agreement among the parties as to the methodology employed in determining the amount of reimbursement for pension benefits owed to us by the State.&nbsp; The commencement of payments with respect to pension amounts owed to us by the State has been postponed until these analyses are completed, the appraisal report is approved and the credit assignments relating to the transfer of the reservoirs are formalized.&nbsp; As discussed above, the transfer of these reservoirs is currently being disputed and we are not certain whether the transfer will be legally permitted.&nbsp; Under the December&nbsp;2001 agreement, the first payment was to be made in July&nbsp;2002.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March&nbsp;22, 2004, we and the State entered into a first amendment to the December&nbsp;2001 agreement.&nbsp; Under this amendment, the State acknowledged that it owed R$581.8&nbsp;million to us relating to unpaid accounts receivable from the State until February&nbsp;29, 2004, and we acknowledged that we owed an aggregate amount of R$518.7&nbsp;million to the State as dividends, in the form of interest on shareholders&#8217; equity.&nbsp; Accordingly, we and the State agreed to offset each other&#8217;s credit up to the limit of R$404.9&nbsp;million, which was an amount adjusted up to February&nbsp;2004.&nbsp;The outstanding balance of R$176.9&nbsp;million (as of February&nbsp;29, 2004) of the State&#8217;s consolidated debt would be paid in consecutive monthly installments from May&nbsp;2005 until April&nbsp;2009.&nbsp; These installments would be indexed according to the IPCA index, plus an interest rate of 0.5% per month.&nbsp; Upon the execution of the first amendment, part of the debt that the State owed to us for the use of water and sewage services through February&nbsp;2004 was offset by the debt that we owed to the State as dividends, in the form of interest on shareholders&#8217; equity.&nbsp; The outstanding balance of R$113.8&nbsp;million as dividends in the form of interest on shareholders&#8217; equity that we owed to the State was netted against accounts overdue after February&nbsp;2004.&nbsp; The first amendment did not amend the provisions of the December&nbsp;2001 agreement regarding the supplemental retirement and pension benefits we paid from March&nbsp;1986 to November&nbsp;2001 on behalf of the State to former employees of the State&#8209;owned companies.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On December&nbsp;28, 2007, we and the State entered into a second amendment to the December&nbsp;2001 agreement, pursuant to which the State agreed to pay (i)&nbsp;the outstanding balance under the first amendment, in the amount of </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$133.7&nbsp;million (as of November&nbsp;30, 2007), in 60 consecutive monthly installments, beginning on January&nbsp;2, 2008, and (ii)&nbsp;the amount of R$236.1&nbsp;million relating to part of the accounts overdue and unpaid from March&nbsp;2004 through October&nbsp;2007 regarding the provision of water supply and sewage collection services.&nbsp; As part of this amendment, we agreed to pay during the period from January&nbsp;through March&nbsp;2008 the outstanding balance of dividends in the amount of R$400.8&nbsp;million, in the form of interest on shareholders&#8217; equity, due from March&nbsp;2004 through December&nbsp;2006.&nbsp; We paid these amounts as agreed.&nbsp; Under the second amendment, dividends payable by us are no longer required to be applied to offset accounts receivable from the State, and as a result, we are currently unable to determine the amount, if any, of the declared dividends that the State will apply to current and future accounts receivable owed to us by the State or its entities.&nbsp; In addition, pursuant to the second amendment, we and the State agreed on complying with certain mutual obligations relating (i)&nbsp;to the improvement of payment processes and budget management procedures; (ii)&nbsp;the rationalization of the use of water and the volume of water and sewage bills under the responsibility of the State; (iii)&nbsp;the recording of government entities with accounts overdue in a delinquency system or reference file; and (iv)&nbsp;the possibility of interrupting water supply to these entities in case of non&#8209;payment of water and sewage bills.&nbsp; Finally, this second amendment did not amend the provisions of the December&nbsp;2001 agreement regarding the supplemental retirement and pension benefits we paid from March&nbsp;1986 through November&nbsp;2001 on behalf of the State to former employees of the State&#8209;owned companies that merged to form our Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2007, we received payment installments from the State in the amount of R$326.0&nbsp;million.&nbsp; As of December&nbsp;31, 2007, our dividends payable to the State, due from 2004 through 2007, were in the amount of R$552.0&nbsp;million.&nbsp; We are currently unable to determine the amount, if any, of the declared dividends that the State will apply to current and future accounts receivable owed to us by the State or its entities.&nbsp; The second amendment no longer requires that dividends be applied to offset accounts receivable from the State.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March&nbsp;26, 2008, we entered into a commitment agreement (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">termo de compromisso</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) with the State with the purpose of finding an alternate solution to the deadlock related to the amount owed by the State to us in connection with the supplemental retirement and pension benefits we paid from March&nbsp;1986 to November&nbsp;2001 on behalf of the State to former employees of the State&#8209;owned companies which merged to form our Company.&nbsp; In this agreement, we and State committed to hiring specialized companies to carry out new valuations of the amounts owed to us by the State and of the reservoirs.&nbsp; An independent consulting firm, FIPECAFI, has been retained to resolve the disagreement and validate the amount we paid from March&nbsp;1986 through November&nbsp;2001 on behalf of the State to former employees of the State&#8209;owned companies that merged to form our Company, which the State has not yet agreed to reimburse us hereinafter referred to as the &#8220;Disputed Reimbursement Amount&#8221;.&nbsp; In addition, FIPECAFI performed, together with another independent consulting firm, a new evaluation of the reservoirs that might be transferred to us as amortization of the reimbursement payable by the State to us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On November&nbsp;17, 2008, we, the State and DAEE entered into a third amendment to the December&nbsp;2001 agreement, pursuant to which the State recognized a debt balance payable to us totaling R$915.3&nbsp;million, hereinafter referred to as the &#8220;Undisputed Reimbursement Amount,&#8221; as adjusted based on the IPCA.&nbsp; We accepted on a provisional basis the reservoirs as part of the payment of the Undisputed Reimbursement Amount and offered to the State a provisional settlement, recognizing a credit totaling R$696.3&nbsp;million, corresponding to the value of the reservoirs located in the Alto Tiet&#234; region.&nbsp; We and the State have agreed that the final offset will only be recorded when the effective transfer of the reservoirs is recorded at the Real Estate Registry.&nbsp; The outstanding balance of Undisputed Reimbursement Amount, amounting to R$219.0&nbsp;million, is being paid by the State in 114 consecutive monthly installments, as adjusted by the annual IPCA variation, plus interest accruing at the annual rate of 6.0%.&nbsp; The first installment was paid in November&nbsp;2008.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On March 18, 2015, we, the State and DAEE, with the intervention of the Department of Sanitation and Water Resources, executed a term of agreement, in the amount of R$1,012.3 million, of which R$696.3 million refers to the principal amount and R$316.0 million refers to the monetary adjustment of the principal through February 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The principal amount is payable in 180 installments, as follows:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The first 24 installments were settled by an immediate transfer of 2,221,000 preferred shares issued by the S&#227;o Paulo Company of Electric Power Transmission (Companhia de Transmiss&#227;o de Energia El&#233;trica Paulista - CTEEP), totaling R$87.2 million, based on the share closing price as of March 17, 2015. As of April 20, 2016, the Company sold these shares for R$111.1 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The amount of R$609.1 million, payable in 156 monthly installments, was adjusted by IPCA until the initial payment date on April 5, 2017, after which installments are adjusted by IPCA plus simple interest of 0.5% per month.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Given that the lawsuit regarding the transfer of the reservoirs is pending final and unappealable court decision, the agreement also provides for the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If transfer is possible and the reservoirs are effectively transferred to us and registered at the authority&#8217;s office, we will reimburse to the State the amounts paid in replacement of the reservoirs (principal amount) in 60 monthly installments adjusted by IPCA until the payment date of each installment; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If the transfer of the reservoirs is not possible, the State will pay us, in addition to the principal amount, the inflation adjustment credit in the amount of R$316.0 million in 60 installments, following payment of the principal amount.&nbsp; The amount will be adjusted based on IPCA at the start date of payments and, as of that date, IPCA will be incurred plus 0.5% simple interest rate/month over the amount of each installment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition to the Undisputed Reimbursement Amount, there is an outstanding balance relating to the Disputed Reimbursement Amount.&nbsp; As of December&nbsp;31, 2017, the Disputed Reimbursement Amount amounted to R$1,021.7 million, but due to the uncertainty regarding the recovery of the amount our management decided not to recognize the reimbursements.&nbsp;See Note 10 to our financial statements&nbsp;included in this annual report regarding the Disputed Reimbursement Amount.&nbsp; We and the State have agreed that the dispute relating to the Disputed Reimbursement Amount will not prevent us from carrying out the commitments made in the December&nbsp;2001 agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, the third amendment to the December&nbsp;2001 agreement provides for the regularization of the monthly flow of benefits.&nbsp; While we are liable for the monthly flow of benefits to the former employees of the&nbsp; state&#8209;owned companies that merged to form our Company, the State shall reimburse us based on criteria identical to those applied when determining the Undisputed Reimbursement Amount.&nbsp; Should there be no preventive court decision, the State will assume the flow of monthly payment of benefits portion deemed as undisputed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Finally, the third amendment to the December&nbsp;2001 agreement established that the Public Attorney&#8217;s Office of the State of S&#227;o Paulo, or the Public Attorney&#8217;s Office, would issue a revised interpretation of the calculation and eligibility criteria applicable to the Disputed Reimbursement Amount.&nbsp; At that time, we believed that the Public Attorney&#8217;s Office would issue a revised interpretation which would have helped us bring the negotiations with the State to a conclusion.&nbsp; However, contrary to our expectations, the Public Attorney&#8217;s Office interpretation of the calculation and eligibility criteria applicable to the Disputed Reimbursement Amount refuted the reimbursement of the largest portion of this amount.&nbsp; As of December&nbsp;31, 2017, we had made a provision of R$2,543.9 million in our pension obligations accounts in respect of the pension benefit obligation of Plan G0.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Even though the negotiations with the State are still progressing, we cannot assure you that we will recover the receivables related to the Disputed Reimbursement Amount.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We will not waive the receivables from the State to which we consider ourselves to be legally entitled.&nbsp; Accordingly, we will take all possible actions to resolve the issue at all administrative and court levels.&nbsp; Should this conflict persist, we will take all the necessary actions to protect our interests.&nbsp; On March&nbsp;24, 2010, we sent to the controlling shareholder the official letter approved by our executive committee, proposing that the matter be discussed at the B3 Arbitration Chamber.&nbsp; In June&nbsp;2010, we sent a settlement proposal to the Secretary of Treasury, which was denied, and on November&nbsp;9, 2010, we filed a civil lawsuit against the State of S&#227;o Paulo seeking full reimbursement of the amounts paid as benefits granted by Law No.&nbsp;4,819/1958.&nbsp; Regardless of the civil lawsuit, we will continue to actively seek a settlement with the State government.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 12pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Agreement with the State and the city of S&#227;o Paulo</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June&nbsp;23, 2010 the State and the city of S&#227;o Paulo executed an agreement in the form of a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, to which we and ARSESP consented, under which they agreed to manage the planning and investment for the basic sanitation system of the city of S&#227;o Paulo on a joint basis.&nbsp; The principal terms of this </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the State and the city of S&#227;o Paulo would execute a separate agreement with us, granting us exclusive rights to provide water and sewage services in the city of S&#227;o Paulo;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP would regulate and oversee our activities regarding water and sewage services in the city of S&#227;o Paulo, including tariffs;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a management committee (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Comit&#234; Gestor</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), consisting of six members appointed for two-year terms, with the State and the city of S&#227;o Paulo given the right to appoint three members each, would be responsible for planning water and sewage services for the city and for reviewing our investment plans; and</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">we may participate in management committee meetings but may not vote.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In application of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, we executed a separate contract with the State and the city of S&#227;o Paulo, also dated June&nbsp;23, 2010, to regulate the provision of these services for the following 30 years.&nbsp; The principal terms of this contract are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The total investment stated in the contract must be equal to 13% of gross revenues from the provision of services to the city of S&#227;o Paulo, net of the taxes on revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We must transfer 7.5% of the gross revenues obtained from providing sanitation services in the municipality of S&#227;o Paulo and subtract (i)&nbsp;COFINS and PASEP taxes, and (ii)&nbsp;unpaid bills of publicly owned properties in the city of S&#227;o Paulo, to the Municipal Fund for Environmental Sanitation and Infrastructure (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fundo Municipal de Saneamento Ambiental e Infraestrutura</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), established by Municipal Law No.&nbsp;14,934/2009.&nbsp; In April 2013, ARSESP postponed the application of such&nbsp; municipal charges based on a request from the S&#227;o Paulo State Government to analyze, among other things, methods to reduce the impact on consumers.&nbsp; In May 2014 ARSESP maintained the suspension of Resolution 407/2013 until the results are obtained in the revision of the contract signed between us, the city and the State of S&#227;o Paulo, thereby delaying the authorization to pass the charge through to consumers on the service bill.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our investment plan must be compatible with the sanitation plans of the State, the city of S&#227;o Paulo and, if necessary, the Metropolitan region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ARSESP will ensure that the tariffs will adequately compensate us for the services we provide and that tariffs may be adjusted in order to restore the original balance between each party&#8217;s obligations and economic gain (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">equil&#237;brio econ&#244;mico financeiro</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We currently have an investment plan in place that reflects our obligations under the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">conv&#234;nio</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and addresses their compatibility with the sanitation plans of the State, the city of S&#227;o Paulo and, if necessary, the S&#227;o Paulo metropolitan region.&nbsp; The investment plan is not irrevocable and is reviewed every four years by our management committee.&nbsp; We draft a detailed work plan every two years, particularly with respect to the investments to be executed in the subsequent period. &nbsp;In December 2016, we concluded the first four-year revision of our contract with the city of S&#227;o Paulo, which altered our service quality, investment and investment tracking targets. &nbsp;However, the issue of the 7.5% charge was not discussed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In January 2018, the second step of our Second Ordinary Tariff Revision was initiated. In this review, the possibility of including the average tariff in the portion related to transfers to municipal funds, as is the case with the 7.5% that we transfer to the S&#227;o Paulo Municipal Fund for Environmental Sanitation and Infrastructure, was discussed. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On May 9, 2018 ARSESP announced the final results of the Second Ordinary Tariff Revision, recognizing the regulatory limit of 4% of each municipality&#8217;s direct operating revenue in the tariff calculation. As a result, 1.84% was declared the tariff for the Municipality of S&#227;o Paulo, corresponding to the 4% regulatory limit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On May 24, 2018, as a result of the final result of the Second Ordinary Tariff Revision, we filed a reconsideration request as well as a clarification and revision request with ARSESP. As part of the clarification and revision request, we requested that ARSESP provide a revision of the calculation of the financial component related to municipal funds. For more information, see &#8220;Item&nbsp;4.B. Business Overview&#8212;Tariffs&#8212;Second Ordinary Tariff Revision (2017-2020).&#8221;</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dividends</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We regularly pay dividends to our shareholders, including the State of S&#227;o Paulo.&nbsp; In the past, we have withheld part of the dividends to which the State was entitled in order to offset it against our pending receivables from the State.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In accordance with our agreements with the State, we do not anticipate that we will withhold dividends to which the State was entitled in order to offset it against our pending receivables from the State in the near future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Government Guarantees of Financing</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In some situations, the federal government, the State or government agencies guarantee our performance under debt&#8209; and project&#8209;related agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Furthermore, the federal government has guaranteed, and the State has provided a counter&#8209;guarantee, in respect of the financial agreements we entered into with the IADB (i)&nbsp;in 1992 and 2000 for the total original aggregate amount of US$600.0&nbsp;million related to the financing of the first and second phases of the Tiet&#234; River recovery project to reduce pollution; and (ii)&nbsp;in 2010 for the aggregate amount of US$600&nbsp;million related to the financing of the third phase of the Ti&#234;te River project.&nbsp; The federal government has also guaranteed and the State of S&#227;o Paulo has provided a counter&#8209;guarantee, in respect of the financial agreement we entered with the IBRD in the amount of US$100&nbsp;million for the Water Source Program (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa Mananciais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also entered into credit agreements with JICA, which were guaranteed by the federal government, with counter&#8209;guarantee from the State of S&#227;o Paulo, for the financing of (i)&nbsp;the Clean Wave Program for the Baixada Santista metropolitan region, on August&nbsp;6, 2004, for an aggregate principal amount of &#165;21,320&nbsp;million; (ii)&nbsp;the second phase of the Clean Wave Program, in February&nbsp;2011, for an aggregate principal amount of &#165;19,169&nbsp;million; (iii)&nbsp;the environmental improvement program in the basin of the Billings dam, in October&nbsp;2010, for an aggregate principal amount of &#165;6,208&nbsp;million; and (iv)&nbsp;the Corporate Program for Water Loss Reduction, in February&nbsp;2012, for an aggregate principal amount of &#165;33,584&nbsp;million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For more information on the aforementioned loans, see &#8220;Item&nbsp;5.B. Liquidity and Capital Resources&#8212;Indebtedness Financing&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Use of Reservoirs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We draw water for use in the S&#227;o Paulo metropolitan area from the Guarapiranga and Billings reservoirs.&nbsp; We do not pay any fees for the use of these reservoirs, although we are responsible for maintaining them and funding their operating costs.&nbsp; The State incurs no operating costs on our behalf.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EMAE, a company that is also controlled by the State of S&#227;o Paulo, has a concession to produce hydroelectric energy using water from the same reservoirs.&nbsp; EMAE commenced various lawsuits against us in the past seeking compensation for the water we draw from these reservoirs.&nbsp; Those lawsuits have now been settled by way of an agreement between EMAE and our company.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The settlement agreement settled the compensation arrangements between EMAE and our company regarding compensation for our capture and use of the water on the one hand, as well as apportionment of the maintenance, operation and monitoring costs for the reservoirs on the other hand.&nbsp; It requires us to pay the following amounts to EMAE:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$46.3 million, plus inflation adjustments indexed to the IPCA index, payable in five annual installments from April 2017 through April 2022, plus</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$6.6 million, plus inflation adjustments indexed to the IPCA index, payable in 25 annual installments from October 2017 through October 2042.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If we fail to pay any installment to EMAE when due, all remaining amounts to be paid under the agreement will become immediately due and payable. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April 11, 2016, we were also named in a separate lawsuit commenced by minority shareholders of EMAE against the State of S&#227;o Paulo, as controlling shareholder of EMAE. &nbsp;The minority shareholders are seeking an order to require the State to stop us from drawing water from the reservoirs without paying compensation to EMAE, and to allow EMAE to pump water from the reservoirs for its hydroelectric facility. &nbsp;The plaintiffs allege that the State, in its capacity as controlling shareholder of EMAE, has acted unduly to EMAE&#8217;s detriment and in favor of our company.&nbsp; The settlement agreement between EMAE and us will not necessarily put an end to this separate lawsuit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, on August 7, 2017 we were named in a new lawsuit against us, EMAE and ANEEL, brought by Alvaro Luiz de Lima de Alvares Otero, another minority shareholder of EMAE, requesting the annulment of ANEEL&#8217;s order approving the settlement agreement mentioned above, as well as the condemnation of SABESP for indemnifying EMAE for damages suffered by EMAE. The plaintiff alleges that the order is illegal and harmful, jeopardizing the operational viability of the Henry Borden </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">hydroelectric power plant</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, as well as the energy security of the State of S&#227;o Paulo, the Southeast region of Brazil and Brazil as a whole. The judge dismissed this lawsuit without judgment on the merits, but this decision remains subject to appeal.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If one of the ongoing lawsuits by minority shareholders of EMAE requires the State to make a different decision regarding water use, our ability to draw water from the Guarapiranga and Billings reservoirs may be compromised.&nbsp; If we were no longer able to draw water from these reservoirs, we would have to transport water from locations farther away, which would increase our water transportation costs and may affect our ability to provide adequate service in the region.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Agreements with Lower Tariffs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have entered into agreements with public entities, including State entities and municipalities, which manage approximately 8,914 properties.&nbsp; Under these agreements, these public entities pay a different tariff which is </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approximately 25.0% lower than the tariff that applies for the public entities that have not entered into these agreements, provided such entities implement our Program for Rational Use of Water (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Programa de Uso Racional da &#193;gua &#8211; PURA)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, which has a fixed target for reduction or maintenance of water consumption, according to technical evaluations carried out by us.&nbsp; These agreements are valid for a 12&#8209;month term with automatic renewal for equal periods.&nbsp; Pursuant to the terms of these agreements, if these entities fail to make any payment on a timely basis to us, we have the right to cancel the agreement, thereby revoking the 25.0% tariff reduction. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Personnel Assignment Agreement among Entities Related to the State Government</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have personnel assignment agreements with entities related to the State Government, under which the expenses are fully passed on and monetarily reimbursed.&nbsp; The expenses related to personnel assigned by us to other state government entities in 2017, 2016 and 2015 amounted to R$9.9</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$10.4 million, R$10.5 million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There were no expenses related to personnel assigned by other entities to us in 2017. The expenses related to personnel assigned by other entities to us totaled R$0.01 million in 2016 and R$0.3 million in 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Services Obtained from State Government Entities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017 and 2016, we had an outstanding amount payable of R$1.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$1.9 million, respectively, for services rendered by S&#227;o Paulo State government entities, including the supply of electric power by the Energy Company of S&#227;o Paulo (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Energ&#233;tica de S&#227;o Paulo &#8211;CESP</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Non&#8209;operating Assets</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We lend land, free of charge, to DAEE.&nbsp; Such non&#8209;operating assets totaled R$1.0 million as of December&nbsp;31, 2017 and 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Transactions with SABESPREV Pension Fund</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SABESPREV is a pension fund we established to provide our employees with retirement and pension benefits.&nbsp; The assets of SABESPREV are independently held, but we nominate 50.0% of SABESPREV&#8217;s board of directors, including the chairman of the board, who has the deciding vote pursuant to the applicable legislation.&nbsp; Both we and our employees make contributions to SABESPREV pension plans.&nbsp; We contributed R$19.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$10.8 million and R$9.5 million in 2017, 2016 and 2015, respectively.&nbsp; On May&nbsp;29, 2001, a federal law was enacted which, among other provisions, limits the amount mixed capital companies, like us, may contribute to their pension plans.&nbsp; Specifically, the ordinary contributions made by us to our pension plans may not exceed the contributions made by the beneficiaries of these plans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our original pension plan (the Defined Benefit Plan) has an actuarial deficit.&nbsp; We have commenced studies to manage this deficit and have also created a new, Defined Contribution Plan (SABESPREV Mais).&nbsp; Our new plan was approved by Previc in June&nbsp;2010, after which our old plan stopped accepting new members.&nbsp; Contributions to the new plan are also shared between plan members and Sabesp, and benefits are established based on the balance of the individual member&#8217;s account when payment on his or her benefit begins.&nbsp; This balance consists of contributions and profitability obtained when applying resources.&nbsp; We intended to have members of the old plan migrate their reserves to the new plan.&nbsp; This migration was interrupted by a judicial order as a result of proceedings brought by representative entities for our employees and ex&#8209;employees.&nbsp; In October&nbsp;2010, the judge presiding over the case pronounced in an interim decision that people and reserves were not allowed to migrate between the plans until a further decision was made.&nbsp; This decision also prevents the plan from charging contributions to account for the deficit for those who remained covered by the original plan.&nbsp; In September 2012, the judge presiding over the case ordered a financial expert inspection and in early 2013&nbsp;a financial expert was appointed to the case.&nbsp; The results of this inspection were unfavorable to the representative entities for our employees and ex&#8209;employees and in 2016 the proceeding was dismissed, revoking the interim decision made in October 2010.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2016, participants were again offered the ability to migrate according to the rules established by the regulatory authority. &nbsp; The Retiree and Pensioneer Association filed a judicial proceeding questioning the amounts that were transferred from the benefits plan to the individual accounts of the participants who migrated to the Defined Contribution Plan.&nbsp; On March 14, 2018, the judge presiding over the case held that the adjustment of the Defined Benefit Plan&#8217;s actuarial defecit was permitted and terminated the lawsuit related to the migration process of members from the Defined Benefit Plan to the Defined Contribution Plan. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Compensation of Management</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The compensation paid by us to the members of our board of directors, board of executive officers and fiscal committee amounted to R$3.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$3.9 million and R$4.1 million in 2017, 2016 and 2015, respectively, and it refers to salaries and other short&#8209;term benefits management.&nbsp; An additional R$0.6</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$0.5 million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and R$0.5 million related to the bonus program was accrued to executive officers in 2017, 2016 and 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For further information on management compensation, see &#8220;Item&nbsp;6.B. Directors and Senior Management&#8212;Compensation&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Loan agreement through credit facility</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We hold interests in some companies.&nbsp; Although we do not hold the majority of shares in any of the companies in which we hold interests, we are party to shareholders&#8217; agreements which provide for the power of veto with regard to certain management proposals and decisions.&nbsp; Due our significant influence on these companies by way of shareholders&#8217; agreements, for accounting purposes, these companies are accounted for by applying the equity method of accounting. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We entered into loan agreements with the special purpose enterprises Aquapolo Ambiental S.A. on March 30, 2012 and Attend Ambiental S.A. on May 9, 2014 under which we made loans to finance their respective operations, until their loans due to banks are cleared.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The table below summarizes the terms of those agreements at December 31, 2017:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Companies</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Principal disbursed </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Interest balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Interest rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Maturity</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Attend Ambiental S.A.</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,400</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3,877</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9,277</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">SELIC + 3.5% p.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT></SUP></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Aquapolo Ambiental S.A.</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,629</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">5,209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">10,838</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">CDI +</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.2% p.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT></SUP></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Aquapolo Ambiental S.A.</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">19,000</FONT></U></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11,502</FONT></U></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">30,502</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">CDI +</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.2% p.a.</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(3)</FONT></SUP></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman bold">30,029</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman bold">20,588</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman bold">50,617</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;-&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;-</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">___________________</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">The loan agreement with Attend Ambiental S.A. had a renewable term of 180 days, starting from the date the funds were made available to the borrower.&nbsp; The credit facility became overdue on May 11, 2015 and is subject to default interest, including monetary correction based on the General Market Price Index (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&#205;ndice Geral de Pre&#231;os do Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">, or IGP-M), a 2% penalty fee and interest on arrears of 1% per month. &nbsp;This contract is currently being renegotiated among the parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">The R$5.7 million loan agreement originally expired on April 30, 2016. As of February 10, 2016, an amendment to the agreement changed the payment schedule for four annual installments, the first of which matures on December 30, 2018 and the last of which matures on December 30, 2021.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">The loan agreement totaling R$19 million originally matured on April 30, 2015, but was extended to October 30, 2015, and on November 25, 2015 a new amendment changed the payment schedule for three annual installments, the first of which matures on December 30, 2021 and the last of which matures on December 30, 2023.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The amount disbursed is recognized as assets, under &#8220;Other receivables,&#8221; in the amount of R$1.8 million in current assets and the amount of R$48.8 million in noncurrent assets. As of December 31, 2017, the total principal and interest due under these loan agreements is R$50.6 million. &nbsp;The nonpayments reduced our financial income by R$5.0 million in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pr&#243;-Conex&#227;o</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2012, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">the State</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> of S&#227;o Paulo approved a project to subsidize connections to the sewage system for low&#8209;income families.&nbsp; Initially intended to last eight years, the project involves capital expenditures of up to R$349.5&nbsp;million of which 80% will be provided by the State government and 20% by us.&nbsp; In this period we expect that this program will create 192,000 new sewage connections benefiting approximately 800,000 people.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December 2017, we had completed approximately 23.5 thousand sewage connections under the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pr&#243;-Conex&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> program.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interests of Experts and Counsel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FINANCIAL INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Financial Statements and Other Financial Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">See &#8220;Item&nbsp;18. Financial Statements&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Legal Proceedings </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are currently subject to numerous legal proceedings relating to civil, tax, labor, corporate and environmental issues arising in the normal course of our business. &nbsp;Several individual disputes account for a significant part of the total amount of claims against us. &nbsp;Our material legal proceedings are described in Note 19 to our financial statements included in this annual report, and that description is incorporated by reference under this Item.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Civil Public Actions Related to Environmental Matters </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are subject to administrative and judicial proceedings, including proceedings initiated by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Ambiental do Estado de Sao Paulo </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(CETESB), the Office of the Public Prosecutor of the State of S&#227;o Paulo and non-governmental organizations.&nbsp; These proceedings result from alleged environmental damage and relief sought against us includes:&nbsp; (i)&nbsp;cessation of the release of raw sewage into certain local bodies of water; (ii) remedies, in some cases, for environmental damages that have not yet been specified and evaluated by the court&#8217;s technical experts; (iii)&nbsp;requirements to install and operate sewage treatment facilities in locations referred to in the civil public actions; and (iv) imposition of a limit on water extracted from the water springs most affected by the water crisis. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In certain cases, we are subject to daily fines for non&#8209;compliance.&nbsp; In our response to these lawsuits, we note that the installation and operation of sewage treatment facilities in locations referred to in the civil public actions is included in our investment plan.&nbsp; There have already been unfavorable judicial decisions against us and their effects may include:&nbsp; (i)&nbsp;investment in works or services not considered by our long&#8209;term investment plan; (ii)&nbsp;early execution of works or services that were&nbsp;considered for execution in future years in our long&#8209;term investment plan; (iii)&nbsp;payments related to environmental indemnification; and (iv) a negative impact on our image in national and international markets and in public bodies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Although we are not able to predict the final outcome of these lawsuits, we believe that the outcome, if unfavorable to us, may have a material adverse effect on us. We recognize provisions for classify certain of these proceedings as defined in Note 3.15 to our financial statements included in this annual report. As of December 31, 2017 we have provisions totaling R$160.4</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million for the matters stated in Note 19 to our financial statements included in this annual report.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Legal Proceedings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Civil Entity Coordination Committee of Piracicaba&nbsp; on December 30, 2003</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">filed a civil public action against us, the National Water Agency and&nbsp;the State of S&#227;o Paulo Treasury Department seeking, among other claims for relief:&nbsp; (i) the termination of use of 31 m<SUP>3</SUP>/s of water from one of the municipality&#8217;s reservoirs; (ii) the creation of a schedule to regulate water use and withdrawal from the Piracicaba river basin by&nbsp;the Cantareira system to eliminate possible damage to populations downstream; and (iii) the development of an environmental impact study on the Cantareira system evaluating the impact of water use and withdrawal on the various basins that constitute the system.&nbsp; In August 2012, this civil public action was decided favorably for us in two lower courts, and the plaintiff&#8217;s appeal to a higher court seeking special and extraordinary recourse was denied based on inadmissibility.&nbsp; We are currently awaiting a court decision on the action brought by the plaintiff against the decisions of inadmissibility cited.&nbsp; The amount involved in this proceeding as of December 31, 2017 is R$24.9 billion. We have assessed that we do not have a current obligation as a result of a past event, and accordingly have not made any provisions.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Public Prosecutor&#8217;s Office of the State of S&#227;o Paulo on November 30, 2012 filed a civil public action against us seeking:&nbsp; (i) the nullification of the contract we entered with the Municipality of S&#227;o Paulo on June 23, 2010 regarding the service of water supply and sewage services; (ii) our exclusion from the B3&#8217;s Corporate Sustainability Index; and (iii) sewage treatment coverage of the entire Municipality of S&#227;o Paulo by 2018.&nbsp; The plaintiff&#8217;s request for an injunction was denied, and the courts maintained this decision after we presented our defense.&nbsp; On November 18, 2014,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the case was dismissed in the first instance, and the plaintiff then appealed this dismissal.&nbsp; We are currently waiting the court&#8217;s ruling on the appeal. &nbsp;The amount involved in these proceedings is R$15.9 billion as of December 31, 2017.&nbsp; We have assessed that we do not have a current obligation as a result of a past event, and accordingly have not made any provisions.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dividends and Dividend Policy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Amounts Available for Distribution</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At each annual shareholders&#8217; meeting, the board of directors is required to recommend the allocation of net profits for the preceding fiscal year.&nbsp; For purposes of Brazilian Corporate Law, net profits are defined as net income after income tax and social contribution tax for such fiscal year, net of any accumulated losses from prior fiscal years and any amounts allocated to employees&#8217; and management&#8217;s participation in our profits.&nbsp; In accordance with Brazilian Corporate Law, the amounts available for dividend distribution are the amounts equal to</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face="Times New Roman">&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">half of the net profit as increased or reduced by:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the amount intended to form the legal reserve; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the amount intended to form the reserves for contingencies and any written-off amounts of the same reserves formed in previous fiscal years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are required to maintain a legal reserve, to which we must allocate 5.0% of net profits for each fiscal year until the amount for such reserve equals 20.0% of our paid&#8209;in capital.&nbsp; However, we are not required to make any allocations to our legal reserve in respect of any fiscal year in which the aggregate amount of the legal reserve plus our other established capital reserves exceeds 30.0% of our capital.&nbsp; Net losses, if any, may be offset against the legal reserve.&nbsp; As of December&nbsp;31, 2017, 2016 and 2015 the balance of our legal reserve was R$1,058.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$923.3 million and R$785.0 million, respectively, which was equal to 10.6%, 9.3% and 7.8%, respectively, of our capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Brazilian Corporate Law also provides for two discretionary allocations of net profits that are subject to approval by the shareholders at each annual shareholders&#8217; meeting.&nbsp; First, a percentage of net profits may be allocated to a contingency reserve for anticipated losses that are deemed probable in future years.&nbsp; Any amount so allocated in a prior year must be either reversed in the fiscal year in which the loss was anticipated if such loss does not in fact occur, or written off in the event that the anticipated loss occurs.&nbsp; Second, if the mandatory distributable amount exceeds the sum of realized net profits in any given year, such excess may be allocated to an unrealized revenue reserve.&nbsp; Under Brazilian Corporate Law, realized net profits is defined as the amount of net profits that exceeds the net positive result of equity adjustments and profits or revenues from operations with financial results after the end of the next succeeding fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under Brazilian Corporate Law, any company may authorize in its bylaws the creation of a discretionary reserve.&nbsp; Bylaws which authorize the allocation of a percentage of a company&#8217;s net income to the discretionary reserve must also indicate the purpose, criteria for allocation and maximum amount of the reserve.&nbsp; We may also allocate a portion of our net profits for discretionary allocations for plan expansion and other capital investment projects, the amount of which would be based on a capital budget previously presented by management and approved by our shareholders.&nbsp; Under Law No.&nbsp;10,303/2001 of October&nbsp;31, 2001, as amended, capital budgets for more than one year must be revised at each annual shareholders&#8217; meeting.&nbsp; After completion of the relevant capital projects, we may retain the allocation until the shareholders vote to transfer all or a portion of the reserve to capital or retained earnings.&nbsp;As of December&nbsp;31, 2017, 2016 and 2015 we had an investment reserve of R$6,939.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$5,249.8 million and R$3,273.6 million, respectively.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The amounts available for distribution may be further increased by a reversion of the contingency reserve for anticipated losses constituted in prior years but not realized.&nbsp; The amounts available for distribution are determined on the basis of our financial statements prepared in accordance with Brazilian GAAP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The legal reserve is subject to approval by the shareholder vote at our annual shareholders&#8217; meeting and may be transferred to capital but is not available for the payment of dividends in subsequent years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mandatory Distribution</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Brazilian Corporate Law generally requires that the bylaws of each Brazilian corporation specify a minimum percentage of the amounts available for distribution by such corporation for each fiscal year that must be distributed to shareholders as dividends, also known as the mandatory distributable amount.&nbsp; Under our bylaws, the mandatory distributable amount has been fixed at an amount equal to not less than 25.0% of the amounts available for distribution, to the extent amounts are available for distribution at the end of each given fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The mandatory distribution is based on a percentage of adjusted net income, not lower than 25.0%, rather than a fixed monetary amount per share.&nbsp; Brazilian Corporate Law, however, permits a publicly held company, such as us, to suspend the mandatory distribution if the board of directors and the fiscal committee report to the shareholders&#8217; meeting that the distribution would be inadvisable in view of the company&#8217;s financial condition.&nbsp; The suspension is subject to the approval of holders of common shares.&nbsp; In this case, the board of directors must file a justification for such suspension with the CVM.&nbsp; Profits not distributed by virtue of the suspension mentioned above shall be </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">attributed to a special reserve and, if not absorbed by subsequent losses, must be paid as dividends as soon as the financial condition of such company permits such payments.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Payment of Dividends</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are required by Brazilian Corporate Law and by our bylaws to hold an annual shareholders&#8217; meeting by the fourth month after the end of each fiscal year at which, among other things, the shareholders have to decide on the payment of an annual dividend when profits were accrued.&nbsp; The decision to distribute annual dividends is based on the financial statements prepared for the relevant fiscal year.&nbsp; Under Brazilian Corporate Law, dividends generally are required to be paid within 60&nbsp;days following the date the dividend was declared, unless a shareholders&#8217; resolution sets forth another date for payment, which, in either case, must occur prior to the end of the fiscal year in which the dividend was declared.&nbsp; A shareholder has a three year period from the dividend payment date to claim dividends (or interest payments on shareholders&#8217; equity as described under &#8220;&#8212;Record of Dividend Payments and Interest on Shareholders&#8217; Equity&#8221;) distributed on his or her shares, after which the amount of the unclaimed dividends reverts to us.&nbsp; The depositary will set the currency exchange date to be used for payments to ADS holders as soon as practicable upon receipt of those payments from us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our bylaws allow us to pay interim dividends from preexisting and accumulated profits related to the current or preceding fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In general, shareholders who are not residents of Brazil must register with the Central Bank to have dividends, sales proceeds or other amounts with respect to their shares eligible to be remitted outside of Brazil.&nbsp; The common shares underlying our ADSs are held in Brazil by Banco Bradesco S.A., as the custodian and agent for the depositary, which is the registered owner of the common shares underlying the ADSs.&nbsp; Our current registrar is Banco Bradesco S.A.&nbsp; The depositary electronically registers the common shares underlying the ADSs with the Central Bank and, therefore, is able to have dividends, sales proceeds or other amounts with respect to these shares eligible to be remitted outside Brazil.&nbsp; See &#8220;Item&nbsp;10.D. Exchange Controls&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Payments of cash dividends and distributions, if any, will be made in Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> to the custodian on behalf of the depositary, which will then convert such proceeds into U.S.&nbsp;dollars and will cause such U.S.&nbsp;dollars to be delivered to the depositary for distribution to holders of ADSs.&nbsp; See &#8220;Item&nbsp;10.D. Exchange Controls&#8221;.&nbsp; Under current Brazilian law, dividends generally paid to shareholders who are not Brazilian residents, including holders of ADSs, will not be subject to Brazilian withholding income tax, except for dividends declared based on profits generated prior to December&nbsp;31, 1995.&nbsp;See &#8220;Item&nbsp;10.E. Taxation&#8221;.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Record of Dividend Payments and Interest on Shareholders&#8217; Equity</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Brazilian corporations are permitted to distribute dividends in the form of a tax&#8209;deductible notional interest expense on shareholders&#8217; equity in accordance with Law No.&nbsp;9,249/1995 of December&nbsp;26, 1995, as amended.&nbsp; The amount of tax&#8209;deductible interest that may be paid is calculated by applying the daily </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> variation of the government&#8217;s long-term interest rate (TJLP) on the shareholders&#8217; equity during the relevant period and cannot exceed the greater of:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">50.0% of net income (before taking into account such distribution and any deductions for income taxes and after taking into account any deductions for social contributions on net profits) for the period in respect of which the payment is made; or</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">50.0% of earnings reserves and retained earnings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any payment of interest on shareholders&#8217; equity to holders of ADSs or common shares, whether or not they are Brazilian residents, is subject to Brazilian withholding income tax at the rate of 15.0% or 25.0% if the beneficiary is resident in a low tax jurisdiction (tax haven).&nbsp; See &#8220;Item&nbsp;10.E. Taxation&#8221;.&nbsp; The amount paid to shareholders as interest on shareholders&#8217; equity, net of any withholding tax, may be included as part of the mandatory dividends distributable amount as prescribed in Brazilian Corporate Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dividends and interest on shareholders&#8217; equity over the minimum established in a company&#8217;s bylaws are recognized when approved by the shareholders in the general meeting.&nbsp; Consequently, the amounts recognized as of December&nbsp;31, 2017 correspond to the minimum established by law of 25.0% of the net income and the difference of R$703.9 million will be recorded in 2018 after the annual shareholders&#8217; meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Distributions of dividends</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table sets forth the distributions of dividends that we made to our shareholders in respect of our 2017, 2016 and 2015 earnings.&nbsp; All these amounts distributed or to be distributed were or will be in the form of interest on shareholders&#8217; equity.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Aggregate amount proposed</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Payment Dates</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Payment per share</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Payment per ADS</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in&nbsp;millions of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">703.9</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">June 26, 2018</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.03</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.03</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">823.5</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">June 27, 2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.20</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.20</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">149.9</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">June 28, 2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.22</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.22</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol>*</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">We recorded dividends in the amount of R$598.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">million, which pursuant to our bylaws is our minimum dividend amount.&nbsp; The dividends are expected to be paid on June 26, 2018.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dividend Policy</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We intend to declare and pay dividends and/or interest on shareholders&#8217; equity, as required by Brazilian Corporate Law, our bylaws and our dividend policy.&nbsp; Our board of directors may propose the distribution of interest on shareholders&#8217; equity, calculated based on our semiannual or quarterly financial statements.&nbsp; The declaration of dividends is annual, including dividends in excess of the mandatory distribution, and requires approval by the vote of the majority of the holders of our common shares. The proposed distribution of dividends should consider (i) the need for investments to universalize basic sanitation services; (ii) the achievement of our corporate purpose, as set forth in our bylaws; (iii) the cash generation and cash requirements; and (iv) our economic and financial sustainability. The amount of any distributions will depend on many factors, such as our results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by our board of directors and shareholders.&nbsp; Within the context of our tax planning, we may in the future continue to determine that it is in our best interest to distribute interest on shareholders&#8217; equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Significant Changes</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other than as disclosed in this annual report, no significant change has occurred since the date of the audited financial statements included in this annual report.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">THE OFFER AND LISTING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Offer and Listing Details</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Market Price of Common Shares</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our common shares have been listed on the B3 under the symbol &#8220;SBSP3&#8221; since June&nbsp;4, 1997 and, starting on April&nbsp;24, 2002, have been included in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> segment of that exchange.&nbsp; As of December&nbsp;31, 2017, we had 5,532 registered holders of common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April&nbsp;30, 2007, our shareholders approved a reverse stock split of 125 common shares into one common share.&nbsp; Following a ratio change effected on January&nbsp;24, 2013, each ADS currently represents one of our common shares.&nbsp; On April&nbsp;22, 2013 our shareholders approved a stock split, following which each common share represented three new common shares. &nbsp;IFRS requires the retrospective application of earnings&#8209;per&#8209;share computations for stock dividends, stock splits, and reverse splits.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The table below sets forth, for the periods indicated, the reported high and low closing sale prices in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> for common shares on the B3.&nbsp; The table also sets forth prices per ADS assuming that ADSs had been outstanding on all such dates and translated into U.S.&nbsp;dollars at the commercial market rate for the sale of U.S.&nbsp;dollars for each of the respective dates of such quotations.&nbsp; In addition, the table sets forth the average daily trading volume for our common shares.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Reais</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> per common share</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">U.S.&nbsp;dollar equivalent per ADS</FONT></B><SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Average daily trading volume</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2018</FONT></B></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">January</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">33.24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">36.89 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">10.24 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.65 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">941,119</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">February</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">33.34</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">38.30 </FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">10.16</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.83 </FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,388,138</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">March</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">34.11 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">38.75 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">10.22 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.77 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,827,938</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April </FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">33.28</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">35.70</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.71</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.30</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,422,805</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">May (through May 24)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">25.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">34.50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">6.97</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,088,094</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2017</FONT></B></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">27.56</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">35.38</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.39</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">11.17</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,612,448</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First Quarter</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">28.37</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">34.38</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.67</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">11.17</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,531,092</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second Quarter</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">27.56</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">34.14</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.39</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">11.04</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,881,846</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third Quarter</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">30.12</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">35.38</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.42</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">11.17</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,487,653</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth Quarter</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">28.46</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">34.52</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.69</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.87</FONT></P></TD>

   <TD style="BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,554,779</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2016</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">16.62</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">33.70</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">4.11</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.51</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,973,766</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First Quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">16.62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">21.32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">4.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,551,121</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second Quarter</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">25.59</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">29.08</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">7.12</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.06</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,469,756</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third Quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">28.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">31.49</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.50</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,450,438</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth Quarter</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">26.58</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">33.70</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">7.98</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.51</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,688,341</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2015</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">13.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">20.29</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.45</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,341,147</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">13.25</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">19.40</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.10</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">6.10</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,474,031</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">15.74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">19.65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">6.46</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,314,025</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">14.50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">18.99</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">4.09</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.92</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,273,028</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">16.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">20.29</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">4.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.45</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,306,283 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2014</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">15.98</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">25.96</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.83</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.83</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,432,670</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">19.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">25.96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,605,502</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">19.60</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">24.35</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.81</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.81</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,386,168</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">19.30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">23.97</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.47</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,398,368</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">15.98</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">20.50</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.83</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.07</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,343,589</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2013</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">19.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">32.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">15.95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,373,958</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">85.00</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">96.40</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">41.90</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">47.87</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">557,193</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter<SUP>(2)&nbsp;</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">20.40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">31.38</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">15.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,755,594</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">19.55</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">23.96</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.15</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.76</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,719,845</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">21.40</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">26.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.70</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">11.28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,401,226</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Following a ratio change effected on January&nbsp;24, 2013, each ADS represents one common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">After April&nbsp;22, 2013 our common shares are traded considering the stock split.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Market Price of ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our ADSs, each of which represents one of our common shares, as of the date of this annual report, are listed on the NYSE under the symbol &#8220;SBS&#8221;.&nbsp; Prior to June&nbsp;8, 2007, each ADS represented 250 of our common shares.&nbsp; From that date through January&nbsp;23, 2013, each ADS represented two of our common shares.&nbsp; Following a ratio change effected on January&nbsp;24, 2013, each ADS currently represents one of our common shares.&nbsp; On April&nbsp;22, 2013 our shareholders approved a stock split, following which each common share represented three new common shares. Our ADSs began trading on the NYSE on May&nbsp;10, 2002 in connection with the initial offering of our equity securities in the United States.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The table below sets forth, for the periods indicated, the reported high and low closing prices for our ADSs on the NYSE.</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Price in U.S.&nbsp;dollars per ADS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Low</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">High</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Average daily trading volume</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2018</FONT></B></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">January </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">10.23</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">11.47</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">1,339,009</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">February </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">10.14</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.72</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,488,395</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">March </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">10.32</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.78</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">2,339,937</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">April </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.74</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.43</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,495,140</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">May (through May 24)</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">7.01</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.95</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,597,381</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2017</FONT></B></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">8.39</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.20</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,772,612</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">8.81</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.13</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,521,758</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">9.47</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.20</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,802,381</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">9.47</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">11.20</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,802,381</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">8.73</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">10.81</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; BACKGROUND: #ffffff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">1,652,643</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2016</FONT></B></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">4.07</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.52</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,317,594</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">4.07</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">6.64</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">2,079,094</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">5.45</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">6.65</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman">2,571,512</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">6.12</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">9.71</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">2,680,041</FONT></P></TD></TR>

<TR style="HEIGHT: 10.35pt">

   <TD style="HEIGHT: 10.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 10.35pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="HEIGHT: 10.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 10.35pt" color=black face="Times New Roman">7.89</FONT></P></TD>

   <TD style="HEIGHT: 10.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 10.35pt" color=black face="Times New Roman">10.52</FONT></P></TD>

   <TD style="HEIGHT: 10.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 10.35pt" color=black face="Times New Roman">1,774,031</FONT></P></TD></TR>

<TR style="HEIGHT: 9.45pt">

   <TD style="HEIGHT: 9.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.45pt" face="Times New Roman">2015</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.45pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.45pt" face="Times New Roman">3.57</FONT></P></TD>

   <TD style="HEIGHT: 9.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.45pt" face="Times New Roman">6.56</FONT></P></TD>

   <TD style="HEIGHT: 9.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 9.45pt" face="Times New Roman">2,300,672</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">4.86</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">6.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,987,516</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">6.56</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,212,398</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.57</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.93</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,299,456</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">3.88</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.38</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,734,132</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2014</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.86</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.93</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,554,714</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,781,129</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.86</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.93</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,281,039</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.86</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,197,585</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">5.86</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.56</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,965,438</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2013</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">41.60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">48.63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">490,280</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">First quarter<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">15.88</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,649,436</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Second quarter<SUP>(2)</SUP> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">8.38</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">10.82</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2,055,875</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Third quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">9.76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">11.45</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,725,844</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Fourth quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">41.60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">48.63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">490,280</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">After January&nbsp;23, 2013 our common shares have traded considering the ratio change.&nbsp; On April 22, 2013 our shareholders approved a stock split, following which each common share represented three new common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">After April&nbsp;29, 2013 our ADSs are traded considering the stock split.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Plan of Distribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Markets</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Trading on the Brazilian Stock Exchange </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The preferred shares and common shares are traded on the B3, the only Brazilian stock exchange that trades shares. &nbsp;Trading on the B3 is limited to brokerage firms and a limited number of authorized entities. &nbsp;The CVM and the B3 have discretionary authority to suspend trading in shares of a particular issuer under certain circumstances.</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Trading on the B3 is conducted between 10:00&nbsp;a.m. and 4:55&nbsp;p.m. or from 10:00 a.m. to 5:55 p.m. (during daylight savings time in Brazil).&nbsp; The B3 also permits trading from 5:30&nbsp;p.m. to 6:00 p.m. during a different trading period called the &#8220;after market&#8221;.&nbsp;The after-market session is restricted to certain stocks that were traded in the portfolios IBOV and/or IBrX and that were traded on the same day during the regular negotiation. Trading during aftermarket is subject to regulatory limits on price volatility and on the volume of shares transacted through internet brokers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to maintain better quality control over the fluctuation of its index, the B3 has adopted a &#8220;circuit breaker&#8221; system pursuant to which trading sessions are suspended (i)&nbsp;for a period of 30 minutes whenever the index of this stock exchange falls more than 10% from the index registered for the previous day; (ii)&nbsp;for one hour if the index of this stock exchange falls 15% or more from the index registered for the previous day, after the reopening of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">trading; and (iii)&nbsp;for a certain period of time to be defined by the B3, if the index of this stock exchange falls 20% or more from the index registered for the previous day, after the reopening of trading. &nbsp;The minimum and maximum price is based on a reference price for each asset, which will be the previous session&#8217;s closing quote, when considering the asset at the beginning of the day before the first trade, or the price of the day&#8217;s first trade. &nbsp;The asset&#8217;s reference price will be altered during the session if there is an auction sparked by the intraday limit being breached. &nbsp;In this case the reference price will become whatever results from the auction. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The B3 settles the sale of shares three business&nbsp;days after they have taken place, without monetary adjustment of the purchase price.&nbsp; The shares are paid for and delivered through a settlement agent affiliated with the B3.&nbsp; The B3 performs multilateral compensation for both the financial obligations and the delivery of shares.&nbsp; According to the B3&#8217;s regulations, financial settlement is carried out by the Central Bank&#8217;s reserve transfer system.&nbsp; The securities are transferred by the B3&#8217;s custody system.&nbsp; Both delivery and payment are final and irrevocable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Trading on the B3 is significantly less liquid than trading on the NYSE or other major exchanges in the world.&nbsp; Although any of the outstanding shares of a listed company may trade on the B3, in most cases fewer than half of the listed shares are actually available for trading by the public, the remainder being held by a controlling group or by government entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Trading on the B3 by a holder not deemed to be domiciled in Brazil for Brazilian tax and regulatory purposes, or a &#8220;non&#8209;Brazilian holder,&#8221; is subject to certain limitations under Brazilian foreign investment regulations.&nbsp; With limited exceptions, non&#8209;Brazilian holders may trade on Brazilian stock exchanges in accordance with the requirements of CMN Resolution No.&nbsp;4,373/2014, which requires that securities held by non&#8209;Brazilian holders be maintained in the custody of financial institutions authorized by the Central Bank and by the CVM or in deposit accounts with financial institutions.&nbsp; In addition, Resolution No.&nbsp;4,373/2014 requires non&#8209;Brazilian holders to restrict their securities trading to transactions on the B3 or qualified over&#8209;the&#8209;counter markets.&nbsp; With limited exceptions, non&#8209;Brazilian holders may not transfer the ownership of investments made under Resolution No.&nbsp;4,373/2014 to other non&#8209;Brazilian holders through a private transaction.&nbsp; See &#8220;Item&nbsp;10.E. Taxation&#8212;Brazilian Tax Considerations&#8212;Taxation of Gains&#8221; for a description of certain tax benefits extended to non&#8209;Brazilian holders who qualify under Resolution No.&nbsp;4,373/2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Novo Mercado Segment</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Since April&nbsp;24, 2002, our common shares have been listed on the </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> segment of the B3.&nbsp; The </FONT><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> is a listing segment designed for the trading of shares issued by companies that voluntarily undertake to abide by some additional corporate governance practices and disclosure requirements in addition to those already required under Brazilian law.&nbsp; A company in the </FONT><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> must follow good practices of corporate governance.&nbsp; These rules generally increase shareholders&#8217; rights and enhance the quality of information provided to shareholders.&nbsp; On April&nbsp;18, 2002, June&nbsp;19, 2006, April&nbsp;23, 2012 and April 27, 2018 our shareholders approved changes to our bylaws to comply with the </FONT><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> requirements.</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition to the obligations imposed by current Brazilian law, a company listed on the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> is obligated to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">maintain only voting shares;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">hold public offerings of shares in a manner favoring diversification of the company&#8217;s shareholder base and broader access to retail investors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">grant tag along rights for all shareholders in connection with a transfer of control of the company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">limit the term of all members of the board of directors to two&nbsp;years;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">hold a tender offer by the company&#8217;s controlling shareholder (the minimum price of the shares to be offered will be determined by an appraisal process) if it elects to delist from the Novo Mercado, unless a waiver is granted by the company&#8217;s shareholders; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">maintain a related party transactions policy, including (i) the criteria to be followed in the performance and approval of related party transactions, (ii) the procedures for identifying conflicts of interest and establishing voting restrictions for conflicted shareholders, directors and executive officers, and (iii) the procedures for identifying related parties and related party transactions;</FONT></FONT></P><FONT style="FONT-SIZE: 10pt"></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt"></FONT><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="Times New Roman">the chairman of the board of directors is prohibited from simultaneously holding the position of chief executive officer; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the board of directors must disclose its opinion on takeover proposals within 15&nbsp;days from the presentation of the proposal;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">relevant facts, notices to market or to shareholders and press releases must be made in English simultaneously with the disclosure made in Portuguese;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ensure that at least two or 20.0% (whichever is greater) of the members of the board of directors are independent, as defined under the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> regulation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">maintain a minimum free float of at least 25.0% of the outstanding capital stock of the company, or 15.0% in the event that the average daily trading volume is greater than R$25.0 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the company must have an internal audit committee;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">disclose information on the share ownership of controlling shareholders and certain related parties on a monthly basis; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the company must adopt and publish a code of conduct approved by the board of directors, as well as, policies for (i) compensation; (ii) election of board and committee members; (iii) risk management; (iv) related party transactions; and (v) the purchasing and trading of securities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companies already listed in the </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Novo Mercado </FONT><FONT lang=EN-US face="Times New Roman">segment have until April 2021 to make the necessary changes in order to comply with these new rules. We are working to implement such changes and believe that such implementation will be completed by the April 2021 deadline.</FONT></FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Regulation&nbsp;of Brazilian Securities Markets</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian securities markets are principally governed by Law No.&nbsp;6,385/1976 of December&nbsp;7, 1976, and Brazilian Corporate Law, each as amended and supplemented, and by regulations issued by the CVM, which has regulatory authority over the stock exchanges and securities markets generally, by the CMN, and by the Central Bank, which has licensing authority over brokerage firms and regulates foreign investment and foreign exchange transactions.&nbsp; These laws and regulations, among others, provide for disclosure requirements applicable to issuers of traded securities, protection of minority shareholders and criminal penalties for insider trading and price manipulation.&nbsp; They also provide for licensing and oversight of brokerage firms and governance of the Brazilian stock exchanges.&nbsp; Nevertheless, the Brazilian securities markets are not as highly regulated and supervised as the U.S.&nbsp;securities markets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under Brazilian Corporate Law, a company is either public (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">companhia aberta</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), such as we are, or closely held (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">companhia fechada</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">).&nbsp; All public companies, including us, are registered with the CVM and are subject to reporting requirements.&nbsp; A company registered with the CVM may have its securities traded on the Brazilian stock exchanges or in the Brazilian over&#8209;the&#8209;counter market.&nbsp; Our common shares are listed and traded on the B3 and may be traded privately subject to some limitations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">To be listed on a Brazilian stock exchange a company must apply for registration with the CVM and the stock exchange where the head office of the company is located.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have the option to ask that trading in our securities on the B3 be suspended in anticipation of a material announcement.&nbsp; Trading may also be suspended on the initiative of the B3 or the CVM, among other reasons, based on or due to a belief that a company has provided inadequate information regarding a material event or has provided inadequate responses to the inquiries by the CVM or the S&#227;o Paulo Stock Exchange.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian over&#8209;the&#8209;counter market consists of direct trades between individuals in which a financial institution registered with the CVM serves as intermediary.&nbsp; No special application, other than registration with the CVM, is necessary for securities of a public company to be traded in this market.&nbsp; The CVM requires that it be given notice of all trades carried out in the Brazilian over&#8209;the&#8209;counter market by the respective intermediaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Trading on the B3 by non&#8209;residents of Brazil is subject to limitations under Brazilian foreign investment and tax legislation.&nbsp; The Brazilian custodian for our common shares underlying the ADSs must, on behalf of the depositary for our ADSs, obtain registration from the Central Bank to remit U.S.&nbsp;dollars abroad for payments of dividends, any other cash distributions, or upon the disposition of the shares and sales proceeds thereto.&nbsp; In the event that a holder </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">of ADSs exchanges ADSs for common shares, the holder will be entitled to continue to rely on the custodian&#8217;s registration for five business&nbsp;days after the exchange.&nbsp; Thereafter, the holder may not be able to obtain and remit U.S.&nbsp;dollars abroad upon the disposition of our common shares, or distributions relating to our common shares, unless the holder obtains a new registration.&nbsp; See &#8220;Item&nbsp;10.D. Exchange Controls&#8221;.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Selling Shareholders</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">E.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dilution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">F.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Expenses of the Issue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ADDITIONAL INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Share Capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Memorandum and Articles of Association </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following is a summary of the material terms of our common shares, including related provisions of our bylaws and Brazilian Corporate Law.&nbsp; This description is qualified by reference to our bylaws and to Brazilian law.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Corporate Purposes</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are a mixed capital company (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">sociedade de economia mista</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) of unlimited duration, incorporated on September&nbsp;6, 1973, with limited liability, duly organized and operating under Brazilian Corporate Law.&nbsp; As set forth in Article&nbsp;2 of our bylaws, our corporate purpose is to render basic sanitation services, aimed at the universalization of basic sanitation in the state of S&#227;o Paulo without harming our long&#8209;term financial sustainability.&nbsp; Our activities comprise water supply, sanitary sewage services, urban rainwater management and drainage services, urban cleaning services, solid waste management services and related activities, including the planning, operation, maintenance and commercialization of energy, and the commercialization of services, products, benefits and rights that directly or indirectly arise from our assets, operations and activities.&nbsp; We are allowed to act, in a subsidiary form, in other Brazilian locations and abroad.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Directors&#8217; Powers</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Although our bylaws contain no specific provisions regarding a director or executive officer&#8217;s power to vote on a proposal, arrangement or contract in which that director has a material interest, under Brazilian Corporate Law, a director or an executive officer is prohibited from voting in any meeting or with respect to any transaction in which that director or executive officer has a conflict of interest with the company and must disclose the nature and extent of the conflicting interest to be recorded in the minutes of the meeting.&nbsp; In any case, a director or an executive officer may not transact any business with the company, including any borrowing, except on reasonable or fair terms and conditions that are identical to the terms and conditions prevailing in the market or offered by third parties.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under our bylaws, our shareholders are responsible for establishing the compensation we pay to the members of our board of directors, members of the fiscal committee and the executive officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Brazilian Corporate Law, each member of our board of executive officers must be a resident in Brazil.&nbsp; Our bylaws do not establish any mandatory retirement age limit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">See also &#8220;Item&nbsp;6.A. Directors and Senior Management&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Description of Common Shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">General</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Each common share entitles the holder thereof to one vote at our annual or special shareholders&#8217; meetings.&nbsp; Brazilian Corporate Law requires that all our shareholders&#8217; meetings be called by publication of a notice in the </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Di&#225;rio Oficial do Estado de S&#227;o Paulo</FONT><FONT lang=EN-US face="Times New Roman">, the official government publication of the State of S&#227;o Paulo, and in a newspaper of general circulation in our principal place of business, currently the city of S&#227;o Paulo, at least fifteen&nbsp;days prior to the meeting.&nbsp; In addition, the CVM requires issuers of American Depositary Shares, like us, to issue the first call for a shareholders&#8217; meeting up to 30&nbsp;days before such shareholders&#8217; meeting. The quorum to hold shareholders&#8217; meetings on first call requires the attendance of shareholders, either in person or by proxy, representing at least 25.0% of the shares entitled to vote and, on second call, the meetings can be held with the attendance of shareholders, also either in person or by proxy, representing any number of shares entitled to vote.</FONT></FONT></FONT></P><FONT style="FONT-SIZE: 10pt"></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 10pt"></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under Brazilian Corporate Law, our common shares are entitled to dividends or other distributions made in respect of our common shares in proportion to their share of the amount available for the dividend or distribution.&nbsp; See &#8220;Item&nbsp;8A. Financial Statements and Other Financial Information&#8212;Dividends and Dividend Policy&#8221; for a more complete description of payment of dividends and other distributions on our common shares.&nbsp; In addition, upon any liquidation of our Company, our common shares are entitled to our remaining capital after paying our creditors in proportion to their ownership interest in us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In principle, a change in shareholder rights, such as the reduction of the compulsory minimum dividend, is subject to a favorable vote of the shareholders representing at least one half of our voting shares.&nbsp; Under some circumstances that may result in a change in the shareholder rights, such as the creation of preferred shares, Brazilian Corporate Law requires the approval of a majority of the shareholders who would be adversely affected by the change attending a special meeting called for such reason.&nbsp; It should be emphasized, however, that our bylaws expressly prevents us from issuing preferred shares.&nbsp;Brazilian Corporate Law specifies other circumstances where a dissenting shareholder may also have appraisal rights.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">According to Brazilian Corporate Law, neither a company&#8217;s bylaws nor actions taken at a general meeting of shareholders may deprive a shareholder of certain rights, such as:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the right to participate in the distribution of profits;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the right to participate equally and ratably in any remaining residual assets in the event of liquidation of the company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the right to supervise the management of the corporate business as specified in Brazilian Corporate Law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the right to preemptive rights in the event of a subscription of shares, debentures convertible into shares or subscription bonuses (except in some specific circumstances under Brazilian law); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the right to withdraw from the company in the cases specified in Brazilian Corporate Law.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Brazilian Corporate Law and our bylaws, each of our common shares carries the right to one vote at our shareholders&#8217; meetings.&nbsp; We may not restrain or deny that right without the consent of the holders of a majority of the shares affected.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Neither Brazilian Corporate Law nor our bylaws expressly addresses:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">staggered terms for directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">cumulative voting, except as described below; or </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">measures that could prevent a takeover attempt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">However, under the laws of the State of S&#227;o Paulo, the State is required to own at least a majority of our outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">According to Brazilian Corporate Law and its regulations, shareholders representing at least 10 percent of our capital, may request that a multiple voting procedure be adopted to entitle each share to as many votes as there are board members and to give each shareholder the right to vote cumulatively for only one candidate or to distribute their votes among several candidates.&nbsp; Pursuant to Brazilian Corporate Law, shareholder action must be taken at a shareholders meeting, duly called for and not by written consent.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, shareholders owning at least 15.0% of the capital may request the right to elect, separately a member of the Board of Directors.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Preemptive Rights</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Each of our shareholders has a general preemptive right to subscribe for shares or securities convertible into shares in any capital increase, in proportion to his or her ownership interest in us, except in the event of the grant and exercise of any option to acquire shares of our capital stock.&nbsp; The preemptive rights are valid for a 30&#8209;day period from the publication of the announcement of the capital increase.&nbsp; Shareholders are also entitled to sell this preemptive right to third parties.&nbsp; Under Brazilian Corporate Law, we may amend our bylaws to eliminate preemptive rights or to reduce the exercise period in connection with a public offering of shares or an exchange offer made to acquire another company.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the event of a capital increase by means of the issuance of new shares, holders of ADSs, or of common shares, would, except under circumstances described above, have preemptive rights to subscribe for any class of our newly issued shares.&nbsp; However, an ADS holder may not be able to exercise the preemptive rights relating to the common shares underlying his or her ADSs unless a registration statement under the Securities Act is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available.&nbsp; See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Common Shares and ADSs&#8212;A holder of our common shares and ADSs might be unable to exercise preemptive rights and tag&#8209;along rights with respect to the common shares&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Redemption and Rights of Withdrawal</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Brazilian Corporate Law provides that, under limited circumstances, a shareholder has the right to withdraw his or her equity interest from the company and to receive payment for the portion of shareholder&#8217;s equity attributable to his or her equity interest.&nbsp; This right of withdrawal may be exercised by dissenting our shareholders in the event that at least half of all voting shares outstanding authorize us:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to reduce the mandatory distribution of dividends;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to merge into another company or to consolidate with another company, subject to the conditions set forth in Brazilian Corporate Law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to participate in a centralized group of companies, as defined under Brazilian Corporate Law and subject to the conditions set forth therein;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to change our corporate purpose;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to split up, subject to the conditions set forth in Brazilian Corporate Law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">creating preferred shares or increasing an existing class of preferred shares without maintaining the existing ratio with the remaining class of preferred shares, unless when already set forth in or authorized by the bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to transform into another type of company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to transfer all of our shares to another company or to receive shares of another company in order to make the company whose shares are transferred a wholly owned subsidiary of such company, known as </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">incorpora&#231;&#227;o de a&#231;&#245;es</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">; or</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">to acquire control of another company at a price which exceeds the limits set forth in Brazilian Corporate Law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The right of withdrawal lapses 30&nbsp;days after publication of the minutes of the shareholders&#8217; meeting that approved a corporate action described above.&nbsp; We would be entitled to reconsider any action giving rise to withdrawal rights within 10&nbsp;days following the expiration of such rights if the withdrawal of shares of dissenting shareholders would jeopardize our financial condition.&nbsp; Brazilian Corporate Law allows companies to redeem their shares at their economic value, subject to the provisions of their bylaws and certain other requirements.&nbsp; Our bylaws currently do not provide that our capital stock will be redeemable at its economic value and, consequently, any redemption pursuant to Brazilian Corporate Law would be made based on the book value per share, determined on the basis of the last balance sheet approved by the shareholders.&nbsp;However, if a shareholders&#8217; meeting giving rise to redemption rights occurred more than 60&nbsp;days after the date of the last approved balance sheet, a shareholder would </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">be entitled to demand that his or her shares be valued on the basis of a new balance sheet dated within 60&nbsp;days of such shareholders&#8217; meeting.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, the rights of withdrawal in the third, fourth and eighth bullet points above may not be exercised by holders of shares if such shares (i)&nbsp;are liquid, defined as being part of the Bovespa index (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&#205;ndice Bovespa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) or other stock exchange index (as defined by the CVM), and (ii)&nbsp;are widely held, such that the controlling shareholder or companies it controls have less than 50.0% of our shares.&nbsp; Our common shares are included on the Bovespa index.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This right of withdrawal may also be exercised in the event that the entity resulting from a stock merger as described above, consolidation or spin&#8209;off of a listed company fails to become a listed company within 120&nbsp;days of the shareholders&#8217; meeting at which such transaction was approved.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We may cancel the right of withdrawal if the payment amount has a material adverse effect on our finances.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conversion Right</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable because our capital stock is only comprised of common shares.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Special and General Meetings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Unlike the laws governing corporations incorporated under the laws of the United States&#8217; state of Delaware, the Brazilian corporate law does not allow shareholders to approve matters by written consent obtained as a response to a consent solicitation procedure.&nbsp; All matters subject to approval by the shareholders must be approved in a general meeting, duly convened pursuant to the provisions of Brazilian corporate law.&nbsp; Shareholders may be represented at a shareholders&#8217; meeting by attorneys&#8209;in&#8209;fact who are (i)&nbsp;shareholders of the corporation, (ii)&nbsp;a Brazilian attorney, (iii)&nbsp;a member of management or (iv)&nbsp;a financial institution.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">General shareholders&#8217; meetings shall be called, convened and deliberated under Brazilian Corporate Law to address all matters of interest to the company. &nbsp;General shareholders&#8217; meetings may be called by publication of a notice in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Di&#225;rio Oficial do Estado de S&#227;o Paulo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and in a newspaper of general circulation in our principal place of business, and the first call should be made at least 15 days prior to the meeting. &nbsp;In our case, the first call is made 30 days in advance due the issuance of ADRs, as recommended by the CVM. &nbsp;The second call should be made at least 8 days in advance, if quorum is not reached, pursuant to the Brazilian Corporate Law.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At duly called and convened meetings, our shareholders are empowered to take any action regarding our business.&nbsp; Shareholders have the exclusive right, during our annual shareholders&#8217; meetings required to be hold within 120&nbsp;days of the end of our fiscal year, to approve our financial statements and to determine the allocation of our net income and the distribution of dividends related to the fiscal year immediately preceding the meeting.&nbsp; The members of our board of directors are generally elected at annual shareholders&#8217; meetings.&nbsp; However, according to Brazilian corporate law, they can also be elected at extraordinary shareholders&#8217; meetings.&nbsp; At the request of shareholders holding a sufficient number of shares, a fiscal committee can be established and its members elected at any shareholders&#8217; meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A special shareholders&#8217; meeting may be held concurrently with the annual shareholders&#8217; meeting and at other times during the year.&nbsp; Our shareholders may take the following actions, among others, exclusively at shareholders&#8217; meetings:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">election and dismissal of the members of our board of directors and our fiscal committee, if the shareholders have requested the setup of the latter;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approval of the aggregate compensation of the members of our board of directors and board of executive officers, as well as the compensation of the members of the fiscal committee;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">amendment of our bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approval of our merger, consolidation or spin&#8209;off;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approval of our dissolution or liquidation, as well as the election and dismissal of liquidators and the approval of their accounts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">granting stock awards and approval of stock splits or reverse stock splits;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approval of stock option plans for our management and employees, as well as for the management and employees of other companies directly or indirectly controlled by us;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approval, in accordance with the proposal submitted by our board of directors, of the distribution of our net income and payment of dividends;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">authorization to delist from the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> and to become a private company, except if the cancellation is due to a breach of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> regulations by management, and to retain a specialized firm to prepare a valuation report with respect to the value of our shares, in any such events;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approval of our management accounts and our financial statements; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">approval of any primary public offering of our shares or securities convertible into our shares; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">deliberate upon any matter submitted by the board of directors.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Limitations on Rights to Own Securities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There are no limitations under Brazilian law and our bylaws on the rights of non&#8209;residents or foreign shareholders to own securities, including the rights of such non&#8209;resident or foreign shareholders to hold or exercise voting rights.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Equal Treatment Provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to our bylaws and the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> regulations, any party that acquires our control must extend a tender offer for the shares held by non&#8209;controlling shareholders at the same conditions and purchase price paid to the controlling shareholder.&nbsp; In addition, State Law No.&nbsp;119/1973, which created our Company, requires the State to hold the majority of our shares at all times.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reserves</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">General</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian Corporate Law provides that all discretionary allocations of &#8220;adjusted income&#8221; are subject to shareholder approval and may be added to capital or distributed as dividends in subsequent years.&nbsp; In the case of our capital reserve and the legal reserve, they are also subject to shareholder approval; however, the use of their respective balances is restricted to being added to capital or absorbed by losses.&nbsp; They cannot be used as a source for income distribution to shareholders.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Investment Reserve</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our investment reserve is comprised specifically of internal funds for expansion of water and sewage service systems.&nbsp; As of December&nbsp;31, 2017, we had an investment reserve of R$6,939.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Legal Reserve</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under Brazilian Corporate Law, we are required to record a legal reserve to which we must allocate 5%&nbsp;of the adjusted net income each year until the amount of the reserve equals 20.0% of paid&#8209;in capital.&nbsp; Any accumulated deficit may be charged against the legal reserve.&nbsp; As of December&nbsp;31, 2017, the balance of our legal reserve was R$1,058.3 million.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Arbitration</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In connection with our listing with the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> segment of the B3, we, our shareholders, directors and officers have undertaken to refer to arbitration any and all disputes or controversies arising out of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> rules or any other corporate matters.&nbsp; See &#8220;Item&nbsp;9.C. Markets&#8221;.&nbsp; Under our bylaws, any dispute among us, our shareholders and our management with respect to the application of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> rules, the Brazilian Corporate Law, the application of the rules and regulations regarding Brazilian capital markets, will be resolved by arbitration conducted pursuant to the B3 Arbitration Rules in the Market Arbitration Chamber.&nbsp; Any dispute among shareholders, including holders of ADSs, and any dispute between us and shareholders, including holders of ADSs, will also be submitted to arbitration.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Options</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There are currently no outstanding options to purchase any of our common shares. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Material Contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For a description of the material contracts entered into by the State and us, see &#8220;Item&nbsp;7.B. Related Party Transactions&#8212;Transactions with the State of S&#227;o Paulo&#8221; and &#8220;Item&nbsp;7.B. Related Party Transactions&#8212;Agreements with the State&#8221;.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exchange Controls</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The right to convert dividend or interest payments and proceeds from the sale of shares into foreign currency and to remit such amounts outside Brazil is subject to restrictions under foreign investment legislation which generally requires, among other things, that the relevant investments have been registered with the Central Bank and the CVM.&nbsp; Such restrictions on the remittance of foreign capital abroad may hinder or prevent the custodian for our common shares represented by our ADSs or the holders of our common shares from converting dividends, distributions or the proceeds from any sale of these shares into U.S.&nbsp;dollars and remitting the U.S.&nbsp;dollars abroad.&nbsp; Holders of our ADSs could be adversely affected by delays in, or refusal to grant any, required government approval to convert Brazilian currency payments on the common shares underlying our ADS and to remit the proceeds abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; Accordingly, the proceeds from the sale of ADSs by ADR holders outside Brazil are not subject to Brazilian foreign investment controls, and holders of the ADSs are entitled to favorable tax treatment under certain circumstances.&nbsp; See &#8220;Item&nbsp;3.D. Risk Factors&#8212;Risks Relating to Our Common Shares and ADSs&#8212;Investors who exchange ADSs for common shares may lose their ability to remit foreign currency abroad and to obtain Brazilian tax advantages&#8221; and &#8220;Item&nbsp;10.E. Taxation&#8212;Brazilian Tax Considerations&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Since March 30, 2015, CMN Resolution No. 4,373/2014, of September 29, 2014, has been in full effect, providing for the issuance of depositary receipts in foreign markets in respect to shares of Brazilian issuers.&nbsp; The CMN Resolution No. 4,373/2014, among other acts, revoked CMN Resolution No. 1,927/1992, of May 18, 1992, CMN Resolution No. 1,289/1987, of March 20, 1987, and CMN Resolution No. 2,689/2000, of January 26, 2000. &nbsp;Under Brazilian law relating to foreign investment in the Brazilian capital markets, foreign investors registered with the CVM and acting through authorized custodial accounts managed by local agents may buy and sell shares on Brazilian stock exchanges without obtaining separate certificates of registration for each transaction. &nbsp;Foreign investors may register their investment under Law No. 4,131/1962, of September 3, 1962, as amended, or under CMN Resolution No. 4,373, of September 20, 2014. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Law No. 4,131/1962 is the main legislation concerning investment of direct foreign capital and foreign direct equity in companies based in Brazil.&nbsp; It is applicable to any amount of capital that enters Brazil in the form of foreign currency, goods or services. &nbsp;Foreign investment portfolios are regulated by CMN Resolution No. 4,373/2014, CVM Instruction No. 559/2015, of March 27, 2015, which regulates the approval of ADR programs by the CVM, and CVM Instruction No. 560/2015, of March 27, 2015, which regulates the filing of transactions and disclosure of information by foreign investors, all reflecting the provisions of CMN Resolution No. 4,373/2014. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of January 1, 2016, foreign investors that intend to be registered with the CVM shall fulfill the requirements under CVM Instruction No. 560/2015.&nbsp; In accordance with CMN Resolution No. 4,373/2014 the definition of a foreign investor includes individuals, legal entities, mutual funds and other collective investment entities, domiciled or headquartered abroad. &nbsp;In order to become a 4,373 Holder, a foreign investor must:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">appoint at least one representative in Brazil, with powers to perform actions relating to its investment;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">appoint an authorized custodian in Brazil for its investments, which must be a financial institution or entity duly authorized by the Central Bank or CVM;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">appoint a tax representative in Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">through its representative in Brazil, register itself as a foreign investor with the CVM; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">through its representative in Brazil, register its foreign investment with the Central Bank; and</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">be registered with the Federal Tax Authority (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Secretaria da Receita Federal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or the &#8220;RFB&#8221;, pursuant to RFB Normative Instruction No. 1,548/2015, of February 13, 2015, and RFB Normative Instruction No. 1,634/2016, of May 6, 2016.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">E.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Taxation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This summary contains a description of certain Brazilian and U.S.&nbsp;federal income tax consequences of the purchase, ownership and disposition of common shares or ADSs by a holder.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The summary is based upon the tax laws of Brazil and the federal income tax laws of the United States as in effect on the date of this annual report, which laws are subject to change, possibly with retroactive effect, regarding the U.S.&nbsp;federal income tax, and to differing interpretations.&nbsp; Holders of common shares or ADSs should consult their own tax advisors as to the Brazilian, U.S.&nbsp;or other tax consequences of the purchase, ownership and disposition of common shares or ADSs, including, in particular, the effect of any non-Brazilian, non-U.S., state or local tax laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Although there presently is no income tax treaty between Brazil and the United States, the tax authorities of the two countries have had discussions in the past regarding such a treaty.&nbsp; No assurance can be given, however, as to if or when a treaty will enter into force or how it will affect the U.S.&nbsp;holders of common shares or ADSs.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Brazilian Tax Considerations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following discussion summarizes the principal Brazilian tax consequences of the acquisition, ownership and disposition of common shares or ADSs by a holder that is not domiciled in Brazil for purposes of Brazilian taxation (a &#8220;non&#8209;Brazilian holder&#8221;).&nbsp; It is based on Brazilian laws and regulations as currently in effect, and, therefore, any change in such law may change the consequences described below.&nbsp; Each non&#8209;Brazilian holder should consult his or her own tax adviser concerning the Brazilian tax consequences of an investment in common shares or ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A non&#8209;Brazilian holder of ADSs may withdraw them in exchange for common shares in Brazil.&nbsp; Pursuant to Brazilian law, the non&#8209;Brazilian holder may invest in the common shares under CMN Resolution 4,373/2014, as a 4,373 Holder.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Taxation of Dividends</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the tax legislation adopted on December&nbsp;26, 1995, dividends based on profits generated after January&nbsp;1, 1996, including dividends paid in kind, payable by us in respect of common shares or ADSs, are exempt from withholding income tax.&nbsp; Dividends relating to profits generated prior to January&nbsp;1, 1996 may be subject to Brazilian withholding income tax at varying rates, depending on the year the profits were generated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Beginning in 2008, the Brazilian accounting rules were significantly modified in order to align them with IFRS. After the issuance of such new rules, a transitory tax regime (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">regime tribut&#225;rio de transi&#231;&#227;o</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">), or RTT, was created mainly to ensure neutrality of the new accounting rules in connection with the calculation and payment of corporate taxes on income. &nbsp;Thus, according to the RTT, Brazilian companies had, only for purposes of calculation of their taxable profit, to use the accounting rules and criteria that existed until December 2007. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the application of the RTT, the accounting profit of a Brazilian company might be significantly higher (or lower) than its taxable profit. &nbsp;Although this specific matter has not been expressly regulated by law, the Brazilian tax authorities issued a normative instruction stating that the amount of dividends paid in excess of the profit&nbsp;of a company determined as per the accounting rules and criteria that existed until December 2007 should be subject to taxation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On April 14, 2014, Law No. 12,973 was issued to, among other, terminate the Transitory Regime (RTT) and regulate how corporate taxable income should be assessed taking as a starting point the accounting profit calculated according to the new accounting rules introduced as from 2008.&nbsp; Such Law states that dividends related to all accounting profits generated between January 2008 and 31 December 2013 in excess of the established methods and criteria in force in 31 December, 2007, are not subject to withholding tax, and does not integrate the calculation of income tax and social contribution.&nbsp; With reference to 2014, the law is not clear, but tax authorities state that dividends paid in excess of the profit&nbsp;of a company determined as per the accounting rules and criteria that existed until December 2007 should be subject to withholding income tax at the rate of 15%, or 25% if the non-Brazilian holder is domiciled in a country or location that does not impose income tax or where the maximum income tax rate is lower than 20% (&#8220;Nil or Low Taxation Jurisdiction&#8221;).&nbsp; As of 2015, in view of the termination of the RTT, there </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">would be no differences between the accounting and the taxable profit, so that dividends generated since 2015 should be fully paid with no Brazilian withholding tax implications.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Taxation of Gains</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Gains realized on disposition of common shares are subject to income tax in Brazil, regardless of whether the sale or the disposition is made by a non&#8209;Brazilian holder to a resident or person domiciled in Brazil.&nbsp; This is due to the fact that the common shares can be considered assets located in Brazil for purposes of Law No.&nbsp;10,833/2003.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Thus, gains, for purposes of taxation of gains earned in a sale or disposition of common shares carried out on a Brazilian stock exchange (which includes transactions carried out on the organized over-the-counter market):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">are exempt from income tax when assessed on a non&#8209;Brazilian holder that (1) has registered its investment in Brazil with the Central Bank under the rules of CMN Resolution No. 4,373/2014, and (2) is not a resident of or domiciled in a Nil or Low Taxation Jurisdiction; or </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in all other cases, including gains realized by a Non-Resident Holder that is not a 4,373 Holder and/or is a resident of or domiciled in a Nil or Low Taxation Jurisdiction, subject to income tax at a 15.0% rate.&nbsp; In these cases, a withholding income tax at a rate of 0.005% will be applied and can later be offset with the eventual income tax due on the capital gain.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any other gains assessed on the disposition of the common shares that are not carried out on the Brazilian stock exchange are subject to income tax at progressive rates that may vary from 15.0% to 22.5% (15.0% for the part of the gain that does not exceed R$5.0 million, 17.5% for the part of the gain that exceeds R$5.0 million but does not exceed R$10.0 million, 20.0% for the part of the gain that exceeds R$10.0 million but does not exceed R$30.0 million and 22.5% for the part of the gain that exceeds R$30.0 million), except for Nil or Low Taxation Jurisdiction, which, in this case, would be subject to income tax at a flat rate of 25.0%. If these gains are related to transactions conducted on the Brazilian non-organized-over-the-counter market with intermediation, withholding income tax of 0.005% shall also be applicable and can be offset with the eventual income tax due on the capital gain.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For Brazilian purposes, as of January&nbsp;2009, a Nil or Low Taxation Jurisdiction is considered a regime:&nbsp; (i) which does not impose income tax or does so at a rate of 20% or lower, or (ii)&nbsp;where applicable local legislation imposes restrictions on the disclosure of the shareholding composition or the ownership of investments, or on the ultimate beneficiary of the income derived from transactions carried out and attributable to a non-Brazilian holder. &nbsp;. A regulation issued by the Brazilian tax authorities on November 28, 2014 (Ordinance 488 of 2014) decreased this minimum threshold for certain specific cases from 20.0% to 17.0%. The 17.0% threshold applies only to countries and regimes aligned with international standards of fiscal transparency in accordance with rules to be established by the Brazilian tax authorities. See &#8220;&#8212;Discussion on Low or Nil Taxation Jurisdictions&#8221; below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the case of redemption of securities or capital reduction by a Brazilian corporation, such as ourselves, the positive difference between the amount effectively received by the non&#8209;Brazilian holder and the corresponding acquisition cost is treated, for tax purposes, as capital gain derived from disposition of common shares not carried out on a Brazilian stock exchange market, and is therefore subject to income tax at progressive rates of between 15.0% and 22.5% or at the flat rate of 25.0%, as the case may be.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Any exercise of preemptive rights relating to the common shares will not be subject to Brazilian income tax.&nbsp; Any gain on the sale or assignment of preemptive rights relating to the common shares by a non&#8209;Brazilian holder of common shares or ADSs will be subject to Brazilian taxation at the same rate applicable to the sale or disposition of common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There is no assurance that the current preferential treatment for holders of ADSs and non&#8209;Brazilian holders of common shares under CMN Resolution No. 4,373/2014 will continue in the future or that it will not be changed in the future.&nbsp; Reductions in the rate of tax provided for by Brazil&#8217;s tax treaties do not apply to the tax on gains realized on sales or exchange of common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Sale of ADSs by non-Brazilian holder to another non-Brazilian holder</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Gains realized outside Brazil by a non&#8209;Brazilian holder on the disposition of ADSs to another non&#8209;Brazilian holder are not currently subject to Brazilian tax.&nbsp; As mentioned above, according to Law No.&nbsp;10,833/2003 of December&nbsp;2003, or Law No.&nbsp;10,833, the disposition of assets located in Brazil by a non&#8209;Brazilian holder, whether to other non&#8209;Brazilian holder or Brazilian holders, may become subject to taxation in Brazil.&nbsp; Although we believe that the ADSs do not fall within the definition of assets located in Brazil for the purposes of Law no.&nbsp;10,833, considering </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the general and unclear scope of it and the lack of definitive judicial court ruling to act as the leading case in respect thereto, we are unable to predict whether such understanding will ultimately prevail in the courts of Brazil.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In case the ADSs are considered assets located in Brazil, gains on disposition of ADSs by a non&#8209;Brazilian holder to a resident in Brazil or even to a non-Brazilian resident may be subject to income tax in Brazil according to the rules described below for ADSs or the tax rules applicable to common shares, as applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exchange of ADSs for common shares</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Although there is no clear regulatory guidance, the withdrawal of ADSs in exchange for common shares is not subject to Brazilian income tax to the extent that, as described above, ADSs do not fall within the definition of assets located in Brazil for the purposes of Law No. 10,833. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Upon receipt of the underlying common shares in exchange for ADSs, non-Brazilian holders may also elect to register with the Central Bank the U.S. dollar amount of such preferred shares or common shares as a foreign portfolio investment under Resolution No.&nbsp;4,373/2014 or as a foreign direct investment under Law&nbsp; No.&nbsp;4,131/1962.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exchange of common shares for ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">With reference to the deposit of common shares in exchange for ADSs, the difference between the acquisition cost of the common shares and the market price of the common shares may be subject to Brazilian income tax at progressive rates that may vary from 15.0% to 22.5% (15.0% for the part of the gain that does not exceed R$5.0 million, 17.5% for the part of the gain that exceeds R$5.0 million but does not exceed R$10.0 million, 20.0% for the part of the gain that exceeds R$10.0 million but does not exceed R$30.0 million and 22.5% for the part of the gain that exceeds R$30.0 million), except for non-Brazilian holders located in a Nil or Low Taxation Jurisdiction, which, in this case, would be subject to income tax at a flat rate of 25.0%.&nbsp; In some circumstances, there may be arguments to claim that this taxation is not applicable in the case of a non-Brazilian holder that is a 4,373 Holder and is not a resident in a Nil or Low Taxation Jurisdiction. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Discussion on Low or Nil Taxation Jurisdictions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June&nbsp;24, 2008, Law No.&nbsp;11,727/2008 was enacted defining the concept of a &#8220;privileged tax regime&#8221; in connection with transactions subject to transfer pricing and thin capitalization rules.&nbsp; In this conception, privileged tax regimes are more comprehensive than tax havens.&nbsp; A &#8220;privileged tax regime&#8221; is considered to be a jurisdiction which:&nbsp; (i)&nbsp;does not tax income or taxes income at a maximum rate lower than 20.0%; (ii)&nbsp;grants tax advantages to a non&#8209;resident entity or individual (a)&nbsp;without requiring substantial economic activity in the jurisdiction of such non&#8209;resident entity or individual or (b)&nbsp;to the extent such non&#8209;resident entity or individual does not conduct substantial economic activity in the jurisdiction of such non&#8209;resident entity or individual; (iii)&nbsp;does not tax income generated abroad, or imposes tax on income generated abroad at a maximum rate lower than 20.0%; or (iv)&nbsp;restricts the ownership disclosure of assets and ownership rights or restricts disclosure about economic transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Notwithstanding the fact that the &#8220;privileged tax regime&#8221; concept was enacted in connection with Brazilian transfer pricing and thin capitalization rules, there is no assurance that Brazilian tax authorities will not attempt to apply the concept of privileged tax regimes to other types of transactions, such as investments in the Brazilian financial and capital markets.&nbsp; We recommend that prospective investors consult their own tax advisors from time to time to verify any possible tax consequences of Law No.&nbsp;11,727/2008.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interest Attributed to Shareholders&#8217; Equity</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">According to Brazilian laws and our bylaws, we may opt to distribute income as interest attributed to shareholders&#8217; equity as an alternative to the payment of dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Distribution of an interest on equity charge attributed to shareholders&#8217; equity with respect to common shares or ADSs as an alternative form of payment to shareholders, including non&#8209;Brazilian holders of common shares or ADSs, is subject to Brazilian withholding income tax at the rate of 15% or 25%, in case of a Nil or Low Taxation Jurisdiction holder.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Such payments, subject to certain limitations and requirements, are deductible for Brazilian income tax purposes.&nbsp;This interest is limited to the daily </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">pro rata</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> variation of the Federal Government&#8217;s long-term interest rate, as determined by the Central Bank from time to time, and cannot exceed the greater of:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">50% of net income (after the social contribution on net profits and before the provision for corporate income tax, and the amounts attributable to shareholders as interest on net equity) for the period with respect to which the payment is made; or&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">50% of the sum of retained earnings and earnings reserves as of the date of the beginning of the period with respect to which the payment is made.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Brazilian Taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">There are no Brazilian inheritance, gift or succession taxes applicable to the ownership, transfer or disposition of common shares or ADSs by a non&#8209;Brazilian holder, except for gift and inheritance taxes, which are levied by some states of Brazil on gifts made or inheritances bestowed by a non&#8209;Brazilian holder to individuals or entities resident or domiciled within such states in Brazil.&nbsp; There is no Brazilian stamp, issue, registration, or similar taxes or duties payable by a non&#8209;Brazilian holder of common shares or ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tax on foreign exchange transactions (&#8220;IOF/Exchange&#8221;)</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Decree No.&nbsp;6,306/2007, dated December 14, 2007, as amended, or Decree No.&nbsp;6,306/2007, the conversion of Brazilian currency into foreign currency (e.g., for purposes of paying dividends and interest) and the&nbsp; conversion of foreign currency into Brazilian currency may be subject to the Tax on Foreign Exchange Transactions or IOF/Exchange. &nbsp;Currently, for most exchange transactions, the rate of IOF/Exchange is 0.38%. &nbsp;However, exchange transactions carried out for the inflow of funds in Brazil for investments in the Brazilian financial and capital market made by a foreign investor (including a Non-Resident Holder, as applicable) are subject to IOF/Exchange at a 0%. &nbsp;The IOF/Exchange rate will also be 0% for the outflow of funds from Brazil related to these types of investments, including payments of dividends and interest on shareholders&#8217; equity and the repatriation of funds invested in the Brazilian market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Brazilian government may increase the rate of the IOF/Exchange to a maximum of 25.0% of the amount of the foreign exchange transaction at any time, but such an increase would not apply retroactively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tax on transactions involving bonds and securities (&#8220;IOF/Bonds Tax&#8221;)</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The IOF may also be imposed on any transactions involving bonds and securities, including those carried out on Brazilian futures and commodities stock exchanges.&nbsp; As a general rule, the rate of this tax for transactions involving common shares or ADSs is currently zero.&nbsp; The executive branch, also by a Presidential Decree, may increase the IOF rate by up to 1.5% per day, but only with respect to future transactions. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">U.S. Federal Income Tax Considerations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following discussion is a summary of certain U.S.&nbsp;federal income tax consequences of the acquisition, ownership and disposition of common shares or ADSs as of the date hereof.&nbsp; This discussion applies only to a beneficial owner of common shares or ADSs that is a &#8220;U.S.&nbsp;holder&#8221;.&nbsp; As used herein, the term &#8220;U.S.&nbsp;holder&#8221; means a beneficial owner of a common share or ADS that, for U.S.&nbsp;federal income tax purposes, is:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an individual who is a citizen or resident of the United States;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a corporation (or other entity treated as a corporation for U.S.&nbsp;federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">an estate the income of which is subject to U.S.&nbsp;federal income taxation regardless of its source; or</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more U.S.&nbsp;persons have the authority to control all substantial decisions of the trust or (2)&nbsp;has a valid election in effect under applicable U.S.&nbsp;Treasury Department regulations to be treated as a U.S.&nbsp;person.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">If a partnership (or other entity treated as a partnership for U.S.&nbsp;federal income tax purposes) holds common shares or ADSs, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership.&nbsp; A U.S.&nbsp;holder that is a partner of a partnership holding common shares or ADSs should consult its tax advisors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Except where noted, this discussion deals only with common shares or ADSs held as capital assets within the meaning of Section&nbsp;1221 of the Internal Revenue Code of 1986, as amended, or the Code, and does not deal with </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">U.S.&nbsp;holders that may be subject to special U.S.&nbsp;federal income tax rules, such as dealers in securities or currencies, traders in securities that elect to use a mark&#8209;to&#8209;market method of accounting for their securities holdings, banks or other financial institutions, tax&#8209;exempt organizations, insurance companies, real estate investment trusts, regulated investment companies, persons holding common shares or ADSs as part of a hedging, integrated, conversion or constructive sale transaction or a straddle, persons liable for alternative minimum tax, pass&#8209;through entities and investors in a pass&#8209;through entity, persons owning 10% or more of our voting stock, or persons whose &#8220;functional currency&#8221; is not the U.S.&nbsp;dollar.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This discussion is based upon the provisions of the Code, and existing and proposed U.S.&nbsp;Treasury Department regulations, administrative pronouncements of the Internal Revenue Service, or the IRS, and judicial decisions as of the date hereof.&nbsp; Such authorities may be repealed, revoked or modified so as to result in U.S.&nbsp;federal income tax consequences different from those discussed below, possibly with retroactive effect.&nbsp; In addition, this discussion is&nbsp; based, in part, upon representations made by the Depositary to us and assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Except as specifically described below, this discussion assumes that we are not a passive foreign investment company, or PFIC, for U.S.&nbsp;federal income tax purposes.&nbsp; Please see the discussion under &#8220;&#8212;Passive Foreign Investment Company Rules&#8221; below.&nbsp; Further, this discussion does not address the U.S.&nbsp;federal estate and gift, alternative minimum tax, Medicare tax on net investment income, state, local or non&#8209;U.S.&nbsp;tax consequences of acquiring, holding or disposing of common shares or ADSs.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In general, for U.S.&nbsp;federal income tax purposes, U.S.&nbsp;holders of ADSs will be treated as the owners of the underlying common shares that are represented by such ADSs.&nbsp; Deposits or withdrawals of common shares by U.S.&nbsp;holders for ADSs will not be subject to U.S.&nbsp;federal income tax.&nbsp; However, the U.S.&nbsp;Treasury Department has expressed concerns that parties involved in transactions wherein depositary shares are pre&#8209;released may be taking actions that are inconsistent with the claiming of foreign tax credits by the holders of ADSs.&nbsp; Accordingly, the analysis of the creditability of Brazilian income taxes described herein could be affected by future actions that may be taken by the U.S.&nbsp;Treasury Department.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Taxation of Dividends</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The gross amount of distributions paid to a U.S.&nbsp;holder (including Brazilian taxes that are withheld, if any, and any payments of interest on shareholders&#8217; equity, as described above under &#8220;&#8212;Brazilian Tax Considerations&#8221;) will be treated as dividend income to the extent paid out of our current or accumulated earnings and profits, as determined under U.S.&nbsp;federal income tax principles.&nbsp; Such income generally will be includable in a U.S.&nbsp;holder&#8217;s gross income as ordinary income when actually or constructively received by the U.S.&nbsp;holder, in the case of common shares, or when actually or constructively received by the Depositary, in the case of ADSs.&nbsp; Such dividends will not be eligible for the dividends received deduction allowed to corporations under the Code.&nbsp; To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a tax&#8209;free return of capital to the extent of the U.S.&nbsp;holder&#8217;s adjusted tax basis in the common shares or ADS, causing a reduction in such adjusted tax basis (and thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized on a subsequent disposition of our common shares or ADSs), and thereafter as capital gain recognized on a sale or exchange.&nbsp; Because we do not expect to maintain calculations of earnings and profits in accordance with U.S.&nbsp;federal income tax principles, U.S.&nbsp;holders should expect that a distribution will generally be treated as a dividend for U.S.&nbsp;federal income tax purposes.&nbsp; Distributions of additional common shares or ADSs to U.S.&nbsp;holders that are part of a pro rata distribution to all of our shareholders generally will not be subject to U.S.&nbsp;federal income tax.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The amount of any dividend paid in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> will equal the U.S.&nbsp;dollar value of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> received calculated by reference to the exchange rate in effect on the date the dividend is received by the U.S.&nbsp;holder, in the case of common shares, or by the Depositary, in the case of ADSs, regardless of whether the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> are converted into U.S.&nbsp;dollars.&nbsp; If the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> received as a dividend are not converted into U.S.&nbsp;dollars on the date of receipt, the U.S.&nbsp;holder will have a tax basis in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> equal to their U.S.&nbsp;dollar value on the date of receipt.&nbsp; Any gain or loss realized on a subsequent conversion or other disposition of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">will be foreign currency gain or loss that is treated as U.S.&nbsp;source ordinary income or loss.&nbsp; If dividends paid in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">are converted into U.S.&nbsp;dollars on the day they are received by the U.S.&nbsp;holder or the Depositary, as the case may be, U.S.&nbsp;holders generally should not be required to recognize foreign currency gain or loss in respect of the dividend income.&nbsp; U.S.&nbsp;holders should consult their own tax advisors regarding the treatment of any foreign currency gain or loss if any </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">received by the U.S.&nbsp;holder or the Depositary or its agent are not converted into U.S.&nbsp;dollars on the date of receipt.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certain dividends received by certain non&#8209;corporate U.S.&nbsp;holders may be eligible for preferential tax rates so long as (1)&nbsp;specified holding period requirements are met, (2)&nbsp;the U.S.&nbsp;holder is not under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3)&nbsp;the company paying the dividend is a &#8220;qualified foreign corporation&#8221; and (4)&nbsp;the company is not a PFIC for U.S.&nbsp;federal income tax purposes in the year of distribution or the prior year.&nbsp; We do not believe that we were classified as a PFIC for our prior taxable year nor do we expect to be classified as a PFIC for the current taxable year.&nbsp; We generally will be treated as a qualified foreign corporation with respect to our ADSs so long as the&nbsp; ADSs remain listed on the NYSE.&nbsp; Based on existing guidance, however, it is not entirely clear whether dividends received with respect to the common shares (to the extent not represented by ADSs) will be eligible for this treatment, because the common shares are not themselves listed on a U.S.&nbsp;exchange.&nbsp; U.S.&nbsp;holders should consult their own tax advisors about the application of this preferential tax rate to dividends paid directly on common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Subject to certain complex limitations and conditions (including a minimum holding period requirement), Brazilian income taxes withheld on dividends, if any, may be treated as foreign income taxes eligible for credit against a U.S.&nbsp;holder&#8217;s U.S.&nbsp;federal income tax liability.&nbsp; Alternatively, if a U.S.&nbsp;holder does not elect to claim a foreign income tax credit for any foreign taxes paid during the taxable year, all foreign income taxes paid may instead be deducted in computing such U.S.&nbsp;holder&#8217;s taxable income.&nbsp; For purposes of calculating the foreign tax credit, dividends paid on our common shares will be treated as income from sources outside the United States.&nbsp; For the purposes of the U.S.&nbsp;foreign tax credit limitations, the dividends paid by us should generally constitute &#8220;passive category income&#8221; for most U.S.&nbsp;holders.&nbsp; The rules governing the foreign tax credit are complex.&nbsp; U.S.&nbsp;holders should consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Taxation of Capital Gains</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For U.S.&nbsp;federal income tax purposes, a U.S.&nbsp;holder generally will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a common share or ADS in an amount equal to the difference between the U.S.&nbsp;dollar value of the amount realized for the common share or ADS and the U.S.&nbsp;holder&#8217;s adjusted tax basis in the common share or ADS, determined in U.S.&nbsp;dollars.&nbsp; Such gain or loss will generally be capital gain or loss.&nbsp; The capital gain or loss will be long&#8209;term capital gain or loss if at the time of sale, exchange or other taxable disposition the U.S.&nbsp;holder has held our common shares or ADSs for more than one year.&nbsp; Capital gains of individuals derived with respect to capital assets held for more than one year are eligible for reduced rates of taxation.&nbsp; The deductibility of capital losses is subject to limitations.&nbsp; Any gain or loss recognized by a U.S.&nbsp;holder will generally be treated as U.S.&nbsp;source gain or loss.&nbsp; Consequently, a U.S.&nbsp;holder may not be able to use the foreign tax credit arising from Brazilian income tax imposed, if any, on the disposition of a common share or ADS unless such credit can be applied (subject to applicable limitations) against U.S.&nbsp;federal income tax due on other income treated as derived from foreign sources. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Passive Foreign Investment Company Rules</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Based upon our current and projected income, assets, activities and business plans, we do not expect the common shares or ADSs to be considered shares of a PFIC for our current fiscal year (although the determination cannot be made until the end of such fiscal year), and we intend to continue our operations in such a manner that we do not expect to be classified as a PFIC in the foreseeable future.&nbsp; However, because the determination of whether the common shares or ADSs constitute shares of a PFIC will be based upon the composition of our income, assets and the nature of our business, as well as the income, assets and business of entities in which we hold at least a 25% interest, from time to time, and because there are uncertainties in the application of the relevant rules, there can be no assurance that the common shares or ADSs will not be considered shares of a PFIC for any fiscal year.&nbsp; If the common shares or ADSs were shares of a PFIC for any fiscal year, U.S.&nbsp;holders (including certain indirect U.S.&nbsp;holders) may be subject to adverse tax consequences, including the possible imposition of an interest charge on gains or &#8220;excess distributions&#8221; allocable to prior years in the U.S.&nbsp;holder&#8217;s holding period during which we were determined to be a PFIC.&nbsp; If we are deemed to be a PFIC for a taxable year, dividends on our ADSs would not be qualified dividend income eligible for preferential rates of U.S.&nbsp;federal income taxation.&nbsp; In addition, a U.S.&nbsp;holder that owns common shares or ADSs during any taxable year that we are treated as a PFIC would generally be required to file IRS form 8621, including in order to comply with additional annual filing requirements imposed under legislation enacted in 2010.&nbsp; U.S.&nbsp;holders should consult their own tax advisors regarding the application of the PFIC rules (including any information reporting requirements in connection therewith) to the common shares or ADSs.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Information Reporting and Backup Withholding</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In general, information reporting requirements will apply to dividends in respect of our common shares or ADSs or the proceeds received on the sale, exchange, or redemption of our ADSs, in each case to the extent treated as being paid within the United States (and in certain cases, outside of the United States) to a U.S.&nbsp;holder unless a U.S.&nbsp;holder establishes its status as an exempt recipient, and backup withholding (currently at a rate of 28 percent) may apply to such amounts if the U.S.&nbsp;holder does not establish its status as an exempt recipient or fails to provide a correct taxpayer identification number and certify that such U.S.&nbsp;holder is not subject to backup withholding.&nbsp; The amount of any backup withholding from a payment to a U.S.&nbsp;holder will be allowed as a refund or credit against such U.S.&nbsp;holder&#8217;s U.S.&nbsp;federal income tax liability provided the U.S.&nbsp;holder timely furnishes the required information to the IRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In addition, U.S.&nbsp;holders should be aware that additional reporting requirements apply with respect to the holding of certain foreign financial assets, including stock of foreign issuers which is not held in an account maintained by a financial institution, if the aggregate value of all of such assets exceeds US$50,000.&nbsp; U.S.&nbsp;holders should consult their own tax advisors regarding the application of the information reporting rules to our common shares and ADSs and the application of these additional reporting requirements for foreign financial assets to their particular situation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">F.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dividends and Payments Agents</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">G.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Statements by Experts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">H.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Documents on Display</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are subject to the periodic reporting and other informational requirements of the U.S.&nbsp;Securities Exchange Act of 1934, as amended and supplemented, or the Exchange Act.&nbsp; Accordingly, we are required to file reports and other information with the SEC.&nbsp; You may inspect and copy reports and other information filed by us at the public reference facilities maintained by the SEC at 100 F Street, N.W., Washington D.C. 20549.&nbsp; Our filings will also be available at the SEC&#8217;s website at http://www.sec.gov. Reports and other information may also be inspected and copied at the offices of the NYSE at 20 Broad Street, New York, New York 10005.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our website is located at http://www.sabesp.com.br and our investor relations website is located at http://www.sabesp.com.br/investors.&nbsp; (These URLs are intended to be an inactive textual reference only. &nbsp;They are not intended to be an active hyperlink to our website.&nbsp; The information on our website, which might be accessible through a hyperlink resulting from this URL is not, and shall not be deemed to be, incorporated into this annual report.)</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We also furnish to the depositary annual reports in English including audited annual financial statements and reviewed quarterly financial statements in English for each of the first three quarters of the fiscal year.&nbsp; We also furnish to the depositary English translations or summaries of all notices of shareholders&#8217; meetings and other reports and communications that are made generally available to holders of common shares.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">I.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Subsidiary Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;11.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Market Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are exposed to various market risks, in particular, foreign currency risk and interest rate risk.&nbsp; We are exposed to foreign currency risk because a substantial portion of our financial indebtedness is denominated in foreign currencies, primarily the U.S.&nbsp;dollar, while we generate all of our net operating revenues in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp; Similarly, we are subject to interest rate risk based upon changes in interest rates, which affect our net financial expenses.&nbsp; For further information on our market risks, see Note 5 to our financial statements&nbsp;included in this annual report.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exchange Rate Risk</FONT></I></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017 and 2016, R$5,672.8</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$5,660.4 million, or 46.9% and 47.3%, respectively, of our debt obligations were denominated in foreign currencies.&nbsp; As a result, we are exposed to exchange rate risks that may adversely affect our financial condition and results of operations, as well as our ability to meet debt service obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exchange Rate Sensitivity</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We estimate that the potential loss to us in connection with U.S. dollar and yen-denominated debt that would have resulted as of December&nbsp;31, 2017, 2016 and 2015 from each hypothetical instantaneous and unfavorable 1% change in the U.S. dollar and yen against the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> would have been approximately R$56.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$56.6 million and R$66.2 million, respectively. &nbsp;Consistent with these estimates, a hypothetical instantaneous and unfavorable 10% change in this exchange rate would have resulted in losses of approximately R$567.3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$566.0 million and R$661.8 million as of December&nbsp;31, 2017, 2016 and 2015, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The fluctuation of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in relation to the U.S.&nbsp;dollar and yen for the years ended December&nbsp;31, 2017, 2016 and 2015 were as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 34pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 34pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 34pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(in percentages)</FONT></I></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Depreciation (appreciation) of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">in relation to the U.S.&nbsp;dollar</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.5</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(16.5)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">47.0</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Depreciation (appreciation) of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> in relation to the yen </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5.4</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(13.8)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">46.0</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have not contracted derivative financial instruments in the years ended December&nbsp;31, 2017, 2016 and 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For further information regarding foreign currency risk, see Note 5.1(a) to our 2017 financial statements included in this annual report. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017, 2016 and 2015, we had no short&#8209;term indebtedness outstanding, other than the current portion of long&#8209;term debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Interest Rate Risk</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017 and 2016, R$1,579.7</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 13.1%, and R$1,541.3 million, or 12.9%, respectively, of our total debt outstanding balance denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> was based on variable rates of interest based on the UPR, which is equivalent to the TR.&nbsp; In addition, as of December&nbsp;31, 2017 and 2016, R$1,149.2</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, or 9.5%, and R$1,104.3 million, or 9.2%, respectively, of our total debt denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> was subject to interest rates based on the CDI.&nbsp; As of December&nbsp;31, 2017 and 2016, R$2,317.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$2,416.6 million, respectively, of our foreign-currency denominated debt was based on the IADB and the IBRD variable rates of interest, which are determined based on the cost of funding of these multilateral organizations in each period.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As of December&nbsp;31, 2017 and 2016, we did not have any derivative contracts outstanding which limited exposure to changes in the UPR or the CDI or in the IADB or IBRD variable rates.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">However, we are obliged by law to invest our excess cash with financial institutions controlled by the Brazilian government.&nbsp; We invest these excess funds, which totaled R$2,283.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million and R$1,886.2 million as of December&nbsp;31, 2017 and 2016, respectively, mainly in short-term instruments.&nbsp; As a result, our exposure to Brazilian interest rate risk is partially limited by our </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">-denominated floating interest time deposits investments, which generally earn interest based on the CDI.&nbsp; In addition to our exposure with respect to existing indebtedness, we may become exposed to interest rate volatility with respect to indebtedness incurred in the future.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We estimate that we would have suffered a loss over periods of one year, respectively, of up to R$121.0</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$119.6 million and R$131.2 million if a hypothetical instantaneous and unfavorable change of 100 basis points in the interest rates applicable to financial liabilities as of December&nbsp;31, 2017, 2016 and 2015, respectively, had occurred.&nbsp; Consistent with these estimates, a hypothetical instantaneous and unfavorable 1000 basis points change in these interest rates would have resulted in losses of approximately R$1,210.1</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">million, R$1,196.4 million and R$1,312.2 million as of December&nbsp;31, 2017, 2016 and 2015, respectively.&nbsp; This sensitivity analysis is based on the assumption of an unfavorable 100 basis point movement of the interest rates applicable to each homogeneous category of financial liabilities and sustained over a period of one year, as applicable, and that such movement may or may not affect interest rates applicable to any other homogenous category of financial liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">A homogeneous category is defined according to the currency in which financial liabilities are denominated and assumes the same interest rate movement within each homogeneous category (i.e., U.S. dollars).&nbsp; As a result, our interest rate risk sensitivity model may overstate the effect of interest rate fluctuation on these financial instruments, as consistently unfavorable movements of all interest rates are unlikely.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The tables below provide information about our interest rate-sensitive instruments.&nbsp; For variable interest rate debt, the rate presented is the weighted average rate calculated as of December&nbsp;31, 2017.&nbsp; For the foreign currency denominated obligations, these amounts have been converted at the selling rates as of December&nbsp;31, 2017 and do not represent amounts which may actually be payable with respect to such obligations on the dates indicated.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of December&nbsp;31, 2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Expected maturity date</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2018</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2019</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2020</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2021 and after</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Average annual interest rate</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">in&nbsp;millions, except percentages</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 4pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Assets</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Cash equivalents denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 3.95pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Liabilities</FONT></B></P></TD>

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   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Long&#8209;term debt (current and noncurrent portion)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 3.95pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Floating rate, denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">indexed by TR or UPR </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">130.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115.0 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">117.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,216.9 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,579.7 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">8.5%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Floating rate, denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">indexed by TJLP </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">178.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">162.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,362.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">8.7%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Floating rate, denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">indexed by IPCA </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">470.1</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">660.8</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">314.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330.3 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,775.6 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">8.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Floating rate, denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">indexed by CDI </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">402.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">246.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">149.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,149.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">9.1%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fixed rate, denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">17.6</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">32.7</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">34.4</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476.9 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561.6 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Floating rate, denominated in U.S.&nbsp;dollars </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">466.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">426.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">194.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,726.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,813.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">3.6%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fixed rate, denominated in Yen </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">77.7</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">114.2</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">114.2</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,394.4 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,700.5 </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">1.5%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fixed rate, denominated in U.S. dollars </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">3.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;-&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">1,155.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,158.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">3.3%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt 12pt; TEXT-INDENT: -9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total long&#8209;term debt </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,746.8 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,779.3 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,242.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,332.4 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,101.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">6.0%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">UPR stands for Standard Reference Unit (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Unidade Padr&#227;o Refer&#234;ncia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">) and is equal to TR, which&nbsp; was 0.00% per month as of December&nbsp;31, 2017; CDI stands for Interbank Deposit Rate (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Certificado de Dep&#243;sitos Interbanc&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">), which was 6.89% per annum as of December&nbsp;31, 2017; IGP&#8209;M was -0.52% per annum as of December&nbsp;31, 2017; TJLP stands for Long&#8209;term Interest Rate (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Taxa de Juros a Longo Prazo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">)</FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">, </FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">published quarterly by the Central Bank, which was 7% per annum as of December&nbsp;31, 2017. </FONT></P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The percentage of our indebtedness subject to fixed and floating interest rate is as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="38%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">As of December&nbsp;31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2015</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Floating rate debt</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

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

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Denominated in U.S.&nbsp;dollars </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">23.3%</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">24.3%</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">22.3%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">48.5%</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">48.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">45.5%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Fixed rate debt</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">:</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

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

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">reais </FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">4.6%</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.1%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Denominated in Yen </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">14.1%</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.5%</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.4%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Denominated in U.S.&nbsp;dollars </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">9.5%</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">9.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; VERTICAL-ALIGN: top" face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">14.7%</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">100.0</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">%</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">100.0%</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">100.0%</FONT></B></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">146</FONT></P></DIV>

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

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<DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000>ITEM&nbsp;12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES </FONT></B>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Debt Securities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Warrants and Rights</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Other Securities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">American Depositary Shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In the United States, our common shares trade in the form of ADS.&nbsp; Following a ratio change effected on January&nbsp;24, 2013, each ADS represents one common share of our company.&nbsp; Following a stock split which took place on April&nbsp;25, 2013, we issued two new ADSs for each ADS currently trading and distributed them to our holders on April 29, 2013. The ADSs are issued by The Bank of New York Mellon, as Depositary pursuant to a Deposit Agreement.&nbsp; The ADSs commenced trading on the NYSE on May&nbsp;10, 2002. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fees and Expenses </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table summarizes the fees and expenses payable by holders of ADRs:</FONT></P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Persons depositing common shares or ADR holders must pay:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">For:</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Issuance of ADSs, including issuances resulting from a distribution of common shares or rights or other property</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US$0.05 (or less) per ADS or portion thereof (to the extent not prohibited by the rules of any stock exchange on which the ADSs are listed for trading)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Any cash distribution to you</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">A fee equivalent to the fee that would be payable if securities distributed to you had been common shares and the common shares had been deposited for issuance of ADSs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADR holders</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">US$0.05 (or less) per ADS or portion thereof per calendar year (in addition to the cash distribution fee of $0.02 per ADS that the depositary has collected during the year)</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Depositary services</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Registration or transfer fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Transfer and registration of common shares on our common share register to or from the name of the depositary or its agent when you deposit or withdraw common shares</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Cable, telex and facsimile transmissions expenses (when expressly provided in the deposit agreement)<BR>Expenses of the depositary in converting foreign currency to U.S.&nbsp;dollars</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Expenses of the depositary</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Taxes and other governmental charges the depositary or the custodian have to pay on any ADR or common share underlying an ADR, for example, stock transfer taxes, stamp duty or withholding taxes</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">As necessary</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Any charges incurred by the depositary or its agents for servicing the deposited securities</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">No charges of this type are currently made in the Brazilian market</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Payment of Taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The depositary may deduct the amount of any taxes owed from any payments to you.&nbsp; It may also sell deposited securities, by public or private sale, to pay any taxes owed.&nbsp; You will remain liable if the proceeds of the sale are not sufficient to pay the taxes.&nbsp; If the depositary sells deposited securities, it will, if appropriate, reduce the number of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">ADSs to reflect the sale and pay to you any proceeds, or send to you any property, remaining after it has paid the taxes.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">147</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reimbursement of Fees</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Bank of New York Mellon, as depositary, has agreed to reimburse us for expenses we incur that are related to establishment and maintenance expenses of the ADS program.&nbsp; The depositary has agreed to reimburse us for our continuing annual stock exchange listing fees.&nbsp; The depositary has also agreed to pay the standard out&#8209;of&#8209;pocket maintenance costs for the ADRs, which consist of the expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of United States federal tax information, mailing required tax forms, stationery, postage, facsimile, and telephone calls.&nbsp; It has also agreed to reimburse us annually for certain investor relationship programs or special investor relations promotional activities.&nbsp; In certain instances, the depositary has agreed to provide additional payments to us based on any applicable performance indicators relating to the ADR facility.&nbsp; There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement available to us is not necessarily tied to the amount of fees the depositary collects from investors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them.&nbsp; The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees.&nbsp; The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book&#8209;entry system accounts of participants acting for them.&nbsp; The depositary may generally refuse to provide fee&#8209;attracting services until its fees for those services are paid.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Reimbursement of Fees Incurred in 2017</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">From January&nbsp;1, 2017 to December&nbsp;31, 2017, we received reimbursements in the amount of US$3.4 million</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">for standard out&#8209;of&#8209;pocket maintenance costs for the ADRs, any applicable performance indicators relating to the ADR facility, marketing fees and legal fees. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">148</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;Part&nbsp;II </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;13.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;14.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CONTROLS AND PROCEDURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Disclosure Controls and Procedures</FONT></B></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We carried out an evaluation under the supervision of and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer and Investor Relations Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, including those defined in the United States Exchange Act Rule&nbsp;13a&#8209;15(e), as of the year ended December&nbsp;31, 2017. </FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were both designed and effective at the reasonable assurance level as of December&nbsp;31, 2017, that the information required to be disclosed in our filings and submissions under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the SEC&#8217;s rules and forms, and that this information is accumulated and communicated to our management, including our Chief Executive Officer and Chief&nbsp; Financial Officer and Investor Relations Officer, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Management&#8217;s Report on Internal Control over Financial Reporting</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our management is responsible for establishing and maintaining adequate internal controls over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS, as issued by the IASB.&nbsp; Our internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, as issued by the IASB, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&nbsp; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the supervision and with the participation of our CEO and CFO, our management conducted an assessment of our internal control over financial reporting as of December 31, 2017 based on the criteria established in &#8220;Internal Control &#8212;Integrated Framework&#8221; issued by COSO in 2013. </FONT></P></DIV>

<DIV>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a result of the assessment described above, our management concluded that as of December 31, 2017, we maintained effective internal control over financial reporting based on the criteria established in &#8220;Internal Control &#8212; Integrated Framework&#8221; issued by COSO in 2013.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">149</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our independent registered public accounting firm has issued an attestation report on the effectiveness of our internal control over financial reporting.&nbsp; That report is included below. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Attestation Report of the Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The opinion by our independent registered public accounting firm on the effectiveness of our internal control over financial reporting is included in the report of KPMG Auditores Independentes that is included in this annual report on page F-2.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Changes in internal control over financial reporting </FONT></B></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a result of the implementation of our ERP system in April 2017, we made certain changes to our internal control over financial reporting processes during the fiscal year ended December 31, 2017. Based on our analysis of our internal controls over financial reporting, we concluded that none of these changes materially affect, or are reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;16.&nbsp;&nbsp; [Reserved]</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">ITEM 16A.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">AUDIT COMMITTEE FINANCIAL EXPERT </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At our board meeting held on June&nbsp;26, 2006, we established an audit committee, as defined under section&nbsp;3(a)(58) of the Exchange Act.&nbsp; Our board of directors has determined that Jer&#244;nimo Antunes qualifies as an &#8220;audit committee financial expert&#8221; as defined for the purposes of this Item&nbsp;16A in Item&nbsp;16 of Form&nbsp;20&#8209;F.&nbsp; Jer&#244;nimo Antunes is an &#8220;independent director&#8221; within the meaning of the SEC rules.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">ITEM 16B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CODE OF ETHICS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We have adopted a code of business conduct and ethics, as defined in Item&nbsp;16B of Form&nbsp;20&#8209;F under the Exchange Act.&nbsp; Our code of business conduct and ethics, called Code of Ethics and Conduct, applies to all of our employees, including our directors, chief executive officer, chief financial officer&nbsp;and investor relations and head of accounting, as well as our suppliers and third&#8209;party contractors.&nbsp; To ensure compliance with the Code of Ethics and Conduct, we have an Ethics Committee and an internal Whistle-Blower Channel, as well as a Corporate Accountability Procedure and an Ombudsman Office as well as a Customer Service that receive external complaints.&nbsp; The internal channel can receive anonymous whistle blowing.&nbsp; The results of the investigations are forwarded to the Audit Committee.&nbsp; Cases of recurrence are reported to the Ethics Committee, which urges the related departments to develop preventive actions.&nbsp; In 2017, 144 events were reported to the Whistle-Blower Channel, 71% of which were verified and 29% are under investigation.&nbsp; Out of the total, 5% refer to misconduct, such as moral harassment, discrimination, persecution and unfair treatment.&nbsp; During 2017, 43 of our employees or outsourced employees received penalties (18 warnings, seven suspensions and 18 dismissals).&nbsp; Our Ethics Committee is also responsible for addressing relevant inquiries and interpreting the norms of the Code of Ethics for all of our employees.&nbsp; Our Code of Ethics and Conduct is available on our web site at http://www.sabesp.com.br at the following location:&nbsp;Investor Relations &#8211; Corporate Governance.&nbsp; If we amend the provisions of our Code of Ethics and Conduct, or if we grant any waiver of such provisions, we will disclose the amendment or waiver on our web site at the same address.&nbsp; You can obtain copies of our Code of Ethics and Conduct, without charge, upon request to </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">sabesp.ri@sabesp.com.br</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Federal Law No. 13,303/16, State Decree 62,349/16 and the new </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">rules require the adoption of a Code of Conduct and Integrity that should include, among other provisions, guidelines to avoid conflicts of interests, forbiddance of fraudulent acts and corruption, whistleblowing channels, protective measures to avoid retaliation regarding whistleblowers, periodic training on the content of such code and sanctions in case of code violations. We intend to amend our code of ethics and conduct to meet the new requirements by the June 30 2018 deadline. See &#8220;Item 16G&#8212;Corporate Governance&#8212;Required Changes to Corporate Governance Practices of Brazilian Government-Controlled Companies&#8221;.&nbsp; We will disclose the amendment on our web site at the address listed above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">ITEM 16C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">KPMG Auditores Independentes served as our independent registered public accounting firm for the year ended December 31, 2017.&nbsp; KPMG Auditores Independentes&#8217; activity began with the review of our interim financial information reporting for the second quarter of 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Deloitte Touche Tohmatsu Auditores Independentes served as our independent registered public accounting firm for the years ended December 31, 2015, 2014, 2013, and 2012.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">150</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following table presents the aggregate fees for professional services and other services rendered to us by KPMG Auditores Independentes and Deloitte Touche Tohmatsu Auditores Independentes in 2017 and 2016: </FONT></P></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="60%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 34pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 34pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 34pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2017</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 34pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 34pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 34pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">2016</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="60%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="40%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in&nbsp;millions of reais)</FONT></I></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="60%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Audit Fees<SUP>(1)</SUP> </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.0</FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.9</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="60%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Audit&#8209;Related Fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="60%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Tax Fees </FONT></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="60%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">All Other Fees<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">0.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="60%">

   <P style="MARGIN: 0in 0in 0pt 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Total </FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">3.0</FONT></B></P></TD>

   <TD style="BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.9</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">(1)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Audit Fees are the fees billed by our independent auditors for the audit of our annual financial statements, reviews of interim financial statements and attestation services that are provided in connection with statutory and regulatory filings or engagements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman">(2)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Includes the amount of R$0.04 million referring to non-material, non-audit services.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pre&#8209;approval policies and procedures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Brazilian law, our board of directors is responsible, among other matters, for the selection, dismissal and oversight of our independent registered public accounting firm.&nbsp; Our management is required to obtain the board of directors&#8217; approval before engaging an independent registered public accounting firm to provide any audit or permitted non&#8209;audit services to us.&nbsp; The Brazilian Federal and State Public Bidding Laws also apply to us with respect to obtaining services from third parties for our business, including the services provided by our independent registered public accounting firm.&nbsp; As part of the bidding process, the independent registered public accounting firm is required to submit proposals, and is then selected by us based on certain criteria including technical expertise and cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Except as disclosed above, KPMG Auditores Independentes did not provide any non-audit services to us in 2016 or 2017. Deloitte Touche Tohmatsu Auditores Independentes did not provide any non-audit services to us in 2016 or 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">ITEM 16D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">ITEM 16E.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">PURCHASES OF EQUITY SECURITIES BY ISSUER AND AFFILIATED PURCHASERS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">ITEM 16F.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As previously disclosed in our annual report on Form 20-F for the fiscal year ended December 31, 2016, Deloitte Touche Tohmatsu Auditores Independentes</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> was appointed to act as our independent public accounting firm to audit our financial statements </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">for the years ended December 31, 2015, 2014, 2013, and 2012.&nbsp; On June 22, 2016, we engaged KPMG Auditores Independentes as our new independent registered public accounting firm to audit our financial statements.&nbsp; The decision to engage KPMG Auditores Independentes was approved by our board of directors at a meeting on June 16, 2016. KPMG Auditores Independentes&#8217; activity began with the review of our interim financial information reporting for the second quarter of 2016. </FONT></P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#010000 face="Times New Roman">ITEM 16G.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">CORPORATE GOVERNANCE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Required Changes to Corporate Governance Practices of Brazilian Government-Controlled Companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">On June 30, 2016, Federal Law No.&nbsp;13,303/16 came into force in Brazil.&nbsp; This law sets new corporate governance standards for Brazilian government-owned and mixed capital companies like our company, as well as their subsidiaries.&nbsp; Federal Law No.&nbsp;13,303/16 also sets new rules that these companies must follow in public bidding procedures and when contracting third parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: normal" face="Times New Roman">Although the federal law gave the companies concerned two years in which to comply with the new standards, the State of S&#227;o Paulo decided that companies controlled by the State, like our company, had to </FONT><FONT style="COLOR: #000000"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">revise their bylaws to bring them into compliance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> by the end of 2017. However, taking into account State Law No. 16,525, of September 15, 2017, which regulates our corporate reorganization and the new </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">requirements, the State of S&#227;o Paulo enacted Decree No. 63,089/2017, which allows us to implement the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">necessary changes to our bylaws by June 30, 2018, as required by</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman"> Federal Law No. 13,303/16</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman">.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In terms of corporate governance, Federal Law No.&nbsp;13,303/16 requires significant changes to internal controls and strengthens the rights not only of our shareholders, but also of any interested party, to inspect the finances and running of the company.&nbsp; It requires us to publish periodically a series of documents and reports to demonstrate our level of commitment to our business objectives, the financial impact of those commitments, and our policies and practices in terms of corporate governance and sustainability, among other things.&nbsp; Those documents and reports must be accompanied by further explanations, in plain language, that can be understood by the general public.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Among other requirements, this law sets out the following rules:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">At least 25% of the members of the Board of Directors must be independent, in accordance with the definition of director independence set by Brazilian law (or, for companies whose minority shareholders exercise multiple votes, at least one of the directors must be independent).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">All directors and officers must have the same term of office, which may not be longer than two years.&nbsp; They may be re-elected up to a maximum of three times consecutively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The performance of the executive officers, directors and members of board committees must be subjected to yearly evaluation with respect to, at a minimum, the following matters:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">a.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the lawfulness and effectiveness of their management performance;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">their contribution to the company&#8217;s income for the year; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">c.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">their contribution to furthering the objectives in the company&#8217;s business plan and compliance with its long-term strategy. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The federal law requires that all officers and directors of the company must satisfy certain technical standards, in addition to the general requirement that they be of good reputation and have knowledge of the business sector concerned.&nbsp; These technical standards include satisfying both Point 1 and Point 2 below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The individual must satisfy </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">at least</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> one of the requirements under (a), (b) or (c) of this Point 1:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 55.5pt; TEXT-INDENT: -19.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a.</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="Times New Roman">a minimum of 10 years&#8217; experience in an appointed position, in either the public or private sector, in a business area that is similar or related to the company&#8217;s business purpose; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">or</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 55.5pt; TEXT-INDENT: -19.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a minimum of four years&#8217; exercise of any one of (i), (ii) or (iii) below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 88.8pt; TEXT-INDENT: -88.8pt"><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">i.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a senior management position in a company with a similar business purpose or similar size; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">or</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 88.8pt; TEXT-INDENT: -88.8pt"><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">ii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a position in the public sector that involves a high degree of trust (i.e., at level DAS-4 or higher); </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">or</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 88.8pt; TEXT-INDENT: -88.8pt"><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">iii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a position as professor or researcher in the company&#8217;s business sectors; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">or</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 55.5pt; TEXT-INDENT: -19.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">c.</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="Times New Roman">a minimum of four years&#8217; practice as an independent professional in one or more areas that are directly or indirectly related to the company&#8217;s business sectors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The individual must satisfy the requirements of </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">both</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> (a) and (b) of this Point 2:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">a.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the individual must have received sufficient training for the position for which she or he has been nominated; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">and</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the individual must not have been declared ineligible for such position in accordance with applicable law.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to comply with this law we have implemented certain changes in our corporate governance structure and governing documents, such as our bylaws. We believe that we will have completed the implementation of such changes by the June 30, 2018, as required by Federal Law No. 13,303/16.</FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For a description of new corporate governance obligations imposed by Brazilian law on companies listed on the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> segment, see &#8220;Item&nbsp;9.C. Markets&#8212;Trading on the Brazilian Stock Exchange&#8212;The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> Segment.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Significant Differences between our Current Corporate Governance Practices and NYSE Corporate Governance</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Standards</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We are subject to the NYSE corporate governance listing standards.&nbsp; As a foreign private issuer, the standards applicable to us are considerably different than the standards applied to U.S.&nbsp;listed companies.&nbsp; Under the NYSE rules, we are required only to: (a)&nbsp;have an audit committee or audit board, pursuant to an applicable exemption available to foreign private issuers, that meets certain requirements, as discussed below, (b)&nbsp;provide prompt certification by our chief executive officer of any material non&#8209;compliance with any corporate governance rules, and (c)&nbsp;provide a brief description of the significant differences between our corporate governance practices and the NYSE corporate governance practice required to be followed by U.S.&nbsp;listed companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following discussion summarizes the significant differences between our current corporate governance practices (which will remain in effect until we implement Federal Law No.&nbsp;13,303/16 and the new </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> requirements) and those required of U.S.&nbsp;listed companies:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Majority of Independent Directors</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in"><FONT style="COLOR: #000000"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The NYSE rules require that a majority of the board must consist of independent directors.&nbsp; Independence is defined by various criteria, including the absence of a material relationship between the director and the listed company.&nbsp; While the Brazilian Corporate Law did not previously have a similar requirement, Federal Law No.&nbsp;13,303/16 established that at least 25% of the members of the board of directors must be independent.&nbsp; Under the </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US color=black face="Times New Roman">Novo Mercado </FONT><FONT lang=EN-US color=black face="Times New Roman">Regulations, our board of directors must evaluate the independence of directors before their election to the board. Such evaluation shall be based on a declaration prepared by the nominee.&nbsp; Additionally, Brazilian Corporate Law, Federal Law No. 13,303/16 and the CVM have established rules that require directors to meet certain qualification requirements applicable to a company&#8217;s directors.&nbsp; Under our current bylaws, approved on April 27, 2018, our board of directors must have a minimum of seven members, and 25% of the board must be independent, as established by Federal Law No. 13,303/16 and as defined under </FONT><FONT lang=EN-US color=black face="Times New Roman">Novo Mercado </FONT><FONT lang=EN-US color=black face="Times New Roman">Regulations.&nbsp;&nbsp;Currently,&nbsp;seven of our ten directors are independent, pursuant to the </FONT><FONT lang=EN-US color=black face="Times New Roman">Novo Mercado </FONT><FONT lang=EN-US color=black face="Times New Roman">Listing Regulations and Federal Law No. 13,303/16.&nbsp; We believe these rules provide adequate assurances that our directors are independent; however, they do not require that we have a majority of independent directors, as required under the NYSE rules.</FONT></FONT></FONT></FONT></P>

<P><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Executive Sessions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NYSE rules require that the non&#8209;management directors must meet at regularly scheduled executive sessions without management present.&nbsp; The Brazilian Corporate Law does not have a similar provision.&nbsp; According to the Brazilian Corporate Law, up to one&#8209;third of the members of the board of directors can be elected from management.&nbsp; There is no requirement that non&#8209;management directors meet regularly without management.&nbsp; Our Chief Executive Officer is a member of our board of directors.&nbsp; All other members of our board of directors meet the NYSE&#8217;s definition of &#8220;non&#8209;management&#8221; directors.&nbsp; The non&#8209;management directors on our board do not typically meet in executive session.&nbsp; Our board of directors consists of seven non-management directors.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Fiscal Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the Brazilian Corporate Law, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Conselho Fiscal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">, or fiscal committee, is a corporate body independent of management and a company&#8217;s external auditors.&nbsp; The fiscal committee may be either permanent or non&#8209;permanent, in which case it is appointed by the shareholders to act during a specific fiscal year.&nbsp; A fiscal committee is not equivalent to, or comparable with, a U.S.&nbsp;audit committee.&nbsp; The primary responsibility of the fiscal committee is to review management&#8217;s activities and a company&#8217;s financial statements, and to report its findings to the company&#8217;s shareholders.&nbsp; The Brazilian Corporate Law requires fiscal committee members to receive as remuneration at least 10% of the average annual amount paid to a company&#8217;s executive officers.&nbsp; The Brazilian Corporate Law requires a fiscal committee to be composed of a minimum of three and a maximum of five members and their respective alternates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the Brazilian Corporate Law, the fiscal committee may not contain members that (i)&nbsp;are on our board of directors, (ii)&nbsp;are on the board of executive officers, (iii)&nbsp;are employed by us or a controlled company, or (iv)&nbsp;are spouses or relatives of any member of our management, up to the third degree.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Currently, our fiscal committee consists of four members and three alternates. Although each member must have his or her respective alternate, we currently only have three alternates due to the resignation of one of the alternates immediately following election.&nbsp;The fiscal committee members generally meet once a month.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Audit Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NYSE rules require that listed companies have an audit committee that (i)&nbsp;is composed of a minimum of three independent directors who are all financially literate, (ii)&nbsp;meets the SEC rules regarding audit committees for listed companies, (iii)&nbsp;has at least one member who has accounting or financial management expertise and (iv)&nbsp;is governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities.&nbsp; However, as a foreign private issuer, we need only to comply with the requirement that the audit committee meet the SEC rules regarding audit committees for listed companies to the extent compatible with Brazilian Corporate Law.&nbsp; Our audit committee, which is not equivalent to, or comparable with, a U.S.&nbsp;audit committee, provides assistance to our board of directors on matters involving accounting, internal controls, financial reporting and compliance.&nbsp; The audit committee is mainly responsible for assisting and advising the board of directors in its responsibilities to ensure the quality, transparency and integrity of our published financial information and financial statements.&nbsp; The audit committee is also responsible for supervising all matters relating to the Code of Ethics and Conduct, accounting, internal controls, the internal and independent audit functions, compliance, risk management and internal policies, such as the related parties transaction policy.&nbsp;&nbsp; The audit committee comprises three members appointed by the board of directors, and, pursuant to our bylaws, the members of our audit committee may be appointed simultaneously to their election to the board of directors or by a subsequent resolution. The members of the audit committee shall perform their duties for the duration of their respective terms as board members or until otherwise decided by the shareholders&#8217; meeting or by the board of directors. In the event that an audit committee member resigns or is removed from office after exercising any portion of his or her term, such member may only rejoin the audit committee at least three years from the end of his or her term. The current members of our audit committee are Jer&#244;nimo Antunes, Lucas Navarro Prado&nbsp;and Lu&#237;s Eduardo Alves de Assis.&nbsp;All members meet the independent membership requirements of the SEC and NYSE as well as other NYSE requirements.&nbsp; Jer&#244;nimo Antunes is the committee&#8217;s &#8220;financial expert&#8221; within the scope of the SEC rules covering the disclosure of financial experts on audit committees in periodic filings pursuant to the U.S.&nbsp;Securities Exchange Act of 1934.</FONT></FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Corporate Risks Management Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2009, our board of executive officers created a Corporate&nbsp;Risks Management Committee, which is responsible for: (a) evaluating the maximum level of risk that our Management should incur in our operations in order to obtain planned results; (b) evaluating the identification, measurement, treatment and processing of risks in action plans; and (c) forwarding statements, proposals and evaluations to the audit committee and to the board of executive officers for review, and submitting such statements, proposals and evaluations to the board of directors for approval.&nbsp; The Corporate Risks&nbsp;Management&nbsp;Committee has a coordinator and consists of representatives from the following management divisions: CEO&#8217;s Office; Corporate Management; Technology, Enterprises and Environment; Metropolitan; Economics and Finance and Investor Relations; and Regional Systems.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Nomination/Corporate Governance and Compensation Committees</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NYSE rules require that listed companies have a nomination/corporate governance committee and a compensation committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities.&nbsp; Required responsibilities for the nomination/corporate governance committee include, among other things, identifying and selecting qualified board member nominees and developing a set of corporate governance principles applicable to the company.&nbsp; Required responsibilities for the compensation committee include, among other things, reviewing corporate goals relevant to the chief executive officer&#8217;s compensation, evaluating the chief executive officer&#8217;s performance, approving the chief executive officer&#8217;s compensation levels and recommending to the board non&#8209;chief executive officer compensation, incentive&#8209;compensation and equity&#8209;based plans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the Brazilian Corporate Law, we are not required to have a nomination/corporate governance committee or compensation committee.&nbsp; However, Federal Law No.&nbsp;13,303/16 and State Decree 62,349/16 established the requirement of a committee with the responsabilities of verifying the nomination process of the members of the management and of the fiscal committee. In our annual shareholders&#8217; meeting, held on April 27, 2018, our bylaws were amended in order to, among other things, create the Eligibility and Advisory Committee in compliance with Federal Law No. 13,303/16 and State Decree 62,349/16.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This committee will be composed of up to three members, elected by a general shareholders&#8217; meeting. Members must have at least three years&#8217; professional experience in public administration, or three years&#8217; experince in the private sector in an area in which, or related to which, we operate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Members of the Eligibility and Advisory Committee may attend board of directors&#8217; meetings where matters related to this committee are discussed and will have the right to speak, but not to vote, in accordance with our bylaws.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">This committee will be also responsible for providing methodological and procedural support to the board of directors to evaluate the performance of officers and other members of statutory committees</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We expect that a written charter addressing the committee&#8217;s purpose and detailing its required responsibilities will be approved by the board of directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Under the Brazilian Corporate Law, the total amount available for compensation of our directors and executive officers and for profit&#8209;sharing payments to our executive officers is established by our shareholders at the annual general meeting.&nbsp; The individual compensation and profit&#8209;sharing of each executive officer, as well as the compensation of our board and committee members is set out according to guidelines from the S&#227;o Paulo State Government and the CODEC (State Capital Protection Board).&nbsp;</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Shareholder Approval of Equity Compensation Plans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NYSE rules require that shareholders be given the opportunity to vote on all equity compensation plans and material revisions thereto, with limited exceptions.&nbsp; We do not currently have any equity compensation plan.&nbsp; If such a plan were to be implemented, there is no requirement under Brazilian Corporate Law for the plan to be approved by our shareholders.&nbsp; However, if the issuance of new shares in connection with any equity compensation plan exceeded the authorized capital under our bylaws, the increase in capital would require shareholder approval.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Corporate Governance Guidelines</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NYSE rules require that listed companies adopt and disclose corporate governance guidelines.&nbsp; We are in compliance with the adoption of corporate governance provisions and guidelines required under the </FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> Regulations and expect to make any necessary changes needed in order to comply with Federal Law No. 13,303/16, State Decree 62,349/16, and the new </FONT><FONT lang=EN-US face="Times New Roman">Novo Mercado </FONT><FONT lang=EN-US face="Times New Roman">rules by June 2018 and April 2021 deadlines, as applicable. See &#8220;Item 9.C Markets&#8212;Trading on the Brazilian Stock Exchange&#8212;The </FONT><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> Segment&#8221; and &#8220;Item 16.G&#8212;Corporate Governance&#8212;Required Changes to Corporate Governance Practices of Brazilian Government-Controlled Companies.&#8221;&nbsp; Additionally, under the CVM&#8217;s guidelines, we have established (i)&nbsp;the Policy of Publicizing Acts or Relevant Facts and the Preservation of Confidentiality which requires us to publicly disclose all relevant information and (ii)&nbsp;the Securities Negotiation Policy which requires management to inform the CVM and the B3 of any purchases or sales of our securities.&nbsp; We believe the corporate governance guidelines applicable to us under the </FONT><FONT lang=EN-US face="Times New Roman">Novo Mercado</FONT><FONT lang=EN-US face="Times New Roman"> Regulations, Federal Law No. 13,303/16, State Decree 62,349/16, as well as the CVM, do not conflict with the guidelines established by the NYSE.&nbsp; Our corporate governance guidelines and practices are available on our website at www.sabesp.com.br at the following location:&nbsp;Investor Relations &#8211; Corporate Governance.</FONT></FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Code of Business Conduct and Ethics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NYSE rules require that listed companies adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers.&nbsp; We have decided to adopt and disclose a code of ethics and conduct applicable to all our officers, directors and employees.&nbsp; The adoption and disclosure of a formal code is not required under the Brazilian Corporate Law.&nbsp; We believe our formal code addresses the matters required to be addressed by the applicable NYSE and SEC rules.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Federal Law No. 13,303/16, State Decree 62,349/16 and the new </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Novo Mercado </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">rules require the adoption of a Code of Conduct and Integrity that should include, among other provisions, guidelines to avoid conflicts of interests, forbiddance of fraudulent acts and corruption, whistleblowing channels, protective measures to avoid retaliation regarding whistleblowers, periodic training on the content of such code and sanctions in case of code violations. We intend to amend our code of ethics and conduct to meet the new requirements by the June 30 2018 deadline.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Internal Audit Function</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">NYSE rules require that listed companies maintain an internal audit function to provide management and the audit committee with ongoing assessments of the company&#8217;s risk management processes and system of internal control.&nbsp; Our internal audit department reports to our Chief Executive Officer and our audit committee and is responsible for our compliance with the requirements of Section&nbsp;404 of the U.S.&nbsp;Sarbanes Oxley Act of 2002 regarding internal control over financial reporting.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Anticorruption Compliance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Law No. 12,846, of August 1, 2013 (the &#8220;Anticorruption Law&#8221;), as further regulated by Decree No. 8,420/2015, introduced the concept of strict liability for legal entities involved in harmful acts against the public administration, as defined in the Anticorruption Law, subjecting the violator to penalties both in administrative and civil law.&nbsp; Similar to the Foreign Corrupt Practices Act of the United States, to which we are also subject, the Anticorruption Law considers that an effective implementation of Compliance Programs may be used to mitigate the administrative penalties to be applied as a consequence of a harmful act against the public administration.&nbsp;The program currently consists of a set of internal mechanisms and procedures related to integrity, monitoring and incentives to report irregularities. The program also focuses on the effective implementation of the Code of Ethics and Conduct as well as other policies and guidelines aimed at preventing fraud and corruption. In 2017, we circulated communications directed to the entire company, reinforcing the importance of acting in accordance with laws, regulations and internal policies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">As a mixed capital company, our Compliance Program encompasses two distinct situations &#8211; active corruption and passive corruption &#8211; and follows the recommendations of the Organization for Economic Cooperation and Development, the United Nations Office on Drugs and Crimes, and the World Bank.&nbsp; Our program incorporates and </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">focuses on high management, structural functioning, the provision of complaint hotlines, monitoring of third-party relationships, governance and internal controls, risk management, training and communication.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Citizens&#8217; Access to Information at Sabesp</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 22.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Federal Law No.&nbsp;12,527/2011 (LAI), regulated by State Decree No.&nbsp;58.052/2012 and State Decree No.&nbsp;61.559/2015 determines that government entities must create Citizen Information Services &#8211; SIC units which receive and manage information requests from the public, and make available to citizens information requested or otherwise provided the reasons for denial of such information requests. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In order to comply with LAI, we implemented the Citizen Information Service &#8211; SIC, structuring the internal flow of information to serve citizens within the terms provided by this law. We also made a Transparency Portal (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Portal da Transpar&#234;ncia</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">) available on our website, which includes basic information required by law, software for citizens to request information and a list of frequently requested information, according to the standards of the S&#227;o Paulo State Government. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These duties are linked to the Risk Management area whose main assumption is the transparency, quality of information and compliance with strategic rules of a listed company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#010000 face="Times New Roman">ITEM 16H.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">MINE SAFETY DISCLOSURE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; &nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">156</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">Part&nbsp;III </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;17.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FINANCIAL STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.75in; TEXT-INDENT: -0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;18.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">FINANCIAL STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following financial statements, together with the reports of the independent registered public accounting firms, are filed as part of this annual report.&nbsp; See &#8220;Index to Financial Statements&#8221;.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">157</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">ITEM&nbsp;19.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase" color=#010000 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBITS</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Item</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Description</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">1.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Bylaws of the Registrant (English translation) (incorporated by reference to the Form 6-K filed on May 25, 2018). </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.1*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Agreement between the Registrant and the State Department of Water and Energy (</FONT><FONT style="FONT-SIZE: 8pt"><FONT lang=EN-US face="Times New Roman">Departamento de &#193;guas e Energia El&#233;trica&#8212;DAEE</FONT><FONT lang=EN-US face="Times New Roman">), dated April&nbsp;24, 1997 (English translation) (incorporated by reference to Exhibit&nbsp;10.1 to the Registrant&#8217;s Registration Statement on Form&nbsp;F&#8209;1 filed on April&nbsp;8, 2002 (the &#8220;April&nbsp;8, 2002 Form&nbsp;F&#8209;1&#8221;).</FONT></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.2*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Protocol of Understanding between the Registrant and the State of S&#227;o Paulo, dated September&nbsp;30, 1997 (English translation) (incorporated by reference to Exhibit&nbsp;10.2 to the April&nbsp;8, 2002 Form&nbsp;F&#8209;1).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.3*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Agreement between the Registrant and the State of S&#227;o Paulo, through the Secretariat of Finance, dated September&nbsp;10, 2001 (English translation) (incorporated by reference to Exhibit&nbsp;10.3 to the April&nbsp;8, 2002 Form&nbsp;F&#8209;1).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.4*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Agreement between the Registrant and the State of S&#227;o Paulo, through the Secretariat of the Treasury, dated December&nbsp;11, 2001 (English translation) (incorporated by reference to Exhibit&nbsp;10.4 to the April&nbsp;8, 2002 Form&nbsp;F&#8209;1).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.5*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Amendment to the Agreement, dated April&nbsp;24, 1997, between the Registrant and the DAEE, dated March&nbsp;16, 2000 (English translation) (incorporated by reference to Exhibit&nbsp;10.5 to the April&nbsp;8, 2002 Form&nbsp;F&#8209;1).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.6*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Amendment to the Agreement, dated April&nbsp;24, 1997, between the Registrant and the DAEE, dated November&nbsp;21, 2001 (English translation) (incorporated by reference to Exhibit&nbsp;10.6 to the April&nbsp;8, 2002 Form&nbsp;F&#8209;1).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.7*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">First Amendment to the Agreement, dated December&nbsp;11, 2001, between the Registrant and the State of S&#227;o Paulo, dated March&nbsp;22, 2004. (English translation) (incorporated by reference to Exhibit&nbsp;4.7 to the Form&nbsp;20&#8209;F filed on June&nbsp;28, 2004).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.8*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Second Amendment to the Agreement, dated December&nbsp;11, 2001, between the Registrant and the State of S&#227;o Paulo, dated December&nbsp;28, 2007. (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on February&nbsp;25, 2008).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.9*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Third Amendment to the Agreement, dated December&nbsp;11, 2001, between the Registrant and the State of S&#227;o Paulo, dated November&nbsp;17, 2008. (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on December&nbsp;23, 2008).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.10*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Commitment Agreement, between the Registrant and the State of S&#227;o Paulo, dated March&nbsp;26, 2008. (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on April&nbsp;28, 2008).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.11*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Agreement Executed between the Registrant and the S&#227;o Paulo City Government, dated November&nbsp;14, 2007 (English Translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on March&nbsp;12, 2008).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.12*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Amendment to the Agreement Executed between the Registrant and the S&#227;o Paulo City government, dated February&nbsp;10, 2008 (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on May&nbsp;12, 2008).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.14*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">The Audit Committee Charter dated April 19, 2016 (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on April&nbsp;21, 2016).</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.15*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Convention between the State and the city of S&#227;o Paulo, dated June&nbsp;23, 2010, with the intermediation and consent of the Registrant and of ARSESP (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on July&nbsp;13, 2010).</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.16*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Contract to provide public water supply and sewage services, among the Registrant, the State and the city of S&#227;o Paulo, dated June&nbsp;23, 2010 (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on July&nbsp;13, 2010).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.17*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Term of Agreement between the Registrant, the State of S&#227;o Paulo and the DAEE, dated March 18, 2015 (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on April 15, 2015).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.18*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Notice of Transactions with Related Parties, dated November 9, 2016, (English translation) (incorporated by reference to the Form 6-K filed on November 16, 2016).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">4.19*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">First Amendment to the Private Instrument of Settlement and Other Covenants bewteen the Registrant and EMAE, dated October, 19, 2017 (English translation) (incorporated by reference to the Form 6-K filed on November 9, 2017).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">11.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Code of Ethics and Conduct dated June 1, 2014 (English translation) (incorporated by reference to the Form&nbsp;6&#8209;K filed on July&nbsp;24, 2014).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">
   <A href="exhibit12_1.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.1 </FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">
   <A href="exhibit12_1.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Certification of Karla Bertocco Trindade, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
   <A href="exhibit12_2.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">12.2 </FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">
   <A href="exhibit12_2.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Certification of Rui de Britto &#193;lvares Affonso, Chief Financial Officer&nbsp;and Investor Relations Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="9%">
   <A href="exhibit13_1.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.1 </FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #daeef3" vAlign=top width="91%">
   <A href="exhibit13_1.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Certification of Karla Bertocco Trindade, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. &nbsp;</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">
   <A href="exhibit13_2.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">13.2</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">
   <A href="exhibit13_2.htm">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Certification of Rui de Britto &#193;lvares Affonso, Chief Financial Officer and Investor Relations Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P></A></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">101.INS**</FONT></P></TD>

   <TD style="BACKGROUND: #daeef3; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">XBRL Instance Document</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">101.SCH**</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">XBRL Taxonomy Extension Schema Document</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="BACKGROUND: #daeef3; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">101.CAL**</FONT></P></TD>

   <TD style="BACKGROUND: #daeef3; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">101.DEF**</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">XBRL Taxonomy Extension Definition Linkbase Document</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">101.LAB**</FONT></P></TD>

   <TD style="BACKGROUND: #daeef3; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">XBRL Taxonomy Extension Label Linkbase Document</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">101.PRE**</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="91%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="100%" colSpan=2>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(*) Previously filed.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(**)&nbsp;IN ACCORDANCE WITH THE TEMPORARY HARDSHIP EXEMPTION PROVIDED BY RULE 201 OF REGULATION S-T, THE DATE BY WHICH THE INTERACTIVE DATA FILE IS REQUIRED TO BE SUBMITTED HAS BEEN EXTENDED BY SIX BUSINESS DAYS.</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">158</FONT> </P>

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<DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SIGNATURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The registrant hereby certifies that it meets all of the requirements for filing on Form&nbsp;20&#8209;F/A and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the annual report on its behalf.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 24pt 3in"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8209; SABESP</FONT></B></P>

<P style="MARGIN: 0in 0in 24pt 3.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ <U><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Karla Bertocco Trindade</FONT></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><BR>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Karla Bertocco Trindade</FONT><BR>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></P>

<P style="MARGIN: 0in 0in 24pt 3.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Rui de Britto &#193;lvares Affonso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"><BR>Name:&nbsp; &nbsp;&nbsp;&nbsp; Rui de Britto &#193;lvares Affonso<BR>Title:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Investor<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relations Officer</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;May 30,</FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">2018</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>&nbsp;</DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">159</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=georgia>Financial Statements as at December 31, 2017 and 2016</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=georgia>December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><STRONG><FONT face=Georgia></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><STRONG><FONT face=Georgia></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><STRONG><FONT face=Georgia></FONT></STRONG>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><STRONG><FONT face=Georgia></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><STRONG><FONT face=Georgia></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt"><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>1</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT> </P>

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

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<P style="MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>To the Shareholders, Board of Directors and Management of </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>S&#227;o Paulo - SP</FONT></P>

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

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

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Opinion on the Financial Statements and Internal Control Over Financial Reporting </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>We have audited the accompanying statement of financial position of Companhia Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP (the Company) as of December&nbsp;31, 2017 and 2016, the related statements of income, comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended December&nbsp;31, 2017, and the related notes collectively, the financial statements. We also have audited the Company&#8217;s internal control over financial reporting as of December&nbsp;31, 2017, based on criteria established in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Internal Control &#8211; Integrated Framework</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(2013)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December&nbsp;31, 2017and 2016, and the results of its operations and its cash flows for each of the years in the two-year period ended December&nbsp;31, 2017, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2017, based on criteria established in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Internal Control &#8211; Integrated Framework (2013)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>We also have audited the adjustment to the previously reported segment information for 2015 described in note 24 to the financial statements. In our opinion, such adjustments to the 2015 segment information are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2015 financial statements of the Company other than with respect to the restatement of previously reported segment information and, accordingly, we do not express an opinion or any other form of assurance on the 2015 financial statements taken as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Basis for Opinions </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company&#8217;s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying financial statements. Our responsibility is to express an opinion on the Company&#8217;s financial statements and an opinion on the Company&#8217;s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>We have served as the Company&#8217;s auditor since 2016.<SUP>&nbsp;</SUP>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ KPMG Auditores Independentes</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo &#8211; Brazil</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>April 26, 2018&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>To the Board of Directors and Shareholders of</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo - SP</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>We have audited, before the effects of the retrospective adjustments to the disclosures for a change in the composition of reportable segments discussed in Note 24 to the financial statements, the accompanying statements of income, comprehensive income, shareholders&#8217; equity and cash flows of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP (the &#8220;Company&#8221;) for the year ended December 31, 2015. These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these financial statements based on our audit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In our opinion, such financial statements, before the effects of the retrospective adjustments to the disclosures for a change in the composition of reportable segments discussed in Note 24 to the financial statements, present fairly, in all material respects, the results of operations and cash flows of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP for the year ended December 31, 2015, in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>We were not engaged to audit, review, or apply any procedures to the retrospective adjustments to the disclosures for a change in the composition of reportable segments discussed in Note 24 to the financial statements and, accordingly, we do not express an opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied. Those retrospective adjustments were audited by other auditors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>S&#227;o Paulo, Brazil</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>May 11, 2016</FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>&nbsp;</FONT></P>

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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia><FONT style="FONT-SIZE: 10pt" face=Georgia>/s/ </FONT>DELOITTE TOUCHE TOHMATSU</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Auditores Independentes</FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statement of Financial Position as of December 31, 2017 and 2016</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Assets</FONT></B></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Cash and cash equivalents</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>7</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,672,595</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,557,472</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>180,773</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>202,553</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Inventories</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>85,671</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>58,002</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>17 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>276,585</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>42,633</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>56,592</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>52,676</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>4,574,085</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,823,635</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent assets </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>215,910</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>153,834</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>634,387</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>669,156</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>122,686</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>77,915</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>18</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>186,345</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Water National Agency &#8211; ANA</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,221</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>113,123</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>114,693</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>36,932</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,096</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>13</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>57,652</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>57,968</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>33,466,132</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,246,788</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>255,050</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>302,383</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>34,972,359</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>32,921,399</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>39,546,444</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>36,745,034</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia>The accompanying notes are an integral part of these financial statements.</FONT></P>

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

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statement of Financial Position as of December 31, 2017 and 2016</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B><FONT face=georgia></FONT></P></DIV></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Liabilities and equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Trade payables and contractors </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>344,947</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>311,960</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Current portion of long-term borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,746,755</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,246,567</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Accrued payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>588,073</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>458,299</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Taxes and contributions </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>17 (b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>183,965</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>168,757</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Interest on capital </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>598,612</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>700,034</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Provisions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>607,959</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>730,334</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Services payable</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>21</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>408,275</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>460,054</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (g)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>60,007</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,898</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (c) (iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>128,802</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>109,042</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>104,485</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>85,563</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>4,771,880</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,302,508</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>10,354,211</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,717,576</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>18</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>36,754</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Deferred Cofins and PASEP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>130,182</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>138,071</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Provisions </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>470,245</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>442,741</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>20 (b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,932,338</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,265,250</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (g)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,011,409</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,217,520</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (c) (iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>110,698</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>69,051</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>215,778</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>173,106</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>17,261,555</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>17,023,315</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>22,033,435</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>21,325,823</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Equity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>22</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Capital stock</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>10,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,000,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Earnings reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>8,051,110</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,244,859</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other comprehensive loss</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(538,101)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(825,648)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>17,513,009</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15,419,211</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity and liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>39,546,444</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>36,745,034</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia>The accompanying notes are an integral part of these financial statements.</FONT></P>

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

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Income Statements for the </FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><FONT face=georgia></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt; TEXT-INDENT: -14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Net operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>26 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>14,608,233</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>14,098,208</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>11,711,569</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>27</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(8,778,963)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(9,013,120)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(8,260,763)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>5,829,270</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5,085,088</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3,450,806</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>27</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(768,693)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(730,047)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(598,125)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative income (expenses)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>27</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(1,098,990)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(934,896)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>44,958</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>(5,679)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4,722</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>143,755</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Equity in results of investments in affiliaties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>5,760</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4,740</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,597</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit from operations before finance income (expenses) and income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>3,961,668</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3,429,607</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3,043,991</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>28</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(688,280)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(839,891)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(859,732)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial revenues</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>28</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>326,244</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>448,710</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>395,234</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange result, net</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>28</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(96,018)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>1,090,628</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,991,964)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial result, net</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(458,054)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>699,447</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(2,456,462)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3,503,614</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4,129,054</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>587,529</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>18 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(882,787)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,121,289)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,226)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>18 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(101,517)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(60,667)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(50,024)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>(984,304)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,181,956)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(51,250)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>2,519,310</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,947,098</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>536,279</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>Earnings per share &#8211; basic and diluted (in reais)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>23</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>3.69</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4.31</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>0.78</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

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

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

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Comprehensive Income for the</FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B></FONT></P></DIV>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit for the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>2,519,310</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,947,098</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>536,279</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;Other comprehensive income (loss)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>287,547</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(472,266)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>36,366</FONT></P></TD></TR>

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   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items which will not be subsequently reclassified</FONT></P>

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the income statement:</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 3pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 3pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 3pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 3pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains and (losses) on defined benefit </FONT></P>

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; plans</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 3pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>20 (b)</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=georgia>287,547</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>(472,266)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>36,366</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Total comprehensive income for the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face=georgia>2,806,857</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,474,832</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>572,645</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Changes in Equity for the</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><FONT face=georgia></FONT></P></DIV>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT>&nbsp;</P></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Earnings reserves</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Capital stock</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Legal Reserve </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Investment reserve</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Additional dividend proposed</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Retained earnings </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Other comprehensive loss</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Balances as of December 31, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>758,141</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,914,008</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22,002</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(389,748)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>13,304,403</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>536,279</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>536,279</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Actuarial gains (losses)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>20 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>36,366</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>36,366</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>536,279</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>36,366</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>572,645</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>26,814</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(26,814)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Interest on capital (R$0.1863 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(127,366)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(127,366)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; 2014 additional proposed dividends, approved (R$0.0554 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(22,002)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(22,002)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22,527</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(22,527)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Withholding income tax on interest on capital attributable as minimum mandatory dividends </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,074)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,074)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Transfer to investments reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>359,572</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(359,572)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Balances as of December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>784,955</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>3,273,580</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>11,453</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(353,382)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>13,716,606</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,947,098</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Actuarial gains (losses)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>20 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(472,266)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(472,266)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(472,266)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,474,832</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>147,355</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(147,355)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Interest on capital (R$1.0240 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(699,936)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(699,936)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; 2015 additional proposed dividends, approved (R$0.0330 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,453)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,453)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>123,557</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(123,557)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Withholding income tax on interest on capital attributable as minimum mandatory dividends </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(60,838)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(60,838)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Transfer to investments reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>1,976,250</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(1,976,250)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Balances as of December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>10,000,000</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>932,310</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>5,249,830</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>62,719</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(825,648)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>15,419,211</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,519,310</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,519,310</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Actuarial gains (losses)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>20 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>287,547</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>287,547</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,519,310</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>287,547</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,806,857</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Legal Reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>125,965</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(125,965)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Interest on capital (R$0.87539 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(598,336)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(598,336)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; 2016 additional proposed dividends, approved (R$</FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>0.09176</FONT><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia> per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(62,719)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(62,719)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>105,543</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(105,543)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Withholding income tax on interest on capital attributable as minimum mandatory dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(52,004)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(52,004)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>&nbsp;&nbsp; Transfer to investments reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (f)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>1,689,466</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(1,689,466)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Balances as of December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>1,058,275</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>6,939,296</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>53,539</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(538,101)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>17,513,009</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Cash Flows for the</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B></FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>December 31, </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>December 31, </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>December 31, </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flow from operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>3,503,614</FONT></B></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,129,054</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>587,529</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Adjustments for:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,301,897</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,146,626</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,074,032</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Residual value of property, plant and equipment and intangible assets written-off</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>24,935</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>15,168</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>52,040</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Bad debt expense</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>82,681</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>90,488</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,420</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Provisions and inflation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>185,080</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>276,654</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(4,706)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Pension plan liabilities &#8211; early reduction (curtailment)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(334,152)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Interest calculated on borrowings and financing payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>426,781</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>449,470</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>474,056</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Inflation adjustment and exchange gains (losses) on borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>159,087</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(969,430)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,163,754</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Interest and inflation adjustment on liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>25,751</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>24,297</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>27,168</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Interest and inflation adjustment on assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(31,619)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(80,675)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(130,762)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Finance charges from customers</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(193,683)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(207,789)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(125,966)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt 0.05in; TEXT-INDENT: -0.05in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Margin of fair value on intangible assets arising from concession </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(70,335)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(81,513)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(72,908)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Provision for Consent Decree (TAC)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>72,933</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>89,083</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(15,601)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Share of profit of investees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(5,760)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(4,740)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,597)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Provision from S&#227;o Paulo agreement</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,252</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Provision for pension plan - Sabesprev Mais</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>235</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,349</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>304,500</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>377,886</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>352,710</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt 3.8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp; Other adjustments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 5pt 2.85pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>92,461</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 5pt 2.85pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>24,412</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(6,103)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; GESP Agreement</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(696,283)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>5,878,323</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,945,074</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,698,384</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Changes in assets </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(42,194)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(34,665)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(111,738)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>51,594</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(3,163)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,818)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Inventories</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(27,633)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>7,156</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(550)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(233,952)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,195</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>70,940</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(32,200)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>33,232</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,083</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>8,312</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>144,920</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(9,785)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Changes in liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Trade payables and contractors </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(180,353)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>6,371</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(18,314)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Services payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 5pt 2.85pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(51,779)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 5pt 2.85pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>72,775</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>57,054</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Accrued payroll and related taxes </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>56,841 </FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>21,240</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(24,394)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Taxes and contributions payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>15,983 </FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(90,325)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,947</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Deferred Cofins/PASEP</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(7,889)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>5,150</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,570</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Provisions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(279,951)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(185,793)</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: #d5eaea; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(133,427)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(228,282)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(201,736)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(182,514)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(16,741)</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>17,842</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(47,607)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash generated from operations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2.85pt; MARGIN-RIGHT: 2.85pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>4,910,079</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2.85pt; MARGIN-RIGHT: 2.85pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,773,273</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,369,831</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Interest paid</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(676,087)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(739,944)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(710,688)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Income tax and social contribution paid</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(932,110)</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(1,029,737)</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(17,743)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Net cash generated from operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>3,301,882</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>3,003,592</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>2,641,400</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Cash flows from investing activities</FONT></B></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Acquisition of intangible </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2.85pt; MARGIN-RIGHT: 2.85pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(1,957,780)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2.85pt; MARGIN-RIGHT: 2.85pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,108,167)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,397,352)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>5.256</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>5,078</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(9,406)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Investment increase</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,540)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Purchase of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(18,920)</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(27,631)</FONT></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(54,794)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Dividends received </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>4,612</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Net cash used in investing activities </FONT></B></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2.85pt; MARGIN-RIGHT: 2.85pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>(1,971,444)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2.85pt; MARGIN-RIGHT: 2.85pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia></FONT></B></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(2,130,720)</FONT></B></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(2,459,480)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Statements of Cash Flows for the</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais</FONT></B></FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (continued)</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT>&nbsp;</P>

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   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, </FONT></B></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flows from financing activities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp; Borrowings and financing </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loans</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,007,572</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,250,524</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,303,296</FONT></P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of loans</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(1,098,558)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(1,535,312)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(1,292,322)</FONT></P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp; Payment of interest on capital</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(765,933)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(139,399)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(202,115)</FONT></P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(31,758)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(30,498)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(23,799)</FONT></P></TD></TR>

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   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>&nbsp; Program Contract Commitments</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(50,757)</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net cash generated by (used in) financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>(933,612)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(625,865)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(265,697)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Increase/(decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>396,826</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>247,007</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(83,777)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Represented by :</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash and cash equivalents at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,886,221</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,639,214</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,722,991</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash and cash equivalents at the end of the year</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>2,283,047</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,886,221</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,639,214</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Increase/(decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face=georgia>396,826</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>247,007</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(83,777)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="57%">

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 120%" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 120%" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.1pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 21.3pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>1&nbsp;&nbsp;&nbsp; Operations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo ("SABESP" or the "Company") is a mixed-capital company headquartered in S&#227;o Paulo, at Rua Costa Carvalho, 300, CEP 05429-900, controlled by the S&#227;o Paulo State Government. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company is engaged in the provision of basic and environmental sanitation services in the State of S&#227;o Paulo, as well as it supplies treated water and sewage services on a wholesale basis.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In addition to providing basic sanitation services in the State of S&#227;o Paulo, SABESP may performs these activities in other states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. SABESP aims to be a world reference in the provision of sanitation services, in a sustainable, competitive and innovative manner, with a focus on customers. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, the Company operated water and sewage services in 368 municipalities of the State of S&#227;o Paulo. Most of these municipalities operations are based on 30-year concession, program and services contracts.&nbsp; The Company has two partial contracts with the municipality of Mogi das Cruzes, however, since most of municipality is serviced by wholesale, it was not included in the 368 municipalities. As of December 31, 2017, the Company had 370 contracts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP is not temporarily operating in the municipalities of Macatuba and Cajobi due to judicial orders. The lawsuits are in progress and the carrying amount of these municipalities&#8217; intangible assets was R$4,345 as of December 31, 2017 (R$4,345 as of December 31, 2016). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, 51 concession agreements (54 as of December 31, 2016) had expired and are being negotiated. From 2018 to 2030, 32 concession agreements will expire. Management believes that concession agreements expired and not yet renewed will result in new contracts, disregarding the risk of discontinuity in the provision of municipal water supply and sewage services. By December 31, 2017, 287 program and services contracts were signed (281 contracts as of December 31, 2016).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, the carrying amount of the underlying assets used in the 51 concessions of the municipalities under negotiation totaled R$6,205,337, accounting for 18.54% of the total of intangible assets, and the related gross revenue for the year ended December 31, 2017 totaled R$1,577,787, accounting for 10,26% of the total of gross revenue.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company&#8217;s operations are concentrated in the municipality of S&#227;o Paulo, which represents 55.38% of the gross revenues as of December 31, 2017 (55.46% as of December 31, 2016 and 51.79% as of December 31, 2015) and 46.92% of intangible assets (46.57% on December 31, 2016).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.1pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On June 23, 2010, the State of S&#227;o Paulo, the Municipality of S&#227;o Paulo, the Company and the regulatory agency &#8220;Sanitation and Energy Regulatory Agency &#8211; ARSESP&#8221; signed an agreement to share the responsibility for water supply and sewage services to the Municipality of S&#227;o Paulo based on a 30-year concession agreement. This agreement is extendable for another 30 years, pursuant to the law.&nbsp; This agreement sets forth SABESP as the exclusive service provider and designates ARSESP as regulator, establishing prices, controlling and monitoring services. On the same date, the State of S&#227;o Paulo, the Municipality of S&#227;o Paulo and SABESP signed the &#8220;Public service provision agreement of water supply and sewage services&#8221;, a 30-year concession agreement which is extendable for another 30 years. This agreement involves the following activities:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>i. protection of the sources of water in collaboration with other agencies of the State and the City;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>ii. capture, transport and treatment of water;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>iii. collect, transport, treatment and final dispose of&nbsp; sanitary sewage; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>iv. adoption of other actions of basic and environmental sanitation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company operates under an authorization by public deed in some municipalities in the Santos coast region and in the Ribeira Valley, where the Company started to operate after the merger of the companies that formed it. In September 2015, the Company entered into a water supply and sewage public utility services agreement with the municipality&nbsp; of Santos; the gross revenue calculated in the year ended December 31, 2017 totaled </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;294.658</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> (R$280,689 as of December 31, 2016 and R$269,530 as of December 31, 2015) and the intangible asset was R$310,577 in the year ended December 31, 2017 (R$303,540 as of December 31, 2016).&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Article 58 of Law 11,445/07 determines that precarious and overdue concessions, as well as those effective for an undetermined period of time, including those that do not have an instrument formalizing them, will be valid until December 31, 2010. However, Article 2 of Law 12,693 of July 24, 2012, which amended Article 7&#176;-A of Law 11,578, of November 26, 2007, allowed the provision of public basic sanitation services to be executed until December 31, 2016. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company&#8217;s Management understands that in the municipalities where the concession agreements were not yet renewed, the operation is governed by Laws 8,987/95 and 11,445/07, including those municipalities served without an agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Public deeds are valid and governed by the Brazilian Civil Code. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.1pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company's shares have been listed in the Novo Mercado (New Market) segment of B3 under the ticker symbol SBSP3 since April 2002 and on the New York Stock Exchange (NYSE) as American Depositary Receipts (&#8220;ADRs&#8221;) Level III, under the SBS code, since May 2002.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Since 2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, &#193;guas de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, &#193;guas de Castilho, Attend Ambiental and Paulista Geradora de Energia. Although SABESP has no majority interest in the capital stock of these companies, the shareholders&#8217; agreements provide for the power of veto and casting vote in certain issues jointly with associates, indicating the shared control in the management of investees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of March 3, 2018, the Jaguari-Atibainha interconnection was inaugurated; this interconnection will allow the transfer of an average annual outflow of 5.13 cubic meters per second (m&#179;/s) and a maximum outflow of 8.5 m&#179;/s from the Para&#237;ba do Sul Basin to the Cantareira System. Expected to be inaugurated in April 2018, the S&#227;o Louren&#231;o Production System will expand water production and capacity by 6.4 m&#179;/s. After construction is completed, the Company will have nine large production systems available to supply the S&#227;o Paulo Metropolitan Region. These two important works aim at expand water security in the S&#227;o Paulo Metropolitan Region.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Management expects that with the normalization of rainfall, the generation of operating cash and the credit lines available for investment, the Company will have sufficient funds to meet its commitments and not compromise its necessary investments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Corporate reorganization</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of May 12, 2017, the Board of the State Privatization Program approved:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 72.55pt; TEXT-INDENT: -51.25pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the conducting of studies for SABESP&#8217;s Capitalization (as defined below);</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 72.55pt; TEXT-INDENT: -51.25pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the hiring, by SABESP, of the International Finance Corporation, which is associated with the World Bank;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the execution of an agreement between SABESP and the State Government through the Water Resources and Sanitation Department and the Treasury Department, in order to define the scope of the contract and control the relationship between the parties, including a proportional expense reimbursement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The proposed Capitalization provides for the creation of a corporation to directly control SABESP through the transfer of the shares held by the State of S&#227;o Paulo to the capital stock of the new corporation. The State of S&#227;o Paulo will continue holding a sufficient number of shares to ensure SABESP&#8217;s control, as provided for in law. The objective of the Capitalization is to overcome a situation that restricts investments designed to preserve the expansion of activities to ensure the universalization of basic sanitation services offered by the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Capitalization may provide for the admission of institutional investors to contribute financial resources to the capital stock of the new company, strengthening SABESP&#8217;s corporate governance and business efficiency in order to promote and accelerate the universalization of sanitation services in the State of S&#227;o Paulo.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 15, 2017, Law 16,525 was sanctioned, enacted and published; it provides for the corporate reorganization of Companhia de Saneamento B&#225;sico de S&#227;o Paulo - SABESP and sets forth other provisions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The main provisions of the Law are:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Executive branch is authorized to establish a corporation, governed by Federal Law 6,404/76, to hold basic sanitation and other assets, whose exploration relates to its main purpose ("Parent Company");</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The objective of the Parent Company is, among others:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.95pt; TEXT-INDENT: -78.6pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Control SABESP;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.1pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 21.3pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Hold the ownership, manage and explore assets of any nature, aiming the universalization and efficiency of basic sanitation services in the State of S&#227;o Paulo;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Structure and implement funding operations to strengthen its ability to execute strategies and initiatives in the basic sanitation sector;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Assist the State of S&#227;o Paulo and other federal entities in the implementation of public policies in the basic sanitation sector;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Explore other business opportunities related to the basic sanitation sector inside and outside the State of S&#227;o Paulo, supported by SABESP;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>(vi)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Use legally appropriate contractual and corporate arrangements to fulfill its corporate purpose, including the creation of wholly-owned subsidiaries, formation of consortia and holding interests in other public or private companies, provided that approved by the Board of Directors.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Government will hold ownership of most of the common shares of the Parent Company; other shareholders may also hold minority interests in the Parent Company;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Private shareholders will be allowed in the Parent Company in order to contribute capital, add value to the business and strengthen the Company&#8217;s and the Parent Company&#8217;s corporate governance, provided that they do not restrict the capacity of the S&#227;o Paulo State Government to guide them in the attainment of the public interest that justified their creation;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The S&#227;o Paulo State Government is authorized to pay-in its interest in the Parent Company&#8217;s capital through the transfer of the shares it holds in SABESP;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Parent Company and SABESP may acquire shares from other state-owned or private companies that have potential synergy with SABESP&#8217;s activities;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Parent Company may increase SABESP&#8217;s capital to pay-in in cash or with assets, inclusive by holding a tender offer in the capital market; and</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The S&#227;o Paulo State Government is authorized to sell or encumber the Parent Company&#8217;s shares or its respective subscription rights, provided that the ownership of most of the common shares is maintained;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The State Government may waive its preemptive right to subscribe to shares in future capital increases of the Parent Company, in order to enable contributions from new shareholders without losing its the control;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The S&#227;o Paulo State Government will mandatorily allocate at least 30% of the proceeds from the sale of the Parent Company&#8217;s shares to investments in basic sanitation projects;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>A management agreement will be entered into by the S&#227;o Paulo State Government, the Parent Company and SABESP to strengthen the companies&#8217; administrative and financial efficiency;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The execution of the management agreement will be preceded by the assumption of SABESP&#8217;s control by the Parent Company and will establish performance targets related to the reduction of water losses and the universalization of basic sanitation services provided by SABESP;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The management agreement will also provide for the increase in the companies&#8217; managerial autonomy regarding:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 113.9pt; TEXT-INDENT: -99.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>the definition of a personnel policy;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 113.9pt; TEXT-INDENT: -99.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>procedures for bids and the contracting of suppliers and service providers;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 113.9pt; TEXT-INDENT: -99.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>cash management, treasury operations, bank payments of salaries and suppliers; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>autonomy for the general shareholders&#8217; meeting to establish the salaries and other types of compensation to members of management, based on the limits and parameters established in the management agreement;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii) The agreement will be valid for five years, but may be renegotiated and successively renewed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The financial statements were approved by Management on April 26, 2018.</FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis of preparation and presentation of the financial statements</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The financial statements of the Company have been prepared in accordance with the International Financial Reporting Standards &#8211; IFRS as issued by the International Accounting Standards Board &#8211; IASB. All material information related to the financial statements, and this information alone, is being disclosed and corresponds to the information used by the Company&#8217;s Management in its administration.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The financial statements have been prepared under the historical cost except for certain financial instruments measured at fair value when required by the standards.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates.&nbsp; It also requires Management to exercise its judgment in the process of applying the Company's accounting policies.&nbsp; The areas involving a higher degree to judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are described in Note 6. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3 &nbsp;&nbsp; Summary of Significant Accounting Policies</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The main accounting policies applied in the preparation of these financial statements are defined below.&nbsp; These policies have been applied consistently in all years presented.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.1&nbsp; Cash and cash equivalents</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Cash and cash equivalents include cash in hand, bank deposits, overdraft accounts and other short-term highly liquid investments with original maturities less than three months as of the investment date, with an insignificant risk of changing value.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2&nbsp; Financial assets and liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial Asset - Classification</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company classifies its financial assets according to the following categories: measured at fair value through profit or loss, borrowings and receivables, held-to-maturity and available for sale.&nbsp; The classification depends on the purpose for which the financial assets were acquired.&nbsp; Management determines the classification of the financial assets at inception.&nbsp;&nbsp; As of December 31, 2017 and 2016, the Company did not have financial assets classified under the fair value through profit or loss, held-to-maturity and available- for-sale financial instruments&nbsp; category. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowings and receivables</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These comprise receivables, which are non-derivative financial assets with fixed or determinable payments, not quoted in an active market.&nbsp; Borrowings and receivables are presented in current assets, except for those with maturity of more than 12 months after the reporting date (these are classified as noncurrent assets).&nbsp; The Company's borrowings and receivables include cash and cash equivalents, restrict cash, balances of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency &#8211; ANA.&nbsp; Borrowings and receivables are recorded at fair value and subsequently at amortized cost, under the effective interest rate method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial Liabilities - Classification</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company classifies its financial liabilities into the following categories: measured at fair value through profit or loss and other liabilities.&nbsp; Classification depends on the purpose to which the financial liabilities were assumed.&nbsp; As of December 31, 2017 and 2016, the Company did not have liabilities classified into the &#8220;fair value through profit or loss&#8221; category.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Other liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>This category comprises balances payable to contractors and suppliers, borrowings and financing, services payable, balances payable from public-private partnership (PPP), and program contract commitments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The effective interest rate method is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period.&nbsp; The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue costs) throughout the financial liability&#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition of the net carrying amount.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.3&nbsp; Operating income</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenue from sanitation services</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Revenue from sanitation services are recognized as the water is consumed and services are provided.&nbsp; Revenues, including the revenues unbilled, are recognized at the fair value of the consideration received or receivable for the sale of those services. Revenue is shown net of value-added tax and fees, rebates and discounts.&nbsp; Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed until the end of the each period and are recorded as trade receivables based on monthly estimates of the completed services.&nbsp; Concerning revenues of wholesale municipal governments, which do not pay the full invoice, the Company establishes an allowance for doubtful accounts upon invoicing in revenue reduction account.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company recognizes revenue when: i) products are delivered or services are rendered; ii) the amount of revenue can be reliably measured, iii) it is probable that future economic benefits will flow to the Company and iv) it is probable that the amounts will be collected.&nbsp; The amount of revenue is not considered to be reliably measurable until all conditions relating to the sale have been satisfied.&nbsp; Amounts in dispute are recognized as revenue when collected.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Construction revenue</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Revenue from concession construction contracts is recognized in accordance with IFRIC 12 (Service Concession Arrangements) and IAS 11 (Construction Contracts), using the percentage-of-completion method, provided that the applicable conditions for application are fulfilled.&nbsp; The percentage of completion is calculated from the ratio of the actual costs incurred on the balance sheet date to the planned total costs (cost-to-cost method).&nbsp; Revenue from cost plus contracts is recognized by reference to the construction costs incurred during the period plus a fee earned. The fee represents the additional margin related to the work performed by the Company in relation to such construction contracts and it is added construction costs, resulting in the construction revenue.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.4&nbsp; Trade receivables and allowance for doubtful accounts</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Trade receivables are amounts due from customers for services performed in the ordinary course of business.&nbsp; These are classified as current assets, except when maturity exceeds 12 months after the end of the reporting period.&nbsp; In these cases, they are presented as noncurrent assets. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company establishes an allowance for doubtful accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses. The analysis is carried out based on objective accounts receivable data, past receipts and existing guarantees and it does not expect to incur additional significant losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.5&nbsp; Inventories</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Inventories of supplies for consumption and maintenance of the water and sewage systems are stated at the lower of average cost of acquisition or net realizable value, and are classified in current assets. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.6&nbsp; Investment properties</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The investment properties are recorded at the acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method at rates that consider the estimated useful life of assets.&nbsp; Expenditures related to repairs and maintenance are recorded in the income statement when incurred.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company also maintains few assets for undetermined use in the future, i.e., it is not defined if the Company will use these assets in the operation or sell them in the short term during the ordinary course of business.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.7&nbsp; Property, plant and equipment</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Property, plant and equipment comprise mainly administrative facilities not composing the assets, subject-matter of the concession agreements.&nbsp; Those assets are stated at historical acquisition or construction cost less depreciation, net of impairment charge, when necessary.&nbsp; Interest, other finance charges and inflationary effects deriving from financing effectively applied to construction in progress are recorded as cost of respective property, plant and equipment, in this case, for the qualifying assets. Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale. The Company considers that substantial period means a period greater than 12 months.&nbsp; This period was established by considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to one fiscal year of SABESP. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Subsequent costs included in the existing asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated with the item will flow to the Company and the cost of the item can be measured reliably.&nbsp; Repairs and maintenance are charged to the income statement during the financial period in which they were incurred.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Depreciation is calculated using the straight-line method to allocate their cost and is described in Note 15(c). Lands are not depreciated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Residual values and the useful life of assets are revised and adjusted, where applicable, at the end of each year. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Gain and losses on disposals are determined by the difference between the proceeds with the carrying amount and are recognized within other operating income (expenses) in the income statement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.8&nbsp; Intangible assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangibles are stated at acquisition cost and/or construction of the underlying assets, including construction margin, interest and other finance charges capitalized during the construction period, in this case, for the qualifying assets. Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale. The Company considers that substantial period means a period greater than 12 months.&nbsp; This period was established by considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to one fiscal year of SABESP.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The intangible has its amortization initiated when the intangible assets are available for use in location and the necessary condition when this asset becomes operational.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia><BR>&nbsp;The amortization of intangible assets reflects the period over the expected future economic benefits generated by the intangible asset are consumed by the Company and can be the period of the contract or the useful life of the asset.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amortization of the intangible assets is discontinued when the asset is totally consumed or it is disposed of, whatever occurs first.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Donations in assets, received from third parties and governmental entities, to allow the Company to render water and sewage services are not recorded in the Company&#8217;s financial statements, since these assets are controlled by the concession grantor.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial resources received as donations for the construction of infrastructure are recorded under &#8220;Other operating income&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Concession arrangements/program</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company operates concession agreements including the rendering of basic sanitation, environmental, water supply and sewage services signed with the concession grantor.&nbsp; The infrastructure used by SABESP subject to service concession arrangements is considered to be controlled by the concession grantor when:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them, and at what price;&nbsp; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The grantor controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP's rights over infrastructure operated under concession arrangements is accounted for as an intangible asset as SABESP has the right to charge for use of the infrastructure assets, and users (consumers) have the primary responsibility to pay SABESP for the services.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The fair value of construction and other work on the infrastructure is recognized as revenue, as its fair value, when the infrastructure is built, provided that this work is expected to generate future economic benefits.&nbsp; The accounting policy to recognize construction revenue is described in Note 3.3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia><BR>Intangible assets related to Concession agreements and Program contracts, when there is no right to receive the residual value of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract, or the useful life of the underlying asset, whichever occurs first. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Investments made and not recovered through rendering of services, when there is right to receive the residual value of the assets at the end of the contract , must be indemnified by the concession grantor, (1) with cash or cash equivalents or also, in general (2) with the contract extension.&nbsp; These investments are amortized by the useful life of asset.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The details referring to amortization of intangible arising from concession arrangements/programa are described in Note 14 (d).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Law 11,445/07 indicates, whenever possible, that basic sanitation public utilities will have the economic and financial sustainability ensured through the remuneration due to service collection, preferably as tariffs and other public prices, which may be established for each service or both jointly. &nbsp;Therefore, investments made and not recovered through services rendered, within original term of the contract, are recorded as intangible assets and amortized by the useful life of the asset, taking into consideration a solid track record of concession renewal and, therefore, the continuity of services.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Software licenses</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Software licensing is capitalized based on the acquisition costs and other implementation costs.&nbsp; Amortizations are recorded according to the useful lives and the expenses associated with maintaining these are recognized as expenses when incurred.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.9&nbsp; Impairment of non-financial assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Property, plant and equipment, intangibles and other noncurrent assets with definite useful lives, are yearly reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.&nbsp; The Company does not record assets with indefinite useful life and assessed that there are no indications of impairment losses, mainly supported by Law 11,445/07, which ensures that basic sanitation public utilities will have assured its economic and financial sustainability through tariffs or via indemnity.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.10&nbsp; Trade accounts payable and contractors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia>Accounts payable to contractors and suppliers are obligations to pay for goods or services purchased from suppliers in the ordinary course of business and are classified as current liabilities if the payment is due in the period up to one year. Otherwise, the accounts payable are presented as noncurrent liabilities and are initially measured at fair value, which generally correspond to the bill and subsequently at amortized cost.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.11&nbsp; Borrowings and financing</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowings are initially recognized at fair value, upon receipt of funds, net of transaction costs.&nbsp; Subsequently, borrowings are stated at amortized cost, as presented in Note 16.&nbsp; Borrowings and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Nonconvertible bonds issued by the Company are recognized in a similar manner to borrowings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.12&nbsp; Borrowing costs</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowing costs attributable to acquisition, construction or production of an asset, which, necessarily, requires a substantial time period to be ready for use or sale are capitalized as part of the cost of these assets.&nbsp; Other borrowing costs are recognized as expenses in the period they are incurred.&nbsp; Borrowing costs are interest rates and other charges incurred by the Company related to loans, including exchange variation, as described below.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The capitalization occurs during the period in which the asset has been built, considering the weighted average rate of loans effective on the capitalization date.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For foreign currency-denominated loans or financing, the Company analyzes them as if they were contracted in local currency, restricting the capitalization of interest and/or exchange variation by the amount that would be capitalized if these were contracted in the domestic market in similar lines of credit and loans.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.13&nbsp; Payroll, related charges and contributions</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Salaries, vacations and the 13<SUP>th</SUP> salary and additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on the accrual basis.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.14&nbsp; Profit sharing</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The profit sharing plan for its employees is based on operational and financial targets of the Company as a whole.&nbsp; The Company recognizes a provision when it is contractually required or when there is a practice in the past that created a constructive obligation. The accrual for profit sharing is recorded on the accrual basis period as operating cost, selling and administrative expenses. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.15&nbsp; Provisions, legal liabilities, escrow deposits and contingent assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Provisions related to claims are recognized when: i) the Company has a present (legal or constructive) obligation as a result of past event; ii) it is probable that an outflow of resources that comprise economic benefits will be required to settle the obligation; and iii) the amount can be reliably estimated.&nbsp; Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Provisions are measured at the present value of the disbursements expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.&nbsp; The increase in the provision due to passage of time is recognized as interest expense.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For financial statement presentation purposes, the provision is stated net of the related escrow deposits based on the legal right to offset.&nbsp; The bases and the nature of the provisions for civil, tax, labor and environmental risks are described in Note 19.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Escrow deposits not linked to related liabilities are recorded in noncurrent assets. Escrow deposits are adjusted for inflation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Contingent assets are not recognized in the statements of financial position.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.16&nbsp; Environmental costs</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Costs related to ongoing environmental programs are expensed in the income statement, when there is any indication of an event.&nbsp; Ongoing programs are designed to minimize the environmental impact of the operations and to manage the environmental risks inherent to the Company's activities. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.17&nbsp; Income taxes &#8211; current and deferred</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Income taxes expenses comprise current and deferred income tax and social contributions.</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The provision for income tax and social contribution is based on the taxable income for the year.&nbsp; The income tax was accrued at rate 15%, plus 10% surtax on taxable income exceeding R$ 240.&nbsp; The social contribution was accrued at rate 9% over adjusted net income.&nbsp; Taxable income differs from net income (profit presented in the income statement), because it excludes income and expenses taxable or deductible in other years, and excludes items not permanently taxable or not deductible.&nbsp; Income tax and social contribution are accrued based on legislation in place in the end of the year.&nbsp; Management periodically evaluates and measures the positions taken in the income tax return with respect to situations in which applicable tax regulations are subject to interpretation.&nbsp; It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements, according to IAS 12. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit nor loss, except for business combinations.&nbsp; Deferred income tax is determined using tax rates (and laws) effective at the end of the reporting period and expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred income tax and social contribution assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences can be utilized and tax losses can be carryforward.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred taxes assets and liabilities are offset when there is a legally enforceable right of offsetting current tax assets against current tax liabilities and when deferred income tax assets and liabilities are related to income taxes levied by same tax authority over the tax entity. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.18&nbsp; Taxes on revenues</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenues from water and sewage services are recognized on accrual basis for PASEP and Cofins, calculated at the rates of 1.65% and 7.60%, respectively.&nbsp; Taxes levied on billed amounts to public entities are due when bills are received.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In addition, revenues from sanitation services are also subject to the Regulatory, Control and Inspection Fee (TRCF - </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Taxa de Regula&#231;&#227;o, Controle e Fiscaliza&#231;&#227;o)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>whose taxable event is the performance of regulation, control and monitoring activities by ARSESP, calculated at 0.50% of the annual revenue directly generated by the service provided less taxes levied on the service.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The taxes related to PASEP and Cofins incident on amounts invoiced to public entities are due when invoices are received.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As these taxes are calculated by the non-cumulativeness regime and presented net of tax credits, as deductions from gross revenues.&nbsp; Debts measured on &#8220;other operating income&#8221; are presented as deductions from the respective operating income or expense.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.19&nbsp; Pension obligations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company makes contributions to defined benefit plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;), a supplementary private pension closely-held entity.&nbsp; The regular contributions comprise the net administrative expenses and are recognized in the income statement for the period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Liabilities from defined benefit pension plan obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair value of the plan&#8217;s assets.&nbsp; The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent actuaries, using the projected unit credit method.&nbsp; The estimated future cash outflows is discounted to its present value, using the interest rates of Government bonds with maturities that approximate the maturity of the related liability.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Referring to actuarial gains and losses deriving from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive income (OCI), so that the plan's net assets or liabilities are recognized in the statement of financial position in order to reflect the full amount of plan&#8217;s deficit or surplus. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The expenses related to pension plan are recognized in profit and loss of the year as operating cost, selling expenses or administrative expenses, according to employee&#8217;s allocation. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In an event where a curtailment relates to only some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate share of the past service cost and actuarial gains and losses.&nbsp; The proportionate share is determined on the basis of the present value of the obligations before and after the curtailment or settlement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b) &nbsp;&nbsp;&nbsp;&nbsp; Defined contribution</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company makes contributions to defined contribution plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held entity that provides post-employment benefits to its employees. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>A defined contribution plan is a pension plan according to which the Company makes fixed contributions to a separate entity.&nbsp; The Company has no obligation of making contributions if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous period.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.20&nbsp; Financial revenues and expenses</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial revenue is primarily comprised of interest, inflation adjustments and exchange rate changes resulting from financial investments, escrow deposits and negotiations with customer to pay by installments, using the effective interest rate method.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial expenses are primarily comprised of interest, inflation adjustments and exchange rate changes on borrowings and financing, provisions, public-private partnership and program contract commitmentsz&#8217;. These financial income and expenses are calculated using the effective interest rate method. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Inflation adjustments and exchange gains and losses derive from the collection or payment to third parties, as contractually required by law or court decision, and recognized on an accrual basis pro rata temporis. Inflation adjustments included in the agreements are not considered embedded derivatives, since they are deemed as inflation adjustment rates for the Company&#8217;s economic scenario.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.21&nbsp; Leases</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Lease agreements are classified as finance lease when property, risks and rewards inherent to the ownership of asset to the lessee are transferred.&nbsp; Other leases are classified as operational lease, recognized as expenses in the income statement on a straight-line basis during the lease term. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Finance lease agreements are measured based on the lower amount between the present value of minimum mandatory payments of the agreement or the fair value of asset on the start date the lease agreement. The amounts payable deriving from considerations of finance lease agreements are impacted by financial expenses and </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>amortization of finance lease payables so that to obtain a constant interest rate.&nbsp; The corresponding lessor&#8217;s liability is recorded as current and noncurrent debt.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.22&nbsp; Other current and noncurrent assets and liabilities</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Other assets are stated at cost of acquisition, net of any impairment loss, where applicable. The amounts recognized as other liabilities are stated at known or estimated amounts, including, where applicable, related charges and inflation adjustments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.23&nbsp; Dividends and interest on capital</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company uses the tax benefits of distributing dividends as interest on capital, as permitted by Brazilian Law.&nbsp; This distribution of dividend is accounted for in accordance with Brazilian Law 9,249/95 for tax deductibility purposes, limited to the daily pro rata fluctuation of the Long-term Interest Rate (TJLP).&nbsp; The benefit attributed to the shareholders is recognized in the current liability against Equity, based on its by-laws. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Dividends and interest on capital over the minimum established in the by-laws are recognized when approved by the shareholders in the shareholders&#8217; meeting, except for taxes incurring in the distribution of interest on capital. The tax benefit of the interest on capital are accrued in the income statement of the year, under the same recognition basis of expenses with interest on capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.24&nbsp; Present value adjustment</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Current and noncurrent financial assets and liabilities are adjusted to present value based on discount rate at current market rate as of the transaction date, when the effects are relevant.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3.25&nbsp; Segment information </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Operating segments are determined in a manner consistent with the internal reporting to the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;), which, in the case of SABESP, is the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Consequently, the Company determined that it has one operating segment (sanitation services).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The accounting policies used to determine segment information are the same as those used to prepare the Company&#8217;s financial statements.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The measure of the segment&#8217;s profit or loss is operating income before other operating expenses, net and equity accounting, which excludes construction revenue and related costs.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The CODM analyzes asset and liabilitity information on a consolidated basis. Consequently, the Company does not </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>disclose segment information on assets and liabilities.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Substantially all of the Company&#8217;s noncurrent assets and revenue generated from customers are located in S&#227;o Paulo State. Consequently, financial information is not disclosed by geographic area.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.26&nbsp; Translation into foreign currency</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Functional and reporting currency</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Items included in the financial statements are measured using the currency of the primary economic environment in which the company operates ("the functional currency"). The financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial information has been stated in reais and rounded to the next thousand, except where otherwise indicated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Foreign currency-denominated transactions are translated into Brazilian reais using the exchange rates prevailing at the transaction dates.&nbsp; Statement of financial position accounts are translated by the exchange rate prevailing at reporting date.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Exchange gains and losses resulting from the settlement of these transactions and the translation of foreign currency-denominated cash assets and liabilities are recognized in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described in Note 3.12.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in accounting practices and disclosures</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>4.1&nbsp; New standards, amendments and interpretations effective for periods beginning on or after January 1, 2017</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>New standards and revisions</FONT></B></P>

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   <P style="MARGIN: 3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Amendments to IAS 12 &#8211; Recognition of Deferred Income Tax for Unrealized Losses </FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Describes about the treatment of temporary differences.</FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The application of this amendment did not impact the disclosures or amounts recognized in the annual financial statements.</FONT></P>

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   <P style="MARGIN: 3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Amendments to IAS 7 &#8211; Disclosure Initiatives </FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Describes about disclosures that enable users to measure the changes in liabilities related to financing activities.</FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The application of these amendments did not impact the disclosures or amounts recognized in the annual financial statements.</FONT></P>

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   <P style="MARGIN: 3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Annual improvements to IFRSs: 2015-2017 cycle</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Amendments to IFRS 12 &#8211; Disclosure of interests in other entities &#8211; clarification on the standard&#8217;s scope.</FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The application of this amendment did not impact the disclosures or amounts recognized in the annual financial statements.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>4.2 New standards, amendments and interpretations to existing standards that are not yet effective&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company did not early adopt these standards and is assessing the impacts of the new and revised IFRS below on the disclosures or amounts recognized in the financial statements: </FONT></P>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>IFRS 9 - Financial Instruments<SUP>1</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.</FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company assessed the main aspects of this and has concluded that will not have an impact on the classification and measurement of losses on its financial assets and financial liabilities or hedge accounting, given that it does not have any operation of this nature. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>IFRS 15 - Revenue from Contracts with Customers<SUP>1</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Establishes a single comprehensive framework to determine if and when a revenue is recognized and how revenue is measured. </FONT></P>

   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Interpretation A &#8211; Customer Loyalty Programmes. </FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company assessed the impacts on its customer contracts, including those with consumers with special billing characteristics, and concluded that the adoption of this standard will not have material impacts.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>IFRS 16 &#8211; Leases<SUP>2</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Establishes a single model for the accounting of leases in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right to use the leased asset and a lease liability that represents his obligation to make lease payments. The lessor's accounting remains similar to the current standard, that is, the lessors continue to classify the leases as financial or operating.</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=Arial,sans-serif> </FONT></P>

   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>IFRS 16 will supersede the current leases guidance including IAS 17 Leases and IFRIC 4, SIC 15 and SIC 27 Determining Whether an Arrangement Contains a Lease. </FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company is assessing the effects of recording operating leases in its financial statements and expects impacts which are currently under evaluation.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Amendments to IFRS 2 &#8211; Classification and measurement of share-based payment transactions<SUP>2</SUP></FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Describe about modifications of settled options of shares.</FONT></P></TD>

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   <P style="MARGIN: 0in 2.85pt 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>1 Effective for annual periods beginning on or after January 1, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>2 Effective for annual periods beginning on or after January 1, 2019.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>There are no other standards and interpretations not yet adopted that may, in the opinion of Management, have a significant impact on the result for the year of equity disclosed by the Company in its financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Management</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>5.1&nbsp; Financial Risk Management</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial risk factors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company's activities are affected by Brazilian economic scenario, making it exposed to market risk (exchange rate and interest rate), credit risk and liquidity risk. The Company&#8217;s financial risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company&#8217;s financial performance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company has not utilized derivative instruments in any of the reported periods.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Foreign currency risk</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>SABESP&#8217;s foreign exchange exposure implies market risks associated with currency fluctuations, since the Company has foreign currency-denominated liabilities, mainly US dollar and yen-denominated short and long-term borrowings. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The management of SABESP&#8217;s foreign currency exposure considers several current and projected economic factors, besides market conditions.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>This risk arises from the possibility that the Company may incur in losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated borrowings and financing raised in the market and related financial expenses. The Company does not maintain hedge or swap contracts or any derivative financial instrument to hedge against this risk. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>A significant amount of the Company&#8217;s financial debt is indexed to the U.S. dollar and Yen, in the total amount of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;5,702,375 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>as of December 31, 2017 (R$5,692,984 as of December 31, 2016). Below, the Company&#8217;s exposure to exchange risk:</FONT></P>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>R$</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowings and financing &#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,200,786</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,972,200</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,241,963</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>4,047,682</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowings and financing &#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,575,271</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,692,713</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>57,643,930</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,609,419</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest and charges from borrowings and financing &#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>26,628</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>25,114</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest and charges from borrowings and financing &#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>10,834</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>10,769</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total exposure</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,702,375</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>5,692,984</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing cost </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>&#8211; US$</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(26,454)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(29,650)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing cost </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>&#8211; Yen</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,100)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(2,971)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total foreign currency-denominated borrowings (Note 16)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,672,821</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>5,660,363</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The 0.2% increase in foreign currency-denominated debt from December 31, 2016 to December 31, 2017 was mainly due to the following:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 40.55pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>A 1.5% increase in the US dollar, from R$3.2591 as of December 31, 2016 to R$3.3080 as of December 31, 2017. The US dollar-denominated debt accounts for 70.0% of foreign currency-denominated debts; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 40.55pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>A 5.3% increase in the Yen-denominated, from R$0.02792 as of December 31, 2016 to R$0.02940 as of December 31, 2017. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, if the Brazilian real had depreciated or appreciated by 10%, in addition to the impacts mentioned above, against the US dollar and Yen with all other variables held constant, effects on results before taxes on the year would have been R$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>570,238</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia> (R$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>569,298</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia> as of December 31, 2016), lower or higher, mainly as a result of exchange losses or gains on the translation of foreign currency-denominated loans.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>31</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Interest rate risk</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>This risk arises from the possibility that the Company could incur losses due to fluctuations in interest rates, increasing the financial expenses related to borrowings and financing.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company has not entered into any derivative contract to hedge against this risk; however continually monitors market interest rates, in order to evaluate the possible need to replace its debt. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The table below provides the Company's borrowings and financing subject to variable interest rate:</FONT></P>

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

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<TR style="HEIGHT: 15.6pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>TR<SUP>(i)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,574,564</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,535,030</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>CDI<SUP>(ii)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,144,391</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,082,228</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>TJLP<SUP>(iii)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,354,987</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,326,631</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>IPCA<SUP>(iv)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,699,747</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,697,452</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>LIBOR<SUP>(v)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,814,399</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2,906,999</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>125,172</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>142,644</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="35%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>8,713,260</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>8,690,984</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(i) TR &#8211; Interest Benchmark Rate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(ii) CDI &#8211; (Certificado de Dep&#243;sito Interbanc&#225;rio), an interbank deposit certificate</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(iii) TJLP &#8211; (Taxa de Juros a Longo Prazo), a long-term interest rate index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(iv) IPCA &#8211; (&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo), a consumer price index</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(v) LIBOR &#8211; London Interbank Offered Rate</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Another risk to which the Company is exposed, is the mismatch of the monetary restatement indices of its debts with those of its service revenues. The tariff adjustments of the Company&#8217;s services provided do not necessarily follow the increases in the inflation indexes to adjust loans, financing and interest rates affecting indebtedness</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, if interest rates on borrowings and financing had been 1 percentage point higher or lower with all other variables held constant, the effects on profit for the year before taxes would have been R$ 87,133 <BR>(R$ 86,910 as of December 31, 2016) lower or higher, mainly as a result of a lower or higher interest expense on floating rate borrowings and financing</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit risk</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Credit risk arises from cash and cash equivalents, deposits in banks and financial institutions, as well as credit </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>exposures to wholesale basis and retail customers, including outstanding accounts receivable, restricted cash and accounts receivable from related parties. Credit risk exposure to customers is mitigated by sales to a dispersed base.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>32</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The maximum exposures to credit risk as of December 31, 2017 are the carrying amounts of instruments classified as cash equivalents, deposits in banks and financial institutions, restricted cash, trade receivables and accounts receivable from related parties in the balance sheet date.&nbsp; See additional information in Notes 7, 8, 9 and 10. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Regarding the financial assets held with financial institutions, the credit quality that is not past due or subject to impairment can be assessed by reference to external credit ratings (if available) or to historical information about the banks&#8217; default rates. The credit quality of the banks, such as deposits and financial investments, the Company considers the lower rating of the counterparty published by three main international rating agencies (Fitch, Moody's and S&amp;P), according to internal policy of market risk management:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Cash at bank and short-term bank deposits</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>AA+(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,222,001</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,850,220</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>AAA(bra)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>43,978</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>35,452</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other (*)</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>17,068</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>549</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,283,047</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,886,221</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(*) This category includes current accounts and investment funds in banks whose balances were not significant.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The available credit rating information of the banks, as at December 31, 2017, in which the Company made deposit transactions and financial investments in domestic currency (R$ - domestic rating) during the year is as follows:</FONT></P>

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

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<TR style="HEIGHT: 15.6pt">

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Banks</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fitch</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Moody's</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Standard Poor's</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>Banco do Brasil S/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>AA+(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>Banco Santander Brasil S/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>Aaa.br</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Caixa Econ&#244;mica Federal</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>AA+(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>AAA(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>brAA-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Ita&#250; Unibanco Holding S/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>AAA(bra)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>Aa1.br</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>brAA-</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(c)&nbsp; Liquidity risk </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company's liquidity is primarily reliant upon cash provided by operating activities, loans from Brazilian Federal and State governmental financial institutions, and financing in the domestic and international capital markets.&nbsp; The liquidity risk management considers the assessment of its liquidity requirements to ensure it has </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>sufficient cash to meet its operating and capital expenditures needs, as well as the payment of debts.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>33</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The funds held by the Company are invested in interest-bearing current accounts, time deposits and securities, selecting instruments with appropriate maturity or liquidity sufficient to provide margin as determined by projections mentioned above.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The table below shows the financial liabilities of the Company, by relevant maturities, including the installment of principal and future interest to be paid according to the agreement.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>2019</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>2020</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>2021</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>2022</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>2023 onwards</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017</FONT></B></P></TD>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,221,645</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,321,046</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,648,021</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,134,162</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>1,077,914</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,534,627</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>14,937,415</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Accounts payables to suppliers and contractors</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>344,947</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>344,947</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Services payable</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>408,275</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>408,275</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Public-Private Partnership &#8211; PPP (*)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>185,816</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>368,156</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>368,156</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>368,156</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>368,156</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,148,952</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,807,392</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contract commitments</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>128,820</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,505</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,639</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,779</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal; LINE-HEIGHT: 110%" face=georgia>1,029</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,981</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>269,753</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(*) The Company also considered future commitments (construction not yet performed) still not recognized in the financial statements related to S&#227;o Louren&#231;o PPP, due to the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment through an agreement signed by the parties.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Future interest</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Future interest were calculated based on the contractual clauses for all agreements. For agreements with floating interest rate, the interest rates used correspond to the base dates above.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Cross default</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company has borrowings and financing agreements including cross default clauses, i.e., the early maturity of any debt, may imply the early maturity of these agreements. The indicators are continuously monitored in order to avoid the execution of these clauses.</FONT></P>

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>34</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>5.2 Capital management </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company&#8217;s objectives when managing capital are ensure its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company monitors capital based on the leverage ratio. This ratio corresponds to net debt divided by total capital. Net debt corresponds to total borrowings and financing less cash and cash equivalents. Total capital is calculated as total equity as shown in the statement of the financial position plus net debt.</FONT></P>

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

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total borrowings and financing (Note 16)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>12,100,966</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,964,143</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(-) Cash and cash equivalents (Note 7)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(2,283,047)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,886,221)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Net debt</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>9,817,919</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,077,922</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>17,513,009</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15,419,211</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total capital</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>27,330,928</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>25,497,133</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Leverage ratio</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>36%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>40%</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, the leverage ratio decreased to 36% from the 40% as of December 31, 2016, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>mainly due to the increase in equity generated by the 2017 earnings retention</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>5.3 Fair value estimates</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>It is assumed that balances from trade receivables (current) and accounts payable to suppliers by carrying amount, less impairment approximate their fair values, considering the short maturity.&nbsp; Long-term trade receivables also approximate their fair values, as they will be adjusted by inflation and/or will bear contractual interest rates over time.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>35</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>5.4 Financial instruments</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017 and December 31, 2016, the Company did not have financial assets classified as fair value through profit or loss, held to maturity and available for sale neither financial liabilities classified as fair value through profit or loss. The Company&#8217;s financial instruments included in the borrowings and receivables category comprise cash and cash equivalents, restricted cash, trade receivables, balances with related parties, other receivables, and balances receivable from the Water National Agency &#8211; ANA. The financial instruments under the &#8220;other liabilities&#8221; category comprise accounts payable to contractors and suppliers, borrowings and financing, services payable, balances payable deriving from the Public Private Partnership-PPP and program contract commitments, which are nonderivative financial assets and liabilities with fixed or determinable payments, not quoted in an active market.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The estimated fair values of financial instruments are as follows:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Financial assets</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="37%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,888,505</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,888,505</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Water National Agency &#8211; ANA </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>70,487</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,221</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,221</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Other receivables </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>169,715</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>169,715</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>167,369</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>167,369</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(*)Amount recorded under &#8220;other receivables&#8221; in current assets.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Additionally, SABESP has financial instrument assets receivables from related parties, in the amount of R$815,160 as of December 31, 2017 (R$871,709 as of December 31, 2016), which were calculated in accordance with the conditions negotiated between related parties.&nbsp; The conditions and additional information referring to these financial instruments are disclosed in Note 10 to the financial statements. Part of this balance, in the amount of R$709,208 (R$788,180 as of December 31, 2016), refers to reimbursement of additional retirement and pension plan - G0 and is indexed by IPCA plus simple interest of 0.5% p.m. This interest rate approximates that one practiced by federal government bonds (NTN-b) with terms similar to those of related-party transactions.</FONT></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>36</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Financial liabilities</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>12,100,966</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>11,967,909</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,964,143</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,776,178</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Accounts payables to suppliers and contractors</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>344,947</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>344,947</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>311,960</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>311,960</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Services payable</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>408,275</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>408,275</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>460,054</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>460,054</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Program contract commitments</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>239,500</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>239,500</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>178,093</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>178,093</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,071,416</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,071,416</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,249,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,249,418</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>To obtain fair value of borrowings and financing, the following criteria have been adopted:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Agreements with Banco do Brasil and CEF (Brazilian Federal Savings Bank) were projected until their final maturities, at contractual rates (projected TR + spread) and discounted at present value by TR x DI, both rates were obtained&nbsp; from B3 (previous denominated </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>BM&amp;FBovespa)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and discounted to present value considering the future interest rate published by ANBIMA in the secondary market, or by market equivalent rates, or the Company&#8217;s share traded in the Brazilian market. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>BNDES loans are financial instruments valued at carrying amount plus contractual interest rate until the maturity date, and are indexed by long term interest rate &#8211; TJLP</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face="times new roman">. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>These financing have specific characteristics and the conditions defined in the financing agreements with BNDES between independent parties, and reflect the conditions for those types of loan. In Brazil, a consolidated market of long-term debts does not exist with the same characteristics of BNDES financing, the offering of credit to the entities in general, with this long-term characteristic, usually is restricted to BNDES.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Other financing in local currency are considered by carrying amount plus contractual interest rate until maturity date, discounted to present value considering a future interest rate published by B3. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Agreements with BID and IBRD, were projected until final maturity in&nbsp; origin&nbsp; currency,&nbsp; applying interest rates contracted, discounted at present value at Libor futures rate, obtained from Bloomberg.&nbsp; Eurobonds was priced at market value through quotes published by Bloomberg. All the amounts obtained were translated into Brazilian reais at the exchange rate of December 31, 2017. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>(vi)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Agreements with JICA, were projected until final maturity in origin currency, using interest rates contracted and discounted at present value, at Tibor futures rate obtained from Bloomberg. The amounts obtained were translated into Brazilian reais at the exchange rate of December 31,&nbsp; 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>(vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Leases are financial instruments considered by face value restated until maturity date, whose characteristic is the indexation by fixed contractual rate, which is a specific type, not compared to any other market rate.&nbsp; Thus, the Company discloses as market capitalization, the amount recorded as of December 31, 2017.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Financial instruments referring to investments and borrowings and financing are classified as Level 2 in the fair value hierarchy.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>Considering the nature of other financial instruments, assets and liabilities of the Company, the balances recognized in the statement of financial position approximate the fair values, taking into account the maturities close to the end of the reporting period, comparison of contractual interest rates with market rates in similar operations at the end of the reporting periods, their nature and maturity terms.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key accounting estimates and judgments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Estimates and judgments are continually evaluated and are based on historical experience and on other factors, including expectations of future events that are believed to be reasonable under the circumstances.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company makes estimates and assumptions concerning the future.&nbsp; The resulting accounting estimates, by definition, may differ from actual results.&nbsp; The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Allowance for doubtful accounts</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company establishes an allowance for doubtful accounts in an amount that Management considers sufficient to cover expected losses (see Note 9 (c) ), based on an analysis of trade receivables, in accordance with the accounting policy stated in Note 3.4.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The methodology for determining the allowance for doubtful accounts receivable requires significant estimates, considering a number of factors including historical receipt experience, current economic trends, estimates of forecast write-offs, the aging of the accounts receivable portfolio. While the Company believes that the assumptions used are reasonable, actual results could be different.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible assets arising from concession and program contracts</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The Company recognizes as intangible assets arising from concession agreements.&nbsp; The Company estimates the fair value of construction and other work on the infrastructure to recognize the cost of the intangible asset, which is recognized when the infrastructure is built and provided that it will generate future economic benefits.&nbsp; The great majority of the Company's contracts for service concession arrangements entered with each grantor is under service concession agreements in which the Company has the right to receive, at the end of the contract, a payment equivalent to the unamortized asset balance of the concession intangible asset, which in this case, are amortized over the useful life of the underlying physical assets, thus at the end of the contract, the remaining value of the intangible would be equal to the residual value of the related fixed asset.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Concession intangible assets under Concession agreements and Program contracts, in which, at the end of the contract, the Company has no right to receive a payment equivalent to the unamortized asset balance of the concession intangible, are amortized on a straight-line basis over the useful life of asset or contract period, which occurs first.&nbsp; Additional information on the accounting for intangible assets arising from concession agreements are described in Notes 3.8 and 14.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The recognition of fair value for the intangible assets arising on concession agreements is subject to assumptions and estimates, and the use of different assumptions could affect the balances recorded. Different assumptions and estimates and changes in the useful lives of the intangible assets may have relevant impacts on the results of operations</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Pension benefits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company sponsors the defined benefit plan and the defined contribution plan, as described in Note 20.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The liability recognized in the balance sheet in relation to defined benefit pension plans is the present value of defined benefit obligation on the balance sheet date, less the fair value of plan assets. The benefit obligation is calculated yearly by independent actuaries, applying the projected credit unit method.&nbsp; The present value of defined benefit obligation is determined by discounting the estimated future cash outflows, using interest rates compatible with the market, which are denominated in currency in which benefits will be paid and with maturity terms close to those of corresponding pension plan obligation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>. Additional information related to pension benefits are described in Note 20.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company recognizes and settles taxes on income based on the results of operations verified according to the Brazilian Corporation Law, taking into consideration the provisions of the tax laws. Pursuant to IAS 12, the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Company recognizes deferred tax assets and liabilities based on the differences between the accounting balances and the tax bases of assets and liabilities. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>39</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company regularly reviews the recoverability of deferred tax assets and recognizes a provision for impairment if it is probable that these assets will not be realized, based on the historic taxable income, in the projection of future taxable income and the estimated period of reversing temporary differences. These calculations require the use of estimates and assumptions. The use of different estimates and assumptions could result in provision for impairment of all or a significant amount of deferred tax assets</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>. Additional information related to taxes are described in Note 18.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; TEXT-INDENT: -35.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Provisions </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company is party to a number of legal proceedings involving significant claims. These legal proceedings include, but are not limited to, tax, labor, civil, environmental, disputes with customers and suppliers. The Company recorgnizes a provision for lawsuits when it has a present obligation (legal or constructive) arising from a past event, it is probable that an outflow of resources embodying economic benefits will be necessary to settle the liability and the amount of such obligation can be reliable estimated.&nbsp; Judgments regarding future events may differ significantly from actual estimates and could exceed the amounts provisioned.&nbsp; Provisions are revised and adjusted to take into consideration changes in circumstances involved. Additional information of these legal proceedings are disclosed in Note 19</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash and banks</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="31%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>171,951</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>137,395</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,111,096</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,748,826</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="37%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="31%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,283,047</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Cash and cash equivalents include cash, bank deposits and high-liquidity short-term financial investments, mainly represented by repurchase agreements (accruing CDI interest rates), deposited at Banco do Brasil, whose original maturities are lower than three months, which are convertible into a cash amount and subject to an insignificant risk of change in value.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The average yield of financial investments corresponds to 98.88% of CDI in December 2017 (99.24% in December 2016).</FONT></P>

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

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>40</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Restricted cash</FONT></B></P>

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

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

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<TR style="HEIGHT: 17pt">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Agreement with the S&#227;o Paulo municipal government (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>12,055</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15,858</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Brazilian Federal Savings Bank &#8211; escrow deposits (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,209</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,989</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>5,558</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,231</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>18,822</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 34.05pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(i)&nbsp;&nbsp;&nbsp; Refers to the amount deducted from the 7.5% of Municipal revenue transferred to the Municipal Fund, corresponding to eventual amounts unpaid by direct management bodies, foundations and government agencies, as established in the agreement entered into with the municipal government of S&#227;o Paulo; and</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 34.05pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(ii)&nbsp;&nbsp; Refers to savings account for receiving escrow deposits regarding lawsuits with final and unappealable decisions in favor of the Company, which are blocked as per contractual clause.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Trade receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia> </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial position balances</FONT></B></P>

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

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   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Private sector:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General and special customers (i) (ii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,248,979</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,205,498</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Agreements (iii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>320,032</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>315,351</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,569,011</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,520,849</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Government entities:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Municipal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>532,320</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>520,950</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Federal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,547</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,414</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Agreements (iii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>285,614</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>279,449</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>821,481</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>803,813</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Wholesale customers &#8211; Municipal governments: (iv)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Guarulhos</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>760,598</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>778,106</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Mau&#225;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>530,830</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>467,775</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Mogi das Cruzes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,670</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,527</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Santo Andr&#233;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,048,832</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>946,045</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>S&#227;o Caetano do Sul</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,604</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,371</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Diadema </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>222,671</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>222,671</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total wholesale customers &#8211; Municipal governments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,568,205</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,419,495</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Unbilled supply</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>580,006</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>481,389</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,538,703</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,225,546</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,650,198)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,514,240)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,888,505</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,672,595</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,557,472</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>215,910</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>153,834</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,888,505</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>41</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.35pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;General customers - residential and small and mid-sized companies</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 46.2pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)&nbsp; Special customers - large consumers, commercial, industries, condominiums and special billing consumers (</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>fixed demand agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>, industrial waste, wells, etc.).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45.95pt; TEXT-INDENT: -17.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii) Agreements - installment payments of past-due receivables, plus monetary adjustment and interest, according to the agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45.95pt; TEXT-INDENT: -17.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iv) Wholesale basis customers - municipal governments - This balance refers to the sale of treated water to municipalities, which are responsible for distributing to, billing and charging final customers. Some of these municipalities are questioning in court the tariffs charged by SABESP, which have full allowance for doubtful accounts. Additionally, the overdue amounts are included in the allowance for doubtful accounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45.95pt; TEXT-INDENT: -17.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>42</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aging of trade receivables is as follows</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,471,668</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,337,503</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Past-due:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Up to 30 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>287,173</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>263,157</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 31 to 60 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>118,179</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>148,927</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 61 to 90 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>73,989</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>53,268</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 91 to 120 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>52,477</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>109,138</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 121 to 180 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>105,952</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>124,001</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 181 to 360 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>147,699</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>203,837</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Over 360 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,281,566</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,985,715</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=georgia>Total past-due</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>4,067,035</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,888,043</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="36%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>5,538,703</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,225,546</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The increase in the overdue balance was mainly due to the default of the municipalities that purchased water on a wholesale basis, given that they are challenging the tariffs charged by SABESP in court.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 130%"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle" color=black face=georgia>Balance at beginning of the year </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>3,514,240</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>3,307,793</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>3,164,288</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>Private sector /government entities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>75,973</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>144,217</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>103,231</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>Recoveries </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>(133,730)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>(241,109)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>(177,993)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>Wholesale customers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>193,715</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>331,295</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>283,113</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>Net additions for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>135,958</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>234,403</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>208,351</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>Write-offs of accounts receivable during the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>(27,956)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>(64,846)</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="41%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>Balance at end of the year</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>3,650,198</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>3,514,240</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>3,307,793</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>43</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>Reconciliation of estimated losses</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>&nbsp;of income</FONT></B></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>(171,729)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(177,492)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(63,076)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(Losses)/reversal with state entities - related parties</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>21,510</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(7,292)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(3,999)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>Losses with private sector / government entities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>(75,973)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(144,217)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(103,231)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(Losses)/reversal with wholesale customers</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>9,781</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(2,596)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(10,107)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>Recoveries</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>133,730</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>241,109</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>177,993</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="43%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>Amount recorded as selling expenses </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" face=georgia>(82,681)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(90,488)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=#000000 face=georgia>(2,420)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>Wholesale sales losses, amounting to R$ 203,496 were reported as a reduction of revenue and sales expenses in 2017. In 2016 and 2015, R$328,699 and R$273,006, respectively, were fully reported as a reduction of revenue.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>The Company does not have customers representing 10% or more of its total revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 130%" color=black face=georgia>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 130%" color=black face=georgia>Related-Party Balances and Transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia>The Company is a party to transactions with its controlling shareholder, the State Government, and companies related to it.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 130%" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, interest on capital payable, revenue and expenses with the S&#227;o Paulo State Government</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 130%" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Sanitation services (i)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>118,441</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>134,005</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=georgia>&nbsp;&nbsp; Allowance for losses (i)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(35,114)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(56,624)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=georgia>&nbsp;&nbsp; Reimbursement for retirement and pension benefits paid (G0):</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; &nbsp;&nbsp; - monthly flow (payments) (ii) and (vi)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>22,968</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>22,696</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - GESP Agreement &#8211; 2008 (ii) and (vi)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>20,099</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>56,512</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; &nbsp;&nbsp; - GESP Agreement &#8211; 2015 (vii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>54,379</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>39,816</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; &#8220;Se Liga na Rede&#8221; program (l)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,148</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>180,773</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>202,553</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp; Agreement for the installment payment of sanitation services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>22,625</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; Reimbursement for retirement and pension benefits paid (G0):</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; &nbsp;&nbsp; - GESP Agreement &#8211; 2008 (ii) and (vi)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>18,838</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp; &nbsp;&nbsp; - GESP Agreement &#8211; 2015 (vii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>611,762</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>650,318</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>634,387</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>669,156</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total receivables from shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>815.160</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>871,709</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Assets:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Sanitation services</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>105,952</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>77,381</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Reimbursement of additional retirement and pension benefits (G0)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>709,208</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>788,180</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>&#8220;Se Liga na Rede&#8221; program (l)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,148</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>815,160</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>871,709</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Liabilities:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest on capital payable to related parties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>300,717</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>351,788</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other (g)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,367</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,853</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>44</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

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

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Revenue from sanitation services</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>462,989</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>445,726</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>357,512</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Payments received from related parties</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(471,081)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(424,549)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" color=black face=georgia>Receipt of GESP reimbursement referring to Law 4,819/58</FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.4pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;&nbsp;&nbsp;Sanitation services</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company provides water supply and sewage services to the S&#227;o Paulo State Government and other companies related to it in accordance with usual market terms and conditions, as considered by management, except for the settlement of credits which can be made according to items (iii), (iv) and (v), below. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company recognized R$35,114 as of December 31, 2017 (R$56,624 as of December 31, 2016) as allowance for losses of amounts past due for more than 360 days has been recorded due to the uncertainty involving these receipts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.4pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;&nbsp;&nbsp;Reimbursement of additional retirement and pension benefits paid </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Refers to amounts of supplementary retirement and pension benefits provided for in State Law 4,819/58 ("Benefits") paid by the Company to former employees and pensioners, referred to as Go.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Under the Agreement referred on item (iii) with the S&#227;o Paulo State Government ("GESP" or the "State"), GESP recognizes its liability from charges arising from the Benefits, provided that the payment criteria set forth by the State Department of Personnel (DDPE), based on legal guidance of the Legal Consultancy of the Department of Finance and of the State Attorney General's Office (PGE).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As discussed on item (vi), during the assessment of the debt due from GESP to the Company there were certain divergences in the calculation and eligibility criteria of the benefits paid by the Company on behalf of GESP.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>See additional information about the Go plan in Note 20 (b) (iii).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In January 2004, the payments of supplement retirement and pension benefits were transferred to the Department of Finance and would be made in accordance with the calculation criteria determined by the PGE.&nbsp; As a result of a court decision, the responsibility for making the payments returned to SABESP, as originally established.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii)&nbsp;&nbsp;&nbsp;&nbsp; GESP Agreement</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On December 11, 2001, the Company, the S&#227;o Paulo State Government (through the State Department of Finance Affairs, currently Department of Finance) and the Water and Electricity Department (DAEE), with the intermediation of the State Department of Sanitation and Energy (former Department of Water Resources, Sanitation and Construction Works), entered into the Obligations, Payment Commitment and Other Covenants Acknowledgement and Consolidation Agreement ("GESP Agreement") for the settlement of outstanding debts between GESP and the Company related to sanitation services and to the retirement benefits.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In view of the strategic importance of the Taia&#231;upeba, Jundia&#237;, Biritiba, Paraitinga and Ponte Nova reservoirs for </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>ensuring and maintaining the Alto Tiet&#234; water volume, the Company agreed to receive them as partial repayment of the reimbursement related to the Benefits.&nbsp; The DAEE would transfer the reservoirs to the Company, replacing the amount owed by GESP.&nbsp; However, the S&#227;o Paulo State Public Prosecution Office challenges the legal validity of this agreement, and its main argument is the lack of bidding and the absence of a specific legislative authorization for disposal of DAEE's assets.&nbsp; There is an unfavorable decision to SABESP not yet unappealable.&nbsp; See additional information in item (viii) below.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iv) &nbsp;&nbsp;&nbsp;&nbsp; First Amendment to the GESP Agreement</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On March 22, 2004, the Company and the S&#227;o Paulo State Government amended the terms of the original GESP Agreement, (1) consolidating and recognizing the amounts due by the S&#227;o Paulo State Government for water supply and sewage services provided, monetarily adjusted through February 2004; (2) formally authorizing the offset of amounts due by the S&#227;o Paulo State Government with interest on capital declared by the Company and any other debt owed to the S&#227;o Paulo State Government as of December 31, 2003, monetarily adjusted through February 2004; and (3) defining the payment conditions of the remaining liabilities of the S&#227;o Paulo State Government for the receipt of the water supply and sewage services.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; Second Amendment to the GESP Agreement</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On December 28,&nbsp; 2007, the Company&nbsp; and the&nbsp; S&#227;o&nbsp; Paulo&nbsp; State Government, represented by the Department of Finance, signed the second amendment to the terms of the original GESP Agreement, agreeing upon the payment in installments of the remaining balance of the First Amendment, amounting to R$133,709 at November 30, 2007, to be paid in 60 monthly and consecutive installments of the same amount, beginning on January 2, 2008.&nbsp; In December 2012 the last installment was paid. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Amendment to the GESP Agreement</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On November 17, 2008, GESP, SABESP and DAEE signed the third amendment to the GESP Agreement, through which GESP recognized a debt balance payable to SABESP totaling R$915,251, monetarily adjusted up to September 2008 in accordance with the fluctuation of the IPCA-IBGE, corresponding to the Undisputed Reimbursement, determined by FIPECAFI. SABESP accepted on a provisional basis the reservoirs (see information on item (iii) of this note) as part of the payment of the Undisputed Reimbursement and offered to GESP a provisional settlement, recognizing a credit totaling R$696,283, corresponding to the value of the reservoirs in the Alto Tiet&#234; system. The Company did not recognize the reimbursement receivable of R$696,283 related to the reservoirs, as it is not virtually certain that will be transferred by the State. In March 2015, Sabesp and GESP entered into an agreement to pay the amounts receivable, totaling R$696,283 (more information in item (vii) of this note). The remaining balance totaling R$218,967 has been paid in 114 monthly, consecutive installments, totaling R$1,920 each, including the annual IPCA-IBGE fluctuation, plus interest of 0.5% p.m.. The amounts are paid on a monthly basis and the last installment matures in April 2018. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In addition, the third amendment provides for the regularization of the monthly flow of benefits.&nbsp; While SABESP is liable for the monthly payment of benefits, the State shall reimburse SABESP based on the criteria identical to those applied when determining the Undisputed Reimbursement.&nbsp; Should there be no preventive court decision, the State will assume the flow of monthly payment of benefits portion deemed as undisputed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(vii)&nbsp;&nbsp;&nbsp; Agreement with the S&#227;o Paulo State Government entered into in 2015</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On March 18, 2015, the Company, the State of S&#227;o Paulo and the Department of Water and Electricity (DAEE), and the Sanitation and Water Resources Department as the intervening party, entered into a Term of Agreement in the amount of R$1,012,310, of which R$696,283 refer to the principal of the Undisputed Amount mentioned in item (vi) and R$316,027 corresponding to the inflation adjustment of the principal until February 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Principal Amount will be paid in 180 installments, as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -10.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The first 24 installments were settled by immediately transferring 2,221,000 preferred shares issued by Companhia de Transmiss&#227;o de Energia El&#233;trica Paulista - CTEEP, totaling R$87,174, based on the share closing on March 17, 2015; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amount of R$609,109, payable in 156 monthly installments, was adjusted by IPCA (Extended Consumer Price Index) until the initial payment date, on April 5, 2017. As of this date, installments are being adjusted by IPCA plus simple interest of 0.5% per month.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Considering the lawsuit which objects the possibility of transferring the reservoirs is pending final and unappealable court decision, the agreement also provides for the following situations:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>If transfer is possible and the Reservoirs are effectively transferred to SABESP and registered at the notary&#8217;s office, SABESP will reimburse to the State the amounts paid in replacement of Reservoirs (Principal Amount) in 60 monthly installments adjusted by IPCA until the date of payment of each installment; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -10.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>If the transfer of Reservoirs is not possible, the State will pay to SABESP, in addition to the Principal Amount, the inflation adjustment credit of R$316,027 in 60 installments, starting these payments at the end of Principal Amount installment payment. The amount will be adjusted by IPCA to the start date of payments and, as of this date, IPCA will be incurred plus 0.5% simple interest rates/month over the amount of each installment.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The accounting impacts of the agreement generated a debit of R$696,283 in accounts receivable from related parties and a credit in the same amount in administrative expenses on the transaction date. As of December 31, 2017, the balance receivable totaled R$54,379 in current assets (R$&nbsp;39,816 as of December 31, 2016) and R$611,762 &nbsp;in noncurrent assets (R$&nbsp;650,318 as of December 31, 2016) and CTEEP shares were disposed of on April 20, 2016 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>for R$111.1 million.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(viii)&nbsp;&nbsp; Disputed Amount of Benefits</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As mentioned before, on November 17, 2008 the Company and the State signed the third amendment to the GESP Agreement, when the reimbursements called disputed and undisputed were quantified.&nbsp; The amendment established the efforts to calculate the so-called Disputed Reimbursement of the Benefits. Under the fourth clause of the amendment, the Disputed Reimbursement represents the difference between the Undisputable Reimbursement and the amount actually paid by the Company as pension benefits and pensioners set out in Law 4,819/58, for which, the Company understands, the State of S&#227;o Paulo is originally liable, but paid by SABESP under a court order.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>By entering into the third amendment, the State's Legal Representative (PGE) agreed to reassess the differences that gave rise to the Disputed Amount of benefits set out in Law 4,819/58. At the time, the expectation was based on the willingness of the PGE to reanalyze the issue and the implied right of the Company to the reimbursement, including based on opinions from outside legal advisors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>However, the recent opinions issued by the PGE and received on September 4 and 22, 2009 and January 4, 2010, refute the reimbursement of previously defined as Disputed Amount. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Even though the negotiations with the State are still in progress, it is not possible to assure that the Company will recover the disputed&nbsp; receivables without dispute.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As part of the actions intended to recover the receivables that management considers due by the State, related to discrepancies in the reimbursement of the pension benefits paid by the Company, SABESP:&nbsp; (i) on March 24, 2010, reported to the controlling shareholder the official letter approved by the executive committee, proposing that the matter be discussed at the S&#227;o Paulo Stock Exchange (B3) Arbitration Chamber; (ii) in June 2010, presented to Department of Finance a proposal to solve the outstanding items, such proposal was not accepted; (iii) on November 9, 2010, filed a judicial action against the State of S&#227;o Paulo pleading the entire reimbursement related to employee benefits set out in Law 4,819/58 to finalize the discussion between the Company and GESP. Despite the legal action, the expectation of which is a possible gain, the Company will persist to obtain an agreement with GESP since the management believes that it is the best course of action to the Company and to its shareholders than waiting until the end of the lawsuit</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company's Management decided to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>record allowance for losses of amounts receivables from the State; a</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>s of December 31, 2017 and 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>, the amounts related to the pension plan benefits paid and recorded for allowance for doubtful accounts totaled R$&nbsp;1,021,657 and R$&nbsp;937,035, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As a result, the Company also recognized the obligation related to the pension benefit obligations maintained with the beneficiaries, retirees and pensioners of Plan G0.&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017 and 2016, the pension benefit </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>obligations of Plan G0 totaled R$2,543,877 and R$2,512,080, respectively. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For detailed information on the pension benefit obligations refer to Note 20 (b) (iii).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of reservoirs &#8211; EMAE&nbsp;&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Empresa Metropolitana de &#193;guas e Energia S.A. - EMAE planned to receive for the credit and obtain financial compensation for alleged past and future losses in electricity generation, due to water collection, and compensation for costs already incurred and to be incurred with the operation, maintenance and inspection of the Guarapiranga and Billings reservoirs used by SABESP in its operations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Several lawsuits were filed by EMAE. An arbitration proceeding was in progress related to the Guarapiranga reservoir and a lawsuit related to the Billings reservoir, both pleading for financial compensation due to SABESP&#8217;s water collect for public supply, alleging that this conduct has been causing permanent and growing loss in the capacity of generating electricity of Henry Borden hydroelectric power plant with financial losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of April 10, 2014, the Company issued a Notice to the Market including the information about an eventual future agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of October 28, 2016, the Company entered into an agreement based on a Private Transaction Agreement and Other Adjustments aimed to fully and completely settle the disputes involving the two companies.&nbsp; The transaction is subject to the condition precedent of approval by the competent bodies of the Company and EMAE, as well as the Brazilian Electricity Regulatory Agency &#8211; ANEEL, and involves the payment by SABESP to EMAE of the following amounts:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- R$</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=Arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>6,610 annually, adjusted for inflation, as of the execution date of this instrument, by the IPCA or any other index that may replace it, by the last business day of October of each fiscal year, with (i) the first of&nbsp; such annual payments due up to the last business day of October 2017 and (ii) the last payment due up to the last business day of October 2042; and </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- R$46,270, in five annual and successive installments, adjusted for inflation by the IPCA or any other index that may replace it, with the first installment of R$9,254 due on April 30, 2017 and the subsequent ones in&nbsp; 4 (four) installments of same amount, due on every April 30 of the subsequent years, or on the first subsequent business day.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement was based on the following assumptions: (i) SABESP payments should not exceed the amount necessary to indemnify EMAE for the maintenance and operating costs of the Guarapiranga and Billings reservoirs, based on the percentage of the collection considering the natural outflow of each reservoir; (ii) payments will be made while SABESP&#8217;s and EMAE&#8217;s concessions are valid, and as long as SABESP withdraws water from these reservoirs, in compliance with the statute of limitations of the objects of the proceedings; (iii) SABESP must request </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>ARSESP to incorporate these expenses into the tariff revision process in progress.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In order to estimate the maintenance and preservation expenses of the hydraulic and property structures of the Billings and Guarapiranga reservoirs, the technical area involved in water production adopted the following assumptions:&nbsp; (i) expenses related to the Guarapiranga Reservoir, whose water is used exclusively to supply the population of the S&#227;o Paulo Metropolitan Region, will be fully paid by SABESP; (ii) the Billings reservoir has multiple uses &#8211; flood control, generation of electricity and public supply &#8211; and its maintenance and operating expenses should be shared based on the proportion of water used by each of the functions mentioned; (iii) SABESP has grants to use water in several points of the Billings reservoir that total an available outflow of 10.0 m&#179;/s, representing 61.7% of the reservoir&#8217;s long-term average outflow (16.2 m&#179;/s); and (iv) considering the water volume usage percentages - 100% Guarapiranga and 61.70% Billings &#8211; an annual amount of R$6,610 will be charged as shared expenses, based on the terms of the agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company determined the annual amount of R$6,610 from 2010 to 2042, including the statute of limitations and the year of expiration of the EMAE concession.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For these reasons, the Company has concluded that it was in its interest to enter into the agreement since: (i) it eliminates the incidence of future risks with the dismissal of all proceedings; (ii) its amount is limited to a reasonable amount to be paid for the sharing of the operating and maintenance costs of the Guarapiranga and Billings reservoirs; and (iii) the form of payment is appropriate to its financial situation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>By entering into the Agreement, all litigation between the parties will cease permanently and the Company will continue using the reservoirs.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In addition to the lawsuits that were part of the Agreement, on April 11, 2016, SABESP was named in the Indemnification proceeding commenced by EMAE&#8217;s minority shareholders, who claimed compensation for damages suffered by EMAE, based on the amounts that the latter did not earn due to the decrease in the outflow of these reservoirs and in the generation of electricity as a result of the use of water of the Billings and Guarapiranga reservoirs by SABESP, and also requested that SABESP be sentenced to reimburse the loss of profits related to EMAE&#8217;s unearned amounts resulting from the fact that water was not pumped from the Pinheiros and Tiet&#234; Rivers to the Henry Borden hydroelectric power plant.&nbsp; In summary, the company claims&nbsp; that the S&#227;o Paulo State, in its capacity as controlling shareholder of EMAE, has acted unduly to EMAE&#8217;s detriment and in favor of SABESP&#8217;s interests by allowing and consenting water intake from the Billings and Guarapiranga reservoirs, in detriment to the output of these reservoirs and generation of electricity by EMAE, without the necessary financial compensation, making impracticable the satisfactory use of the Henry Borden hydroelectric power plant.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2016, the Company recorded R$9,018 and R$29,749 in Other Liabilities, under current&nbsp; and </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>noncurrent liabilities, respectively, which represent the present value of the balance of R$46,270 that will be paid in five annual installments.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of November 9, 2016, EMAE&#8217;s Board of Directors approved the transaction with SABESP, pursuant to the Private Transaction Agreement, in accordance with the Notice to the Market disclosed by EMAE on the same date. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of November 10, 2016, the transaction was approved by SABESP&#8217;s Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 30, 2016, the Brazilian Electricity Regulatory Agency - ANEEL, by means of Order 3,431, decided to approve the Private Transaction Agreement and other Covenants entered into between Empresa Metropolitana de &#193;guas e Energia S.A. - EMAE, and the Company, thus meeting the &#8220;second condition precedent&#8221; required for the effectiveness of the agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of October 19, 2017, SABESP and EMAE executed the first amendment to the Private Transaction Agreement and Other Covenants for removal of the condition precedent related to the approval of said agreement at EMAE&#8217;s Extraordinary Shareholders&#8217; Meeting, which was approved by the Boards of Directors of SABESP and EMAE. The conditions precedent were complied with and the agreement came into effect.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, the Company recorded R$6,110 and R$64,180 in other liabilities, under current and noncurrent liabilities, respectively, which represent the present value of the balance of R$171,860 that will be paid in annual installments </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>with expected maturity from October 2017 until October 2042</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In October 2017, the Company paid the installments maturing in April 2017 and October 2017, of R$ 9,316 and <BR>R$ 6,760 respectively. As of December 31, 2017, the balance of the agreement totaled R$&nbsp;15,668 and R$&nbsp;92,894, recorded under other liabilities, in current and noncurrent liabilities, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreements with reduced tariffs with State and Municipal Government Entities that joined the Rational Water Use Program (PURA) </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has signed agreements with government entities related to the State Government and municipalities where it operates that benefit from a reduction of 25% in the tariff of water supply and sewage services when they are not in default. These agreements provide for the implementation of the rational water use program, which takes into consideration the reduction in water consumption.</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The State Government provides guarantees for some borrowings and financing of the Company and does not charge any fee with respect to such guarantees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp; Personnel assignment agreement among entities related to the State Government</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has personnel assignment agreements with entities related to the State Government, whose expenses are fully passed on and monetarily reimbursed.&nbsp; In 2017, the expenses related to personnel assigned by SABESP to other state government entities amounted to R$9,853 (R$10,393 in 2016 and R$10,481 in 2015).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, there were no expenses related to personnel assigned by other entities to SABESP (R$10 in 2016 and R$342 in 2015).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(f) Services obtained from state government entities </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017 and 2016, SABESP had an outstanding amounts payable of R$1,367 and R$1,853, respectively, for services rendered by S&#227;o Paulo State Government entities.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-operating assets</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017 and December 31, 2016, the Company had an amount of R$969 related to a free land lent to DAEE (Department of Water and Electricity).</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company sponsors a private defined benefit pension plan, which is operated and administered by Sabesprev. The net actuarial liability recognized as of December 31, 2017 amounted to R$388,461 (R$753,170 as of December 31, 2016), according to Note 20 (b) (i).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation of Management Key Personnel</FONT></B></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP's compensation policy for the Management and officers is set out according to guidelines of the S&#227;o Paulo State Government, issued by the CODEC (State Capital protection Board), and are based on performance, market competitiveness, or other indicators related to the Company's business, and is subject to approval by shareholders at an Annual Shareholders' Meeting.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Executive Officers&#8217; fees are also defined by government authorities. Management and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Fiscal Council&#8217;s compensation is equivalent to 30 percent and 20 percent, respectively, of the Executive Officers&#8217; fee, contingent on attendance of at least one monthly meeting</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The objective of the compensation policy is to set a private sector management paradigm to retain its staff and recruit competent, experienced and motivated professionals, considering the level of management efficiency currently required by the Company.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>53</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In addition to monthly fee, the members of the Board of Directors, Fiscal Council and the Board of Executive Officers receive annual reward equivalent to a monthly fee, calculated on a prorated basis in December of each year.&nbsp; The purpose of this reward is to correspond to the thirteenth salary paid to the Company&#8217;s employees, as officers and directors' relationship with the Company is governed by its bylaws and not the labor code.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Benefits paid only to statutory officers - meal ticket, basket of food staples, medical care, annual paid rest typified as a paid leave of 30 calendar days, and payment of a premium equivalent to one third of the monthly fee and bonuses. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP pays bonuses for the purposes of compensating directors, in accordance with the guidelines of the S&#227;o Paulo State government, as an incentive policy, as long as the Company records quarterly, semiannual, and yearly profits, and distributes mandatory dividends to shareholders, even if in the form of interest on capital.&nbsp; Annual bonuses cannot exceed six times the monthly compensation of the officers/directors or 10 percent of the interest on capital paid by the Company, prevailing the shortest amount. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Expenses related to the compensation to the members of its Board of Directors, Fiscal Council and Board of Executive Officers amounted to R$3,813, R$3,912 and R$4,078 for 2017, 2016 and 2015, respectively.&nbsp; An additional amount of R$556, related to the bonus program, was recorded in 2017 (R$494 in 2016 and R$521 in 2015).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(j) Loan agreement through credit facility</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company holds interest in certain Special Purpose Entities (SPEs), not holding the majority interest but with cast vote and power of veto in some issues, with no ability to use such power of veto in a way to affect returns over</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>investments. Therefore, these SPEs are considered for accounting purposes as jointly-owned subsidiaries.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company entered into a loan agreement through credit facility with the SPEs Aquapolo Ambiental S.A. as of March 30, 2012, and with Attend Ambiental S.A. as of May 9, 2014, to finance the operations of these companies, until the borrowings and financing requested with financial institutions is granted.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These agreements remain with the same characteristics, according to the table below:</FONT></P>

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<DIV align=left>

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   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>SPE</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Principal disbursed amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest balance</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest rate</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Maturity</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Attend Ambiental</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>5,400</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,877</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>9,277</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia>SELIC + 3.5 % a.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia>(i)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>5,629</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>5,209</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>10,838</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia>CDI + 1.2% a.a.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia>(ii)</FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>19,000</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>11,502</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>30,502</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia>CDI + 1.2% a.a.</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia>(iii)</FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>30,029</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>20,588</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>50,617</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>54</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The loan agreement with SPE Attend&nbsp; Ambiental&nbsp; S/A&nbsp; matures&nbsp; within&nbsp; 180&nbsp; days,&nbsp; from&nbsp; the&nbsp; date when&nbsp; the respective amount is available in the borrower&#8217;s account, renewable for the same period.&nbsp; The credit has been overdue since May 11, 2015 and is subject to contractual default charges (inflation adjustment considering the IGP-M variation, 2% fine and default interest of 1% p.m.).&nbsp; The agreement has been renegotiated between the parties.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -20.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The R$5,629 loan agreement originally expired on April 30, 2016. &nbsp;As of February 10, 2016, an amendment to the agreement changed the payment schedule for four annual installments, the first of which maturing on December 30, 2018 and the last on December 30, 2021; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt; TEXT-INDENT: -20.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The loan agreement totaling R$19,000 originally expired on April 30, 2015, was extended to October 30, 2015 and on November 25, 2015 a new amendment changed the payment schedule for three annual installments, the first of which maturing on December 30, 2021 and the last on December 30, 2023.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amount disbursed is recognized under &#8220;Other Receivables&#8221;, of which R$&nbsp;1,780 was classified in Current Assets and R$&nbsp;48,837 in Noncurrent Assets. As of December 31, 2017, the balance of principal and interest rates of these agreements was R$&nbsp;50,617</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> (R$52,407 as of December 31, 2016).&nbsp; In 2017, the financial income recognized was R$5,017 (R$7,118 in 2016 and R$10,123 in 2015).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(l) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;Se Liga na Rede&#8221; (Connect to the Network Program)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The State Government enacted the State Law no. 14,687/12, creating the pro-connection program, destined to financially subsidize the execution of household branches necessary to connect to the sewage collecting networks, in low income households which agreed to adhere to the program.&nbsp; The program expenditures, except for indirect costs, construction margin and borrowing costs are financed with 80% of funds deriving from the State Government and the remaining 20% invested by SABESP, which is also liable for the execution of works.&nbsp; As of December 31, 2017, the program total amount was R$82,697 (R$79,274 as of December 31, 2016), there was no balance receivable from related parties (R$6,148 as of December 31, 2016), the amount of R$35,068 (R$34,915 as of December 31, 2016) recorded in the group of intangible assets and R$47,629 was reimbursed by GESP (R$38,211 as of December 31, 2016) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>from the beginning of the program until December 31, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water National Agency - ANA</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as "Treated Sewage Purchase Program".</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>55</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&#244;mica Federal &#8211; Brazilian Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings. As of December 31, 2017, the balances of assets and liabilities were R$70,487 (R$81,221 as of December 31, 2016), and the liabilities are recorded under "other liabilities" of noncurrent liabilities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company holds interest in certain Special Purpose Entities (SPE). Although SABESP has no majority shares of its investees, the shareholders&#8217; agreement provides for the power of veto in certain management issues, however, with no ability to use such power of veto in a way to affect returns over investments, indicating participating shared control (joint venture &#8211; IFRS 11).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company holds interest valued by the equity accounting in the following investees:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>Sesamm</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of August 15, 2008, the Company, together with </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>GS Inima Brasil Ltda (&#8220;GS Inima&#8221;), successor of T&#233;cnicas y Gestion Medioambiental S.A.U. (&#8220;TGM&#8221;) and GS Inima Environment S/A (currently OHL Medio Ambiente); and Estudos T&#233;cnicos e Projetos ETEP Ltda. (&#8220;ETEP&#8221;), succeeded by ECS Opera&#231;&#245;es e Participa&#231;&#245;es Ltda (&#8220;ECS&#8221;), incorporated Sesamm &#8211; Servi&#231;os de Saneamento de Mogi Mirim S/A </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>for a period of 30 years from the date the concession agreement with the municipality for the purpose of providing complementary services to the sewage diversion system and implementing and operating sewage treatment system in the municipality of Mogi Mirim, including the disposal of solid waste</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>Sesamm's capital as of December 31, 2017, totaled R$ 19,532, and was represented by 19,532,409 registered common shares without a par value. SABESP holds a 36% interest, GS Inima 57% and ECS 7%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The operations initiated in June 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>&#193;guas de Andradina</FONT></U></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of September 15, 2010, the Company, together with Companhia de &#193;guas do Brasil &#8211; Cab Ambiental, currently Igu&#225; Saneamento S/A (&#8220;Igu&#225;&#8221;), incorporated &#193;guas de Andradina S.A., with indefinite term, for the purpose of providing water supply and sewage services to the municipality of Andradina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of December 31, 2017, the capital of &#193;guas de Andradina totaled R$ 13,841, divided into 13,840,885 registered common shares without a par value. SABESP holds 30% of its equity interest and Igu&#225; 70%.&nbsp; The amount of R$ 12 is recorded under investee&#8217;s equity, as advance for future capital increase</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>As of April 26, 2016, the Annual and Extraordinary Shareholders&#8217; Meeting approved a capital increase in the amount of R$ 2,290 upon the issue of 2,289,796 new registered common shares with no par value, fully subscribed and paid-in, R$ 573 of which using the minimum mandatory dividends and R$ 1,717 corresponding to additional dividends, both arising from the profit recorded in 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>In March 2017, the Company contributed R$&nbsp;303 in the investee. The amount is recorded in current assets, under &#8220;Other receivables&#8221; and will be reclassified into investments after the resolution and approval of the investee&#8217;s shareholders at an Annual and Extraordinary Shareholders&#8217; Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia> 100% of its shares in &#193;guas de Andradina.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The operations initiated in October 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>&#193;guas de Castilho</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of October 29, 2010, the Company, together with &#193;guas do Brasil &#8211; Cab Ambiental, currently Igu&#225; Saneamento S/A (&#8220;Igu&#225;&#8221;), incorporated &#193;guas de Castilho, for the purpose of providing water supply and sewage services to the municipality of Castilho. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of December 31, 2017, the company&#8217;s capital was R$ 2,360, and was represented by 2,360,330 registered shares without a par value. SABESP holds a 30% interest</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia> and Igu&#225; 70%.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>As of April 26, 2016, the Annual and Extraordinary Shareholders&#8217; Meeting approved a capital increase in the amount of R$ 740 upon the issue of 740 new registered common shares with no par value, fully subscribed and paid-in, R$ 184 of which using the minimum mandatory dividends and R$ 556 corresponding to additional dividends, both arising from the profit recorded in 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia> 100% of its shares in &#193;guas de Castilho.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The operations initiated in January 2011.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>Saneaqua Mairinque</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of June 14, 2010, the Company, together with BRK Ambiental Participa&#231;&#245;es S/A (&#8220;BRK&#8221;) currently Odebrecht Utilities S/A, former Foz do Brasil S.A., incorporated Saneaqua Mairinque S/A, with indefinite term, for the purpose of exploring water supply and sewage services of the municipality of Mairinque.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of December 31, 2017, the capital of Saneaqua Mairinque totaled R$ 2,000, and was represented by 2,000,000 registered common shares without a par value. SABESP holds a 30% interest </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>and BRK 70%. The amount of R$&nbsp;2,183 is recorded under the investee&#8217;s noncurrent liabilities, as advance for future capital increase.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>In January 2017, the Company contributed R$&nbsp;505 in the investee. The amount is recorded in current assets, under &#8220;Other receivables&#8221; and will be reclassified into investments after the resolution and approval of the investee&#8217;s shareholders at an Annual and Extraordinary Shareholders&#8217; Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia> 100% of its shares in Saneaqua Mairinque.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The operations initiated in October 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>Attend Ambiental</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of August 23, 2010, SABESP, jointly with Companhia Estre Ambiental S.A. (&#8220;Estre&#8221;), incorporated Attend Ambiental S.A., for constructing and operating a pretreatment of non-domestic effluent station, sludge transportation and related services in the city of S&#227;o Paulo as well as implement similar structures in other areas in Brazil and abroad. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of December 31, 2017, the capital totaled R$ 13,400, and was represented by 13,400,000 registered common shares without a par value. SABESP holds a 45% interest and Estre 55%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The operations initiated in December 2014.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>Aquapolo Ambiental S/A.</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of October 8, 2009, the Company, together with Odebrecht Utilities S/A, formerly Foz do Brasil S.A., incorporated Aquapolo Ambiental S.A., for the purpose of producing, providing and trading reused water for Quattor Qu&#237;mica S.A., Quattor Petroqu&#237;mica S.A., Quattor Participa&#231;&#245;es S.A. and other companies comprising the Petrochemical Complex.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of December 31, 2017, the capital of Aquapolo totaled R$ 36,412, and was represented by 42,419,045 registered common shares without a par value. SABESP holds 49% of its equity interest</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>. As of December 29, 2016, Odebrecht </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=georgia>Utilities S/A transferred to Odebrecht Ambiental Participa&#231;&#245;es em Neg&#243;cios Industriais S/A (&#8220;OAPNI&#8221;) all its shares and control and the latter now holds 51% of the shares.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The Company pledges as collateral 100% of its shares in Aquapolo Ambiental S/A.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>The operations initiated in October 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>Paulista Geradora de Energia</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia>As of April 13, 2015, the Company acquired shares from Empresa Paulista Geradora de Energia S/A - PGE, jointly&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with Servtec Investimentos e Participa&#231;&#245;es Ltda ("Servtec) and Tecniplan Engenharia e Com&#233;rcio Ltda ("Tecniplan"), which operational purpose is the implementation and commercial exploration of water potential in small hydroelectric power plants (PCHs), located at the Guara&#250; and Vertedouro Cascata Water Treatment Stations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2017, the capital of Paulista Geradora de Energia was R$ 8,679, represented by 8,679,040 registered common shares without a par value, in which SABESP holds a 25% interest, Servtec holds 37.5% and Tecniplan 37.5%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2017, operations had not </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>initiated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> yet.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Below is a summary of the investees&#8217; financial information and SABESP&#8217;s equity interest:</FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Sesamm</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>39,262</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>37,198</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>32,313</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(643)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,707</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,601</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,082</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Andradina (i)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>21,432</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>16,161 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>15,191 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>800</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,471</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(2,040)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,772</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,371</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Castilho</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,858</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,706 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,449 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>219</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>933</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>22</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>631</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>773</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Saneaqua Mairinque</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,480</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,090 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,560 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>390</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(153)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>723</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,145</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Attend Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,249</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,925 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,084 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,324</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(80)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>841</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,195</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>18,810</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>12,340 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>11,651</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,470</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(53)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>689</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(4,569)</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Paulista Geradora de Energia</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,447</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,469 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>8,509 </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(22)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(40)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(114)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>59</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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<TR style="HEIGHT: 17.5pt">

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   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Company</FONT></B></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Investments</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Dividends</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>distributed</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" colSpan=4>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Equity in the earnings of subsidiaries</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Interest percentage</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>(*)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>(*)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 13.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Sesamm</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>14,135</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>13,391</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(231)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>975</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,096</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,190</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Andradina </FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>5,818</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,849</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>240</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,341</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(612)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>532</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>711</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>&#193;guas de Castilho</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,465</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,112</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>66</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>280</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>7</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>189</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>232</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Saneaqua Mairinque</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,298</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,227</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>117</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(46)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>217</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>344</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Attend Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,326</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,766</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>596</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(36)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>378</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,388</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>45%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>45%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>45%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>9,191</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,047</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,170</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(26)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>338</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(2,239)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>49%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>49%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>49%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Paulista Geradora de Energia</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,111</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,117</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(6)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(10)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(29)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>25%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>25%</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>25%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.5pt">

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36,344</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>30,509</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(231)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>306</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>6,473</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(713)</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,740</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>2,597</FONT></P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Other investments</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>588</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>587</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.5pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Overall total </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>36,932</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>31,096</FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Refer to changes in the equity of investees, as their financial statements for the year ended December 31, 2016 were disclosed after disclosure of the Company&#8217;s financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, the balance of &#8220;Investment properties&#8221; is R$57,652 (December 31, 2016 &#8211; R$57,968).&nbsp; As of December 31, 2017 and 2016, the market value of these properties is approximately R$402,000 and R$404,000, respectively.</FONT></P>

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

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

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



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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>&nbsp;2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>&nbsp;2017</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Investment properties</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,968</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(244)</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(72)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,652</FONT></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Total</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,968</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(244)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>(72)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" face=georgia>57,652</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>60</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>&nbsp;2015</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Reversal of estimated losses</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>&nbsp;2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Investment properties</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>56,957</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>1,231</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(124)</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(106)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>57,968</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>56,957</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>1,231</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(124)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>10</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(106)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>57,968</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>&nbsp;2014</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>&nbsp;2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>54,039</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>9,182</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(5,859)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(405)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>56,957</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>54,039</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>9,182</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(5,859)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>(405)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 12pt" color=black face=georgia>56,957</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of financial position details&nbsp; </FONT></B></P>

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

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Accumulated amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Net</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Accumulated amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Net</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible right arising from:</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>8,893,296</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,751,682)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>7,141,614</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>9,222,543</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,739,588)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>7,482,955</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>2,068,402</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(634,465)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>1,433,937</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>1,925,361</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(543,709)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>1,381,652</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>10,653,292</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(3,058,226)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>7,595,066</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>9,209,367</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(2,633,346)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>6,576,021</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts &#8211; commitments </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>1,113,160</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(202,785)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>910,375</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>991,848</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(168,632)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>823,216</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>19,388,751</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(3,471,736)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>15,917,015</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>17,457,658</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(2,904,951)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>14,552,707</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Software license</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>688,712</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(220,587)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>468,125</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>575,494</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(145,257)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>430,237</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>42,805,613</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(9,339,481)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>33,466,132</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>39,382,271</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>(8,135,483)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>31,246,788</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>61</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Contract renewal</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Reversal of estimated losses </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Transfers (i)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible right arising from: </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>7,482,955</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>374,775</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>(531,818)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>2,078</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,663</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>(2,795)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(185,244)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>7,141,614</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>1,381,652</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>142,429</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>8</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>2,604</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>(1,163)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(91,593)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,433,937</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>6,576,021</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>772,278</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>531,818</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>4,834</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,784)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>(6,606)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(281,495)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>7,595,066</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts &#8211; commitments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>823,216</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>121,313</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(34,154)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>910,375 </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>14,552,707</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,976,079</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>6,460</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(18,346)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>(13,848)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(586,037)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>15,917,015</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Software license </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>430,237</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>103,424</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>6,489</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(72,025)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>468,125 </FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>31,246,788</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>3,490,298</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>13,380</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(9,374)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face=georgia>(24,412)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,250,548)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>33,466,132 </FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Contract renewal</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Estimated losses</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible right arising from: </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>7,287,630</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>391,545</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(9,587)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,335)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,014</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(6,233)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(180,079)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>7,482,955</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,353,020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>106,307</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(8)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>6</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(110)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(77,563)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,381,652</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>6,288,575</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>553,126</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>9,587</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(4,360)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>2,023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(5,571)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(267,359)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>6,576,021</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts &#8211; commitments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>850,530</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>5,762</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(33,076)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>823,216</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>12,367,017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>2,697,724</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(4,495)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>9,696</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(2,894)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(514,341)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>14,552,707</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Software license </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>366,854</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>101,367</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(167)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(37,817)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>430,237</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>28,513,626</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>3,855,831</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(10,198)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>12,572</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(14,808)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,110,235)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>31,246,788</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Contract renewal</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Reversal of estimated losses</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible right arising from: </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; equity value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>7,369,271</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>574,421</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(463,362)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>747</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(324)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(4,303)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(188,820)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>7,287,630</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Agreements &#8211; economic value&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,281,260</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>140,732</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(17)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(139)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(68,816)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,353,020</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>5,379,153</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>663,399</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>463,362</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>4,459</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(752)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(11,045)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(210,001)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>6,288,575</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contracts &#8211; commitments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>702,909</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>177,424</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(29,803)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>850,530</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>10,986,386</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>1,900,218</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>18,879</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(4,997)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(30,321)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(503,148)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>12,367,017</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Software license </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>260,547</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>148,248</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(41,941)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>366,854</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>25,979,526</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>3,604,442</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>24,085</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(6,090)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(45,808)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,042,529)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>28,513,626</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>62</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i) As of December 31, 2017, the Company reclassified R$&nbsp;24,071 corresponding to the intangible assets of &#193;lvares Florence, Emba&#250;ba, Ara&#231;oiaba da Serra, Itapira and Tuiuti to indemnities receivable, in noncurrent assets, which have full allowance for losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company started operations in the municipalities of Santa Branca in February 2017 and Pereiras in October. In the second quarter of 2017, it entered into a contract program with the municipalities of Santa Cruz do Rio Pardo and C&#226;ndido Rodrigues. In the third quarter of 2017, the Company renewed a program contract with the municipality of Itaquaquecetuba and in the fourth quarter with the municipalities of Taubat&#233; and Taciba; all these contracts are valid for 30 years.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible arising from concession agreements</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>The Company operates public service concession agreements for water supply and sewage services mostly based on agreements that set out rights and obligations relative to the exploration of assets related to the public service (See Note 3.8 (a)).&nbsp; A general obligation also exists to return the concession infrastructure to the concession grantor in good working condition at the end of the concession.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, the Company operated in 368 municipalities in the State of S&#227;o Paulo (366 as of December 31, 2016).&nbsp; Most of these contracts have a 30-year concession period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The services provided by the Company are billed at a price regulated and controlled by S&#227;o Paulo State Sanitation and Energy Regulatory Agency (ARSESP).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible rights arising on concession agreements include:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;Concession agreements &#8211; equity value</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These refer to municipalities assumed until 2006, except for the municipalities assumed by economic value through assets valuation report prepared by independent experts.&nbsp; The amortization of assets is calculated according to the straight-line method, which considers the assets useful life.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Concession agreements &#8211; economic value</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>From 1999 through 2006, the negotiations for new concessions were conducted on the basis of the economic and financial result of the transaction, determined in a valuation report issued by independent appraisers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amount determined in the related contract, after the transaction is closed with the municipal authorities, realized through the subscription of the Company's shares or in cash, is recorded as "concession agreements" and amortized over the period of the related concession (usually 30 years). As of December 31, 2017 and 2016 there were no amounts pending related to these payments to the municipalities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Intangible assets are amortized on a straight line basis over the period of the concession agreements or for the useful lives of the underlying assets, whichever is shorter. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii) &nbsp;&nbsp;&nbsp;&nbsp;Program contracts </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>These refer to the renewal of contracts previously referred to as concession agreements whose purpose is to provide sanitation services.&nbsp; The amortization of the assets acquired until the dates of signatures of the program contracts is calculated according to the straight-line method, which considers the assets&#8217; useful lives.&nbsp; Assets acquired or built after the signature dates of program contracts are amortized during the contracted period (30 years) or during the useful lives of underlying assets, whichever is shorter.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iv) &nbsp;&nbsp;&nbsp;&nbsp;Program contracts - Commitments</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>After the enactment of the regulatory framework in 2007, renewals of concessions started to be made through of program contracts.&nbsp; In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental actions.&nbsp; The assets built and financial commitments assumed within the program contracts are recorded as intangible assets and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017 and 2016, the amounts not yet disbursed were recorded under &#8220;program contract commitments&#8221;, in current liabilities, totaling R$&nbsp;128,802 and R$&nbsp;109,042, respectively, and in noncurrent liabilities, totaling R$&nbsp;110,698 and R$&nbsp;69,051, respectively. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, the annual rate of 8.06% (WACC) was applied to calculate the present value adjustment of these contracts</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(v)&nbsp;&nbsp;&nbsp; &nbsp;Services agreement with the Municipality of S&#227;o Paulo </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On June 23, 2010, the Company entered into an agreement with the State of S&#227;o Paulo and the Municipality of S&#227;o Paulo to regulate the provision of water and sewage services in the city of S&#227;o Paulo for a 30-year period, which is extendable for an another 30-year period. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Also on June 23, 2010, an agreement was signed between the state and municipal government, and SABESP and the Sanitation and Energy Regulatory Agency of the State of S&#227;o Paulo (&#8220;ARSESP&#8221;) are the consenting and intervening parties, whose main aspects are the following:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>1. The State and the Municipality of S&#227;o Paulo grant to SABESP the right to explore the sanitation service in the capital of the State of S&#227;o Paulo, which consists of the obligation to provide such service and charge the respective tariff for this service;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>2. The State and the Municipality sets forth ARSESP as the agency responsible for regulating the tariff, controlling and monitoring the services.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>3. The evaluation model of the contract was the discounted cash flow, which considered the financial and economic sustainability of SABESP&#8217;s operations in the metropolitan region of S&#227;o Paulo;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>4. All operating costs, taxes, investments and the opportunity cost of investors and the creditors of SABESP&#8217;s were considered in the cash flow analysis;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>5. The agreement provides for investments established in the agreement comply with the minimum of 13% of the gross revenue from the municipality of S&#227;o Paulo, net of the taxes on revenues. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Investment plans referring to SABESP&#8217;s execution shall be compatible with the activities and programs foreseen in the state, municipal sanitation plans, and where applicable, the metropolitan plan. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The investment plan is not definite and will be revised by Managing Committee every four years, especially as to investments to be made in the following period;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>6. The payment related to the Municipal Fund of Environmental Sanitation and Infrastructure to be applied in the sanitation service within the municipality must be recovered through the tariffs charges.&nbsp; Such payment represents 7.5% of the total revenue from the municipality of S&#227;o Paulo, net of the taxes on revenue and delinquency in&nbsp; the period, recognized in profit or loss, as operating&nbsp; cost;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>7. The opportunity cost of the investors and the creditors was established by the Weighted Average Cost of Capital (WACC) methodology.&nbsp; The WACC was the interest rate used to discount the cash flow of the operation; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>8. The agreement considers the recovery of net assets in operation, preferably evaluated through equity valuation or carrying amount monetarily restated, as defined by ARSESP.&nbsp; In addition, the agreement provides for the remuneration of investments to be made by SABESP, so that there is no residual value at the end of the agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Referring to the recovery through tariff, mentioned in item 6 above, of transfer to the Municipal Fund of Environmental Sanitation and Infrastructure, ARSESP issued in April 2013, the Resolution no. 413, postponing the application of Resolution no. 407 until the conclusion of the tariff revision process, the transfer to the bill of services of amounts referring to the municipal charges which were stipulated in Resolution no. 407. The postponement to apply Resolution no. 407 was due to a request by the S&#227;o Paulo State Government to analyze, </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>among other things, methods to reduce the impact on consumers.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of April 18, 2014, ARSESP Resolution </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>no.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 484 was published with the final results of SABESP&#8217;s Tariff Revision, however, both the S&#227;o Paulo Municipal Government, through Official Letter </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>no.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 1,309/14-SGM/GAB and the S&#227;o Paulo State Government through a petition filed by the S&#227;o Paulo State Office, through the Official Letter ATG/Official Letter </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>no.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 092/14-CC, requested a postponement of the effects of ARSESP Resolution no. 413, published in the S&#227;o Paulo State Official Gazette on March 20, 2013, until the conclusion of the revision of the Agreement entered into between the S&#227;o Paulo Municipal Government, the S&#227;o Paulo Statement Government and SABESP.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>By means of Resolution </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>no.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 488 of May 7, 2014, ARSESP maintained the suspension of the effectiveness of ARSESP Resolution </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>no. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>407, published on March 22, 2013, until the results obtained in the revision of the Agreement entered into by the S&#227;o Paulo Municipal Government, the S&#227;o Paulo State Government and SABESP postponing authorization for the transfer to the bill of the services related to the legally established municipal fees that, by force of the Program Agreements and Water Supply and Sewage Services Agreements, should be included in the Tariff Revision.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement represents 55.38% of the total revenue of the Company as of December 31, 2017, and ensures the judicial and assets security, adequate return to shareholders and quality services to its customers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The municipality of S&#227;o Paulo and the Company did not conclude an agreement to equalize financial pending issues existing until the signature date of the Agreement related to the rendering of water supply and sewage services to the real properties of the municipality, and for that reason, the Company filed a suit to collect these accounts, which are accrued for losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization of interest and other finance charges</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, the Company capitalized interest and inflation adjustment, including related foreign currency exchange effects in concession intangible assets, totaling R$649,048, including the S&#227;o Louren&#231;o Production System and Leases (R$700,743 in 2016 and R$466,544 in 2015) during the construction period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction margin</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company acts as a principal responsible to construct and install the infrastructure related to the concession, using own efforts or hiring outsourcing services, receiving the risks and benefits. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As a consequence, the Company recognizes revenue from construction service corresponding to the cost of construction increased by gross margin. Generally, the constructions related to the concessions are performed by third parties, in such case, the margin of the Company is lower, normally, to cover eventual administration costs, and the responsibility of the primary risk.&nbsp; In 2017 and 2016 the margin was 2.3%.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Construction margin for 2017, 2016 and 2015 were R$70,335, R$81,513 and R$72,908, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(f) Expropriations </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As a result of the construction of priority projects related to water and sewage systems, the Company was required to expropriate third-parties' properties, and the owners of these properties will be compensated either amicably or through courts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The costs of these expropriations are recorded as concession intangible assets after the transaction is concluded. In 2017, the total amount related to expropriations was R$19,576 (R$40,452 in 2016 and R$66,801 in 2015).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public-Private Partnership - PPP</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP carries out operations related to the PPPs mentioned below. These operations and their respective obligations and guarantees are supported by agreements executed according to Law 11,079/04.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Alto Tiet&#234; Production System </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company and the special purpose entity CAB-Sistema Produtor Alto Tiet&#234; S/A, formed by Galv&#227;o Engenharia S.A. and Companhia &#193;guas do Brasil &#8211; Cab Ambiental, signed in June 2008 the contract of public-private- partnership of Alto Tiet&#234; production system.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The contract last 15 years which purpose is to expand the capacity of treated water of Taia&#231;upeba from 10 thousand to 15 thousand of liters per second, whose operation began in October 2011.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017 and 2016, the amounts recognized as intangible asset related to PPP were R$371,862 and R$382,103, respectively.&nbsp; In 2017, a discount rate of 8.20% p.a. was used to calculate the adjustment to present value of the agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On a monthly basis, SABESP assigns funds from tariffs to the SPE CAB Sistema Produtor Alto Tiet&#234; S/A, in the amount of R$10,012, corresponding to the monthly remuneration.&nbsp; This amount is annually adjusted by the IPC &#8211; FIPE and is recorded in a restricted account, pursuant to the contractual operating proceeding.&nbsp; Should SABESP comply with its monthly obligations with the SPE, the funds from the restricted account will be released.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The guarantee is effective since the beginning of the operation and will be valid until the conclusion, termination, intervention, annulment or caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in the law applicable to administrative concessions, including in the event of bankruptcy or extinction of the SPE.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>S&#227;o Louren&#231;o Production System</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>SABESP and the special purpose entity Sistema Produtor S&#227;o Louren&#231;o S/A, composed of Constru&#231;&#245;es e Com&#233;rcio Camargo Corr&#234;a S/A and Construtora Andrade Gutierrez S/A, in August 2013 signed the public-private partnership agreements of the S&#227;o Louren&#231;o Production System.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The objective of the contract is: a) the construction of a water producing system, mainly consisting of a water pipeline connecting Ibi&#250;na to Barueri, a water collection station in Ibi&#250;na, a water treatment station in Vargem Grande Paulista and water reservoirs; and b) the provision of services for a 25-year term, aiming at rendering services to operate the dehydration system, drying and final disposal of sludge, maintenance and works of the S&#227;o Louren&#231;o Production System.&nbsp; Works started in April 2014.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia><FONT style="FONT-SIZE: 10pt" face=Georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The work was inaugurated on April 3, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2018.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> </FONT></FONT></FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The estimated amount monetarily restated through December 31, 2017 is approximately R$7.9 billion.&nbsp; This amount was calculated considering the early startup mentioned above.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>After the beginning of the operations, every month SABESP will transfer to the SPE Sistema Produtor S&#227;o Louren&#231;o S/A funds from tariffs arising from the services provided, in the amount of R$24.4 million, equivalent to the monthly remuneration plus interest and charges.&nbsp; The amount above will be annually restated by the IPC - FIPE and should be monthly recorded in a restricted account, in accordance with the operating procedures of the agreements.&nbsp; Should SABESP perform its monthly obligations with the SPE, the funds from the restricted account will be released.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The guarantee will become effective as of the beginning of the system&#8217;s appropriate operation, duly accepted by SABESP, valid until the occurrence of any of the following events, whichever occurs first:&nbsp; (i) the original payment date of the last installment of interest / amortization of the principal taken out by the SPE to execute the works; (ii) the end, termination, intervention, annulment, caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in the law applicable to administrative concessions, including bankruptcy or extinction of the SPE.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017 and 2016, the carrying amount recorded in the Company&#8217;s intangible assets, related to this PPP, amounted to R$2,818,805 and R$1,951,538, respectively.&nbsp; Intangible assets are accounted for based on the physical evolution of the construction which, as of December 31, 2017, was approximately 89%, with a counter-entry in the Private Public Partnership (PPP) liabilities account.&nbsp; In 2017, a discount rate of 7.80% p.a. was used to calculate the adjustment to present value of the agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The obligations assumed by the Company as of December 31, 2017 and 2016 are shown in the table below, and the increase in intangible assets and liabilities was mainly due to the progress of PPP S&#227;o Louren&#231;o works in 2017.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>68</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Current liabilities</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Noncurrent liabilities</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Noncurrent liabilities</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Current liabilities</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total liabilities</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Alto Tiet&#234;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>35,083</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>282,501</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>317,584</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>31,898</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>309,858</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>341,756</FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>S&#227;o Louren&#231;o</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>24,924</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,728,908</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,753,832</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,907,662</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,907,662</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>60,007</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,011,409</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,071,416</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>31,898</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2,217,520</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2,249,418</FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Works in progress</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amount of R$10,387 million is recorded under intangible assets as works in progress as of December 31, 2017 (R$9,156 million as of December 31, 2016), and, in 2017, the major projects are located in the municipalities of S&#227;o Paulo, Franca and Itanha&#233;m, totaling R$6,497 million (including R$2,819 million from PPP S&#227;o Louren&#231;o), R$253 million and R$208 million, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amortization average rate totaled 3.9% as of December 31, 2017, 2016 and 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(j) Software license of use&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The software license of use is capitalized based on the costs incurred to acquire software and make them ready for use. As of April 10, 2017, the Company implemented the Integrated Business Management System (Enterprise Resource Planning &#8211; SAP ERP), which includes the administrative/financial module. The implementation of the comercial module is in progress.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stat<FONT style="FONT-SIZE: 10pt" face=Georgia>e</FONT>ment of financial position details</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accumulated depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accumulated depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Cost</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Accumulated depreciation</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Land</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,507</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,507</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,494</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>92,494</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>79,013</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(36,653)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>42,360</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>77,548</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(34,286)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>43,262</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>330,753</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(226,950)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>103,803</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>338,696</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(189,556)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>149,140</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>10,862</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(7,182)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>3,680</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>11,141</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(6,610)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>4,531</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Furniture and fixtures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>24,430</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(12,614)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>11,816</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>23,633</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(11,647)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>11,986</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,122</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(238)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>884</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>1,181</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(211)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>970</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>538,687</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(283,637)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>255,050</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>544,693</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>(242,310)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" face=georgia>302,383</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>69</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31, <B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2017</FONT></B></FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Land</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>92,494</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>13</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>92,507</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>43,262</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>86</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,358</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(2,346)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>42,360</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>149,140</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>17,627</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(15,945)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(178)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(46,841)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>103,803</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>4,531</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(33)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(27)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(791)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,680</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Furniture and fixtures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>11,986</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,207</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(75)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(54)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(1,248)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>11,816</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>970</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(15)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>&nbsp; (20)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(51)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>884</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>302,383</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>18,920</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(14,697)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(279)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(51,277)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>255,050</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>&nbsp;2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Land</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,708</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10,214)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,494</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45,891</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(911)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(45)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,673)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>43,262</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>162,218</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>26,061</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(6,380)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(181)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(32,578)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149,140</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,692</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>214</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(556)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(819)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,531</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Furniture and fixtures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>511</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,258</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,191)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,986</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>845</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(24)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>970</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>325,076</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>27,631</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(13,803)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(236)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(36,285)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>302,383</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>70</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>&nbsp;2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Land</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>100,533</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,032</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,143</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,708</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>42,515</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,383</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,347</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,354)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45,891</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>146,922</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>51,610</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(8,123)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(340)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(27,851)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>162,218</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>7,613</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>135</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,109)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(937)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,692</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Furniture and fixtures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>7,124</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>634</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,629</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(23)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(946)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,418</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>138</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>21</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>304,845</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>54,794</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(3,092)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(373)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(31,098)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>325,076</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company annually revises the depreciation rates of: buildings &#8211; 3.0%; equipment- 18.0%; transportation equipment - 10% and furniture, fixture and equipment &#8211; 7.5%.&nbsp; Lands are not depreciated.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The depreciation average rate was 13.6%, 10.9% and 11.5%, as of December 31, 2017, 2016 and 2015, respectively.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>71</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings and financing</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Borrowings and financing outstanding balance</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>December 31, 2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>December 31, 2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial institution</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Noncurrent</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Total</FONT></B></P></TD>

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   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Noncurrent</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Local currency</FONT></B></P></TD>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;10th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>41,702</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>80,953</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>122,655</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>40,967</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>120,343</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>161,310</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;12th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>45,450</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>294,702</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>340,152</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>45,450</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>340,165</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>385,615</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;14th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>40,503</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>141,351</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>181,854</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>39,802</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>178,571</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>218,373</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;15th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>346,414</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>345,788</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>692,202</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>97,692</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>672,657</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>770,349</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;17th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>144,391</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>781,922</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>926,313</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>140,144</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>904,094</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,044,238</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;18th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>33,020</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>194,872</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>227,892</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>32,436</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>223,840</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>256,276</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;19th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>199,461</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>199,461</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;20th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>250,000</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>246,890</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>496,890</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>495,533</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>495,533</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;21th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>499,628</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>499,628</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>78,487</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,154,599</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,233,086</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>59,199</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,088,160</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,147,359</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Development Bank - BNDES BAIXADA SANTISTA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>16,782</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>16,782</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>33,564</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>16,603</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>33,207</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>49,810</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Development Bank - BNDES PAC</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>11,143</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>50,028</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>61,171</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,987</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>60,293</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>71,280</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Development Bank - BNDES PAC II 9751</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>4,334</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>22,991</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>27,325</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>4,288</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>27,007</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>31,295</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Development Bank - BNDES PAC II 9752</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,367</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>19,526</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>21,893</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,341</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>21,659</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>24,000</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Development Bank - BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>23,469</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>146,461</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>169,930</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>23,219</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>168,083</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>191,302</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Development Bank - BNDES TIET&#202; III</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>30,378</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>280,825</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>311,203</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>30,054</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>307,862</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>337,916</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Brazilian Development Bank - BNDES 2015</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>10,050</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>397,922</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>407,972</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>233,967</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>233,967</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Leases</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>17,573</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>544,044</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>561,617</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>14,914</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>537,602</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>552,516</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Other</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,466</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>9,477</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>10,943</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>746</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,829</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>11,575</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>101,855</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>101,855</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>121,605</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>121,605</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total in local currency</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,199,384</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,228,761</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>6,428,145</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>879,908</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>5,423,872</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>6,303,780</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Borrowings and financing outstanding balance</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>December 31, 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: medium none; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>December 31, 2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Financial institution</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Noncurrent</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Current</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Noncurrent</FONT></B></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia></FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Foreign currency</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;Inter-American Development Bank - BID 713&nbsp; (US$25,097 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>81,794</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>81,794</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Inter-American Development Bank - BID 1212&nbsp; &#8211; US$82,225 thousand (US$92,503 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>34,000</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>238,000</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>272,000</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>33,499</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>267,979</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>301,478</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;Inter-American Development Bank - BID 2202 &#8211; US$444,871 thousand (US$438,071 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>81,757</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,375,358</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,457,115</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>75,143</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,339,803</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,414,946</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;International Bank of Reconstruction and Development -BIRD &#8211; US$91,286 thousand (US$79,946 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>301,665</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>301,665</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>260,224</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>260,224</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;Deutsche Bank &#8211; US$150,000 (US$150,000 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>248,100</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>242,343</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>490,443</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>480,244</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>480,244</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;Eurobonds &#8211; US$350,000 thousand (US$350,000 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,155,331</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,155,331</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,137,395</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,137,395</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;JICA 15 &#8211; &#165;13,829,160 thousand (&#165;14,981,590 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>33,881</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>372,696</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>406,577</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>32,175</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>386,111</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>418,286</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;JICA 18 &#8211; &#165;12,433,920 thousand (&#165;13,470,080 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>30,463</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>334,849</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>365,312</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>28,930</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>346,889</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>375,819</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;JICA 17 &#8211; &#165;1,534,959 thousand (&#165;1,596,251 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>2,507</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>41,835</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>44,342</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>1,205</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>42,675</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>43,880</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;JICA 19 &#8211; &#165;29,777,232 thousand (&#165;27,596,009 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>873,383</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>873,383</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>768,463</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>768,463</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;BID 1983AB &#8211; US$82,404 thousand (US$106,346 thousand in December 2016)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>79,201</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>189,990</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>269,191</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>78,030</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>263,921</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>341,951</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>&nbsp;Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>37,462</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>&nbsp;-</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>37,462</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>35,883</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>35,883</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Total in foreign currency</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>547,371</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,125,450</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,672,821</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>366,659</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,293,704</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face=georgia>5,660,363</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="47%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>81,794</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>-</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>81,794</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="47%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Total borrowings and financing</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,746,755</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>10,354,211</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>12,100,966</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>1,246,567</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>10,717,576</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>11,964,143</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="100%" colSpan=12>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>Exchange rate as of December 31, 2017: US$3.3080; &#165;0.02940 (as of December 31, 2016: US$3.2591; &#165;0.02792).</FONT></P>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>As of December 31, 2017, the Company did not have balances of borrowings and financing, raised during the year, to mature within 12 months.</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>72</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

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

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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Local currency</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Guarantees</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Maturity</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Annual interest rates</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face=georgia>Inflation adjustment</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>10th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>TJLP +1.92% (Series 1 and 3) and 9.53% (Series 2) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>12th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>&nbsp;TR + 9.5% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>14th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>TJLP +1.92% (Series 1 and 3) and 9.19% (Series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>15th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>CDI + 0.99% (Series 1) and 6.2% (Series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>17th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>CDI +0.75 (Series 1) and 4.5% (Series 2) and4.75% (Series 3)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>IPCA (Series 2 and 3)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>18th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2024</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>TJLP 1.92 % (Series 1 and 3) and 8.25% (Series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>19th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>CDI + 0.80% to 1.08%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>20th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>CDI + 3.80%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>21th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>CDI + 0.60% e CDI+ 0.90%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2018/2038</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>5% to 9.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>TR</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="MARGIN: 4.8pt 0in 4.8pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Development Bank - BNDES BAIXADA SANTISTA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2.5%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Development Bank - BNDES PAC</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2.15%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Development Bank - BNDES PAC II 9751</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>1.72%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Development Bank - BNDES PAC II 9752</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>1.72%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Development Bank - BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>1.92%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="18%">

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Development Bank - BNDES TIET&#202; III</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2028</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>1.66%+TJLP </FONT></P></TD>

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Brazilian Development Bank - BNDES 2015</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2035</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2.5%+TJLP </FONT></P></TD>

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Leases</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2035</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>7.73% to 10.12% </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>IPC</FONT></P></TD></TR>

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Other</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Own funds</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>2018/2025</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>12% (Presidente Prudente) and TJLP + 1.66% (FINEP)</FONT></P></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>74</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Foreign currency</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Guarantees</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Maturity</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Annual interest rates</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia>Exchange rate changes</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 4.8pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Inter-American Development Bank - BID 1212&nbsp; -</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia> US$82,225 thousand</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2025</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.74% (*)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Inter-American Development Bank - BID 2202&nbsp; -</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia> US$444,871 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.33% (*)&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>International Bank for Reconstruction and Development - BIRD</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia> US$91,286 thousand</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2034</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.71% (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Deutsche Bank US$</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>150,000</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia> thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Libor+4.50%(*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Eurobonds &#8211; US$350,000 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>6.25%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 15 &#8211; &#165;13,829,160 thousand </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 18 &#8211; &#165;12,433,920 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>JICA 17</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8211; &#165;1,534,959 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.2% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>JICA 19</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8211; &#165;29,777,232 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.7% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BID 1983AB </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8211; US$82,404 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2023</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Libor + 1.88% to 2.38%</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia> (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(*)Rates comprising LIBOR + contractually defined spread.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>75</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i) Payment schedule &#8211; accounting balances as of December 31, 2017</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2019</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2020</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2021</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2022</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2023</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2024 to 2038</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>TOTAL</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>LOCAL CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>901,480</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,022,262</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>576,364</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>375,660</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>354,807</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>159,790</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>97,223</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,487,586</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>78,487</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>69,516</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>71,998</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>75,721</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>79,743</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>71,768</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>785,853</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,233,086</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>98,523</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>112,594</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>94,467</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>94,019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>94,019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>88,335</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>451,101</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,033,058</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>17,573</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>32,766</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>34,384</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>36,143</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>38,056</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>40,775</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>361,920</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>561,617</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,466</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,370</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,370</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,370</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,370</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,370</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>2,627</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>10,943</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>101,855</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>101,855</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>TOTAL IN LOCAL CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,199,384</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,238,508</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>778,583</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>582,913</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>567,995</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>362,038</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,698,724</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>6,428,145</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>FOREIGN CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BID</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>115,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>115,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>115,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>115,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>115,757</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>115,758</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,034,572</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,729,115</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BIRD</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>10,056</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>20,112</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>20,112</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>20,112</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>20,113</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>211,160</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>301,665</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Deutsche Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>248,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>242,343</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>490,443</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,155,331</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,155,331</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>66,851</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>114,173</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>114,173</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>114,173</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>114,173</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>114,173</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,051,898</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,689,614</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BID 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>79,201</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>58,526</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>58,526</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>25,446</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>25,446</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>22,046</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>269,191</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>37,462</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>37,462</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>TOTAL IN FOREIGN CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>547,371</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>540,855</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,463,899</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>275,488</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>275,488</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>272,090</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>2,297,630</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>5,672,821</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Overall Total</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,746,755</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,779,363</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>2,242,482</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>858,401</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>843,483</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>634,128</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,996,354</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>12,100,966</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.25pt" color=black face=georgia></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>76</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.25pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>(ii)&nbsp;&nbsp; Changes</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LETTER-SPACING: -0.25pt" color=black face=georgia></FONT></B>&nbsp;</P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 52.5pt">

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Funding</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Lease</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Monetary variation and exchange rate changes</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Inflation adjustment / update incorporated interest - Capitalized</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Interest and fees paid</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Amortization</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Accrued interest</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Provision for interest and fees - Capitalized</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs - expenses</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 52.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>LOCAL CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,641,912</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>500,000</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(1,157)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>51,768</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(301,493)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(597,794)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>176,780</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>103,215</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,611</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,576,842</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,150,691</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>144,654</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>5,495</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,415</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(95,854)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(65,836)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>78,283</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>17,826</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,236,674</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>946,984</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>171,153</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>5,405</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,512</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(78,466)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(87,993)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>33,938</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>48,294</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>209</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,042,036</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>552,516</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>24,693</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(15,593)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>561,616</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 7pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>11,677</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>116</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(876)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(750)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>779</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>31</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>10,977</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>TOTAL IN LOCAL CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,303,780</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>815,807</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(1,157)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>24,693</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>62,784</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,927</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(476,689)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(797,966)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>289,780</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>169,366</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,820</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,428,145</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>FOREIGN CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>BID</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,811,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>96,889</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(2,497)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(15,193)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>40,228</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(38,654)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(189,280)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>22,547</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>16,803</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>750</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,743,257</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>BIRD</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>261,337</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>35,710 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,874</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,837</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(4,049)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,662</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>888</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>19</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>303,278</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Deutsche Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>485,090</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(720)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>7,335</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(31,774)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>21,286</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>11,925</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,584</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>496,726</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,141,469</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>17,115</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(85,338)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>55,046</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>29,529</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>821</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,158,642</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,617,215</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>63,909</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(287)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>82,563</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,525</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(28,652)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(65,702)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>27,602</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,115</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>160</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,700,448</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 7pt" face=georgia>BID 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>343,588</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(82)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,609</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(10,931)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(75,610)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,858</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,715</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,323</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>270,470</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>TOTAL IN FOREIGN CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>5,660,363</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>196,508</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(3,586)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>96,303</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>45,590</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(199,398)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(330,592)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>137,001</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>63,975</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,657</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>5,672,821</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Overall Total</FONT></I></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>11,964,143</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,012,315</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(4,743)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>24,693</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>159,087</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>49,517</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(676,087)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(1,098,558)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>426,781</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>233,341</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>10,477</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>12,100,966</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>77</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0pt" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia>December 31, 2015</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Funding</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Lease</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Monetary variation and exchange rate changes</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Inflation adjustment / update incorporated interest - Capitalized</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Interest and fees paid</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Amortization</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Accrued interest</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia>Provision for interest and fees - Capitalized</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face=georgia>Borrowings costs - expenses</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>LOCAL CURRENCY</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Debentures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>4,203,127</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(1,241)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>105,385</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(375,027)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(663,468)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>214,245</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>154,814</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>4,077</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,641,912</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,067,464</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>113,310</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>15,619</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,405</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(89,896)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(52,315)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>63,813</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>26,291</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,150,691</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>696,329</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>313,072</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(2,242)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(55,806)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(76,469)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>38,172</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>33,768</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>160</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>946,984</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>534,894</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>32,111</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(14,489)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>552,516</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 7pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,962</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>10,014</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>31</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(905)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(655)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,149</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>81</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>11,677</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>TOTAL IN LOCAL CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,503,776</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>436,396</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>&nbsp;(3,483)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>32,111</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>121,035</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,405</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(521,634)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(807,396)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>317,379</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>214,954</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>4,237</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,303,780</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>FOREIGN CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>BID</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,194,353</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>113,543</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(3,819)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(396,817)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>37,412</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(42,429)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(133,063)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>21,792</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>20,100</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>592</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,811,664</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>BIRD</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>238,940</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>59,983</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(40,213)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,971</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(1,876)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,916</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>597</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>19</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>261,337</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Deutsche Bank</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>469,020</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>&nbsp;(9,167)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>19,845</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,042</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,804</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>546</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>485,090</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,922,256</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(334,915)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(128,283)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(437,752)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>69,002</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>50,239</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>922</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,141,469</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,756,969</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>188,755</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(468)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(259,455)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>5,771</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(33,799)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(73,854)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>30,791</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>2,362</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>143</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,617,215</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><FONT style="FONT-SIZE: 7pt" face=georgia>BID 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>505,306</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(236)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(78,910)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-&nbsp; </FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(11,923)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(83,247)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,548</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>4,772</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,278</FONT></P></DIV></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>343,588</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>TOTAL IN FOREIGN CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>6,617,824</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>831,301</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(13,690)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(1,090,465)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>45,154</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(218,310)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(727,916)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>132,091</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>80,874</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>3,500</FONT></P></DIV></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>5,660,363</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="MARGIN: 0in 0in 1pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Overall Total</FONT></I></P></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>13,121,600</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>1,267,697</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(17,173)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>32,111</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(969,430)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>51,559</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(739,944)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>(1,535,312)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>449,470</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>295,828</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>7,737</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 7pt" face=georgia>11,964,143</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>78</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2017 is stated net of borrowings costs in the amount of R$6,223 (R$8,163 as of December 31, 2015), which will be amortized during the same maturity period of each contract</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Main events</FONT></B></P>

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

<P style="MARGIN: 0in 0in 6pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of January 16, 2017, the Company amortized the second installment of the 17th issue of series 1, totaling R$140,144.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt; TEXT-INDENT: -2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;As of February 15, 2017, the Company fully amortized the 15th issue of series 1, totaling R$104,809, referring to principal and interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt; TEXT-INDENT: -2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;As of June 20, 2017, the Company fully amortized the 19th debenture issue, totaling R$ 212,648, referring to principal and interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt; TEXT-INDENT: -2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;As of July 13, 2017, the Company held the 21st issue of unsecured debentures, not convertible into shares, totaling R$ 500,000, in two series, the first of which totaling R$ 150,000, in a single installment maturing on June 15, 2020 and remuneration by the CDI + 0.60% p.a., and the second series, totaling R$ 350,000, in two installments maturing on June 15, 2021 and June 15, 2022, respectively and remuneration by the CDI + 0.90% p.a. The proceeds of the debenture issue will be allocated to refinance financial commitments maturing in 2017 and to recompose the Company&#8217;s cash.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt; TEXT-INDENT: -2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;The covenants agreed for the 21st issue debentures are:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt; TEXT-INDENT: -2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -5.9pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Net debt/EBITDA: lower than or equal to 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -5.9pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Adjusted EBITDA/paid financial expenses: equal to or higher than 1.5;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 56.7pt; TEXT-INDENT: -5.9pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during the deed&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt; TEXT-INDENT: -2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;Non-compliance with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early maturity of the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt; TEXT-INDENT: -2.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;The indenture has a cross acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, in and individual or aggregate amount equal to or higher than R$ 145 million, adjusted </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>by the IPCA inflation index as of the issue date, constitutes a default event and may result in the early maturity of the obligations arising from the Debentures.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>79</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Covenants</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>For the outstanding contracts, the Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Applicable to the 10th issue, 14<SUP>th </SUP>issue and 18t<SUP>h</SUP> issue:</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financial covenants applicable to the financing agreements entered into with the BNDES, except for agreement n<SUP>o</SUP> 08.2.0169.1 (PAC):</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The financing agreements entered into with the BNDES specify two ranges in which the Company needs to maintain its Adjusted EBITDA / Adjusted Financial Expenses, Adjusted Net Debt / Adjusted EBITDA, and Other Onerous Debt / Adjusted EBITDA ratios.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These agreements also specify a guarantee mechanism in which the Company needs to ensure that a portion of the monthly receivables amount is daily recorded in a fiduciary account linked to the BNDES. In this process, every day, after the BNDES notifies the depositary bank that the Company is not in default, this portion of the monthly receivables amount is transferred to a Company current account.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The renegotiated/amended covenants are:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>A.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Maintenance of the following ratios, quarterly calculated and related to accrued amounts over the last 12 months, upon the disclosure of reviewed interim financial statements or audited annual financial statements entails the need to record R$225.9 million per month in a fiduciary account linked to the BNDES:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA / Adjusted financial expenses equal to or higher than 3.50;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted net debt / Adjusted EBITDA equal to or lower than 3.00;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other onerous debt (*) / Adjusted EBITDA equal to or lower than 1.00. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*)&#8220;Other Onerous Debts&#8221; correspond to the sum of social security liabilities, health care plan, installment payment of tax debts and installment payment of debts with the Electricity supplier.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>B.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In case of failure to comply with one or more ratios specified in item A, in two or more quarters, consecutive or not, within twelve months, the Company will be failing to comply with the first range of ratios and the portion of the monthly receivables to be recorded in a fiduciary account linked to the BNDES will be automatically increased by 20%, if the ratios are maintained in the following range:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA / Adjusted financial expenses lower than 3.50 and equal to or higher than 2.80;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted net debt / adjusted EBITDA equal to or lower than 3.80 and higher than 3.00;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other onerous debt / Adjusted EBITDA equal to or lower than 1.30 and higher than 1.00.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>C.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The failure to achieve one or more than one ratio stipulated in item B, and/or the Company does not comply with the automatic reinforcement of guarantee under the terms of item B, the Company will be failing to comply with the covenant terms and the BNDES may, at its sole discretion:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>require the creation of additional guarantees, not below 30 days, within term to be defined by it through notice; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>suspend the release of funds; and/or </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>declare the early maturity of the financing agreements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, the amount of R$225.9 million was guaranteed for the agreements above (excluding the guarantee of agreement n<SUP>o</SUP> 08.2.0169.1).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 110%" face=georgia></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financial covenants applicable to financing agreement no. 08.2.0169.1 entered into with the BNDES</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></I></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA / adjusted net operating revenue: equal to or higher than 38%; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted EBITDA /adjusted financial expenses: equal to or higher than 2.35;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Adjusted net debt / adjusted EBITDA: equal to or lower than 3.20.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The BNDES will annually verify if the ratios have been complied with by analyzing the annual audited financial statements, which must be presented to the BNDES or published by April 30 of the subsequent year referring to the financial statements.&nbsp; If the Company complies, cumulatively, with the ratios above, the BNDES will reduce the interest stipulated in the agreement from 2.15% p.a. to 1.82% p.a., from June 16 of the year when the analysis is carried out to June 15 of the subsequent year.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements also have a cross default clause, i.e., the early maturity of any of the Company&#8217;s debts, the amount of which may anyhow compromise the settlement of its obligations provided for in the Indenture deed shall imply the early maturity of such agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Applicable to the 12<SUP>th</SUP> issue:</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- Adjusted current ratio (current assets divided by current liabilities, excluding from current liabilities the current portion of noncurrent debts incurred by the Company that are recorded in current liabilities) higher than 1.0;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- EBITDA to paid financial expenses ratio equal to or higher than 1.5;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during the contract&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%).&nbsp; The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Noncompliance with these obligations only will be characterized when verified in its interim financial statements, during at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In case of noncompliance with the covenants, the trustee should call an extraordinary debenture holders' meeting within 48 hours from the acknowledgement of the noncompliance to resolve on the declaration of early maturity of the debentures.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>This issue has an early maturity clause, in case there is a downgrade, by more than two levels, of the &#8220;brAA-&#8221; risk rating in national scale originally attributed to this issue&#8217;s Debentures by the Rating Agency, always taking into consideration the Standard &amp; Poor&#8217;s rating table. As of December 31, 2017, SABESP&#8217;s rate was &#8220;brAA-&#8221;.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement also has a cross default clause, i.e. the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$50 million, adjusted by IPCA variation as of the issue date, due to contractual default, the amount of which may anyhow compromise the settlement of the Company&#8217;s monetary obligations arising from the Issue, shall imply the early maturity of this agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Applicable to the 15<SUP>th</SUP> issue, 17<SUP>th </SUP>issue and 20<SUP>th</SUP> issues:</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- Adjusted total Debt/EBITDA: lower than or equal to 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- EBITDA/ paid financial expenses: equal to or higher than 1.5;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>- Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during the contract&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%).&nbsp; The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer; and</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Non-compliance with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early maturity of the agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements have a cross acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$90 million (for the 19th and 20th issues, amount equal to or exceeding R$120 million), adjusted by IPCA variation as of the issue date, due to contractual default, the amount of which may compromise the settlement of the Company&#8217;s monetary obligations arising from the Issue, will result in the early maturity of these agreements.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Applicable to 21<SUP>st</SUP> issue:</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>- Net debt/ EBITDA: &nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>lower than or equal to 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>EBITDA/ paid financial expenses: equal to or higher than 1.5;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>- </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during the deed&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%).&nbsp; The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Non-compliance with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early maturity of the agreement.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreement have a cross acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$145 million, adjusted by IPCA variation as of the issue date, result in an event of default that result in the early maturity of these agreements.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian Federal Savings Bank - CEF&nbsp; </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Main events</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Funding totaled R$144,654 in 2017, mainly related to the agreements in progress of the Growth Acceleration Program (PAC).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, amortization totaled R$65,836.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The guarantee for financing agreements entered into with the Brazilian Federal Savings Bank is the recognition of a portion of tariffs in an account for this purpose with the Brazilian Federal Savings </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Bank, which should maintain a flow equal to or at least three times the amount of the monthly charges, during the grace period, based on interest, the management fee and the credit risk rate and, during the amortization phase, based on the principal, interest, the management fee and the credit risk rate. Additionally, the Company maintains a reserve account, linked to financing agreements, in the Brazilian Federal Savings Bank, which is maintained during the entire term the agreements, where an amount is accrued equivalent to a monthly charge, composed of, during the grace period, interest, the management fee and the credit risk rate and, during the amortization phase, of the principal, interest, the management fee and the credit risk rate.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp; Covenants</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements have a cross default clause, i.e., the early maturity of any of the Company&#8217;s debts, due to contractual default, the occurrence of which may anyhow compromise the settlement of its monetary obligations deriving from these contracts shall imply the early maturity.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(c) BNDES</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Balance as of December 31, 2017 is stated net of borrowings costs in the amount of R$2,793 (R$3,517 on December 31, 2016), which will be amortized during the same maturity period of each contract.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Main events</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, funding from current contracts totaled R$171,153, mainly referring to the BNDES 2015 agreement, in the amount of R$170,000. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, amortization totaled R$87,993.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Loans are collateralized by part of revenues from the provision of water and sewage services, up to the total amount of the outstanding balance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Covenants</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The agreements entered into with the BNDES have standardized financial covenants, as described in item (a), (ii), covenants applicable to the 10<SUP>th</SUP> issue, 14<SUP>th</SUP>&nbsp; issue and 18<SUP>th</SUP>&nbsp; issue, of this Note.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has lease agreements signed as Assets Lease.&nbsp; During the construction period, works are capitalized to intangible assets in progress and the lease amount is recorded at the same proportion.&nbsp; Works are estimated to be concluded in 2019.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>After startup, the lease payment period starts (240 monthly installments), whose amount is </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>periodically restated by contracted price index.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Balance as of December 31, 2017 is net of borrowing costs in the amount of R$2,470 (R$3,290 as of December 31, 2016), which will be amortized during the same maturity period of the contract.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The contract has the following restrictive clauses &#8220;covenants&#8221;:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Restrict the funding of new debts so that:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>-&nbsp;&nbsp; Adjusted total debt to EBITDA does not exceed 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- &nbsp; The Company's debt service coverage ratio, determined at the end of each quarter, shall not be&nbsp; lower than 2.35.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Noncompliance with covenants will accelerate the maturity of the agreement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has a cross default clause, i.e., the early maturity of any indebtedness in view of the Company&#8217;s loans or any of its Subsidiaries (*) with a total principal amount of US$ 25,000,000.00 or more (or its corresponding amount in other currencies) shall imply this agreement&#8217;s early maturity.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) As per agreement, subsidiary is: &#8220;the company, partnership or another entity from which over 50% of its voting shares are directly or indirectly owned or controlled by any Person or one or other Person&#8217;s Subsidiaries, or their combination&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank US$150 million </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;Balance as of December 31, 2017 is net of borrowing costs </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>in the amount of R$5,757 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(R$8,621 as of December 31, 2016)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>, which will be amortized during the maturity period of the contract.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has the following restrictive clauses &#8220;covenants&#8221;:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>-&nbsp;&nbsp; Total debt/adjusted EBITDA: lower than 3.65;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- &nbsp; Company's debt service coverage ratio, determined at the end of each quarter, shall not be lower </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>than 2.35.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Noncompliance with covenants for two quarters, consecutive or not, will accelerate the maturity of the agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has a &#8220;cross acceleration&#8221; clause, i.e., in the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>early maturity of any debt of the Company or any of its subsidiaries</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>, with a total principal or aggregate amount equal to or higher than R$120 million (or its equivalent in another currency), contracted pursuant to the Brazilian law, or with a total principal or aggregate amount equal to or higher than US$50 million (or its equivalent in another currency), in the case of debts governed by the laws of any other jurisdiction other than Brazil, will result in the early maturity of the agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Pursuant to the agreement, a subsidiary means any partnership, corporation, company, association or commercial entity in which SABESP or one or more of its subsidiaries directly or indirectly hold more than 50% of the outstanding common shares with voting rights of its respective capital stock.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g) &nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank (BID)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2017 is net of borrowing costs amounting to R$14,517 (R$12,770 as of December 31, 2016), which will be amortized during the same maturity period of the agreement.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>In 2017, funding referring to BID 2202 agreement totaled R$&nbsp;96,889 and amortizations in the amount of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>R$&nbsp;189,280, among which, the settlement of the BID 713 agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Guarantees</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Loans obtained from multilateral agencies and from Government Agencies, such as the BID, BIRD and JICA, are guaranteed by the Federal Government, with a counter-guarantee of the S&#227;o Paulo State government.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>For the outstanding contracts, the Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -11.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>-&nbsp;&nbsp; Loan agreement 1,212 - Tariffs must: (a) produce revenues sufficient to cover the system's operating expenses, including administrative, operating, maintenance, and depreciation expenses; (b) provide a return on property, plant, and equipment no less than 7%; and (c) during project execution, the balances of current loans must not exceed 8.5% of total equity.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>This agreement have an early maturity clause, i.e., in the early maturity will occur in the event the Company&#8217;s fail failure to comply with any obligation therewith or any agreements signed with the Bank related to Project finance.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation Agency - JICA </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Relevant funding</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2017 is stated net of borrowing costs amounting to R$3,100 (R$2,971 as of December 31, 2016), which will be amortized during the same maturity period of the contract.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2017, the Company raised R$63,909, referring to BZ-P19 (JICA 19)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia> e </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>BZ-P17 (JICA 17) agreements.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, amortizations totaled R$65,702 referring to JICA BZ-15 and JICA BZ-18 agreements.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>For the guarantees assigned, see item g (ii) of this note.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Loan (IADB 1983AB) </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The balance stated as of December 31, 2017 is net of borrowing costs amounting to R$3,400 (R$4,641 as of December 31, 2016), which will be amortized during the same maturity period of the contract.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In 2017, amortization totaled R$75,610.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Covenants</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- The Company&#8217;s ratio of debt service coverage, determined on a consolidated basis, must be higher than or equal to 2.35; and</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- Total adjusted debt over adjusted EBITDA, determined on a consolidated basis, must be lower than 3.65.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement has an early maturity clause, i.e., in the event of default, the BID may order the early maturity of the loan or part of it. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The agreement also has a &#8220;cross default&#8221; clause, i.e., in the event of default of any other Company debt with the BID or with third parties (in this case, higher than US$25 million), the BID may order the early maturity of the loan.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction and Development - IBRD</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Balance as of December 31, 2017 is stated net of borrowing costs amounting to R$310 (R$328 as of December 31, 2016), which will be amortized during the same maturity period of the contract.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Main events</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2017, funding totaled R$35,710.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>For the guarantees assigned, see item g (ii) of this note.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017 and 2016, the Company had met the requirements set forth by its borrowings and financing agreements.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(l) Exchange rate changes</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2017, the US dollar appreciated 1.5%, from R$&nbsp;3.2591 on December 31, 2016 to R$&nbsp;3.3080 on December 31, 2017, reducing debt in US dollars by R$&nbsp;58,718, and the yen appreciated 5.3%, from R$ 0.02792 on December 31, 2016 to R$&nbsp;0.02940 on December 31, 2017, reducing debt in yen by R$&nbsp;85,211.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(m) &nbsp;&nbsp; Borrowings and financing &#8211; Credit Limited</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Agent</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(in millions of reais (*))</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,487</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Brazilian Development Bank &#8211; BNDES</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,576</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Inter-American Development Bank &#8211; BID</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>436</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Japan International Cooperation Agency &#8211; JICA</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>244</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>38</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>TOTAL</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,781</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(*) Brazilian Central Bank&#8217;s exchange rate as of December 30, 2017 (US$1.00 = R$3.3080;&nbsp; &#165;1.00 = R$0.02940). </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>SABESP in order to comply with its Capex plan relies on a fund-raising plan.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Financing resources contracted have specific purposes, which have been released for the execution of their respective investments, according to the progress of the works. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes recoverable/payable</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Current assets</FONT></B></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Recoverable taxes</FONT></B></P></TD>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Income tax and social contribution</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>270,614</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>32,365</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Withholding income tax (IRRF) on financial investments</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,606</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>7,057</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other federal taxes</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,365</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,961</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other municipal taxes</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>250</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>276,585</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>42,633</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The increase in recoverable taxes is mainly due to the increase in the &#8220;income tax and social contribution&#8221; item, referring to the estimates paid are higher that the amounts due in the year.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>89</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Current liabilities</FONT></B></P>

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Taxes and contributions payable</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Cofins and Pasep</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>74,034</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>49,132</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>INSS (Social Security contribution)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>35,365</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>35,376</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>IRRF (withholding income tax)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>58,204</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>62,771</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>16,362</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>21,478</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>183,965</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>168,757</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes and contributions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Statement of financial position details</FONT></B></P>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax assets </FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>482,863</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>524,129</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gain/loss &#8211; G1 Plan </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,044</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Pension obligations - G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>165,503</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>167,922</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Donations of underlying asset on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>55,112</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,317</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>199,063</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>266,757</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>151,562</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>151,247</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,054,103</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,252,416</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(460,177)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(492,341)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(415,379)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(374,512)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(76,705)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(92,365)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gain/loss &#8211; G1 Plan </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(36,538)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(88,947)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(91,790)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(13,111)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(15,063)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,090,857)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,066,071)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax assets (liabilities), net</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(36,754)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,345</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>90</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realization</FONT></B></P>

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

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax assets </FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized within 12 months</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>221,999</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>314,725</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized after one year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>832,104</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>937,691</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,054,103</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,252,416</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized within 12 months</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(51,520)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(143,428)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized after one year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,039,337)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(922,643)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,090,857)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,066,071)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax asset (liabilities)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(36,754)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,345</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes</FONT></B></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred income tax assets</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Net </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>change </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>524,129</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(41,266)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>482,863</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Actuarial gain/loss &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>85,044</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(85,044)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Pension obligations - G1</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>167,922</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2,419)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>165,503</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Donations of underlying asset on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,317</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2,205)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>55,112</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>266,757</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(67,694)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>199,063</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>151,247</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>315</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>151,562</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,252,416</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(198,313)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,054,103</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(492,341)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>32,164</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(460,177)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(374,512)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(40,867)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(415,379)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(92,365)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>15,660</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(76,705)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Actuarial gain/loss &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,538)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,538)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(91,790)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,843</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(88,947)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(15,063)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,952</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(13,111)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,066,071)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(24,786)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,090,857)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax assets (liabilities), net</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,345</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(223,099)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,754)</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>91</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred income tax assets</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Net </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>change </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>480,378</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>43,751</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>524,129</FONT></P></TD></TR>

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   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Pension obligations - G0</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>85,044</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>85,044</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Pension obligations - G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>256,808</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(88,886)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>167,922</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Donations of underlying asset on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>53,206</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,111</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,317</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>213,171</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>53,586</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>266,757</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>58,829</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(58,829)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>121,550</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>29,697</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>151,247</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,183,942</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>68,474</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,252,416</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(524,495)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>32,154</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(492,341)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(309,648)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(64,864)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(374,512)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(81,055)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(11,310)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(92,365)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Actuarial gain/loss &#8211; G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(33,726)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>33,726</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(94,921)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,131</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(91,790)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(11,855)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,208)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(15,063)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,055,700)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(10,371)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,066,071)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Deferred tax asset, net</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>128,242</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>58,103</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,345</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Opening balance </FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,345</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>128,242</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>209,478</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Net change in the year:</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;- corresponding entry to the income statement </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(101,517)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(60,667)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(50,024)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;- corresponding entry to valuation adjustments to equity (Note 20 (b))</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(121,582)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>118,770</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(31,212)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total net change</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(223,099)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>58,103</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(81,236)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="46%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Closing balance </FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(36,754)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,345</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>128,242</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>92</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of the effective tax rate</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The amounts recorded as income tax and social contribution expenses in the financial statements are reconciled to the statutory rates, as shown below:</FONT></P>

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Profit before income taxes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,503,614</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,129,054</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>587,529</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Statutory rate</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>34%</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>34%</FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>34%</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Estimated expense at statutory rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,191,229)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,403,878)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(199,760)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Tax benefit of interest on equity</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>245,444</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>245,637</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>56,172</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Permanent differences</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Provision &#8211; Law 4,819/58 (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(57,104)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(63,039)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(54,679)</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Donations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(12,413)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(10,987)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,153)</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt 14.2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>GESP Agreement (note 10 (vii))</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>151,465</FONT></P></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Other differences</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>30,998</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>50,311</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,295)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(984,304)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,181,956)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(51,250)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Current income tax and social contribution</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(882,787)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,121,289)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,226)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="42%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(101,517)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(60,667)</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(50,024)</FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Effective rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>28%</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>29%</FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>9%</FONT></P></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp; Permanent difference related to the provision for actuarial liability (Note 20 (b) (iii)).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>93</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" color=black face=georgia>19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp; Lawsuits and proceedings that resulted in provisions</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(I) Statement of financial position details</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>The Company is party to a number of claims and legal proceedings arising in the normal course of business, including civil, tax, labor and environmental matters. Management recognizes provisions in the financial statements consistently with the recognition and measurement criteria established in Note 3.15. The ultimate timing and amounts of the payments depends on the outcome of the court cases. The provisions, net of escrow deposits are as follows: </FONT></P>

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

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   <P style="MARGIN: 0in 2.85pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Provisions</FONT></B></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></B></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Provisions</FONT></B></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></B></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>438,619</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(56,301)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>382,318</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>572,210</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(97,171)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>475,039</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims&nbsp; (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>332,037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(259,608)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>72,429</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>332,667</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(251,510)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>81,157</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>114,544</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(16,227)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>98,317</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>131,286</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(12,652)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>118,634</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>77,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(5,507)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>71,593</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>69,898</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2,986)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>66,912</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>299,842</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(6,741)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>293,101</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>285,413</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,202)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>282,211</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,446</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,446</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>150,084</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(962)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>149,122</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,422,588</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(344,384)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,078,204</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,541,558</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(368,483)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,173,075</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>607,959</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>607,959</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>730,334</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>730,334</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Noncurrent</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>814,629</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(344,384)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>470,245</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>811,224</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(368,483)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>442,741</FONT></P></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>94</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(II) Changes</FONT></B></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Additional provisions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and inflation adjustment</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Use of the accrual</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Amounts not used</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(reversal)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>572,210</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>26,642</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>44,805</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(138,466)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(66,572)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>438,619</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims&nbsp; (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>332,667</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>23,017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>36,888</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(39,433)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(21,102)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>332,037</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>131,286</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>13,517</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>12,057</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(19,975)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(22,341)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>114,544</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>69,898</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>6,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>7,392</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(259)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(6,808)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>77,100</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>285,413</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>55,106</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>38,861</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(43,498)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(36,040)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>299,842</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>150,084</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>32,377</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>16,156</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(24,585)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(13,586)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>160,446</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,541,558</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>157,536</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>156,159</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(266,216)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(166,449)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,422,588</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(368,483)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(29,089)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(7,823)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>15,354</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>45,657</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(344,384)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,173,075</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>128,447</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>148,336</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(250,862)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(120,792)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,078,204</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Additional provisions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and inflation adjustment</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Use of the accrual</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Amounts not used</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(reversal)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>561,061</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>109,540</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>95,459</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(87,334)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(106,516)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>572,210</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims&nbsp; (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>296,660</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>12,885</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>43,679</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(20,018)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(539)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>332,667</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>124,833</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>20,638</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>19,940</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(8,080)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(26,045)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>131,286</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>62,812</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>20,716</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>14,265</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(4,621)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(23,274)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>69,898</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>283,991</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>51,408</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>29,419</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(37,072)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(42,333)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>285,413</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>83,520</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>68,485</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>23,508</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(25,429)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>150,084</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,412,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>283,672</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>226,270</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(157,125)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(224,136)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,541,558</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(330,663)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(38,269)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(27,153)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>9,601</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>18,001</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(368,483)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,082,214</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>245,403</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>199,117</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(147,524)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(206,135)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,173,075</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>95</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2014</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Additional provisions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Interest and inflation adjustment</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Use of the accrual</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Amounts not used</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(reversal)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>638,637</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>34,868</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>96,735</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(92,203)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(116,976)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>561,061</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims&nbsp; (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>260,854</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>7,062</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>39,143</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(5,837)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(4,562)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>296,660</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>126,403</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>13,022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>20,643</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(12,778)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(22,457)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>124,833</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>55,554</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,501</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>8,557</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(266)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(2,534)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>62,812</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>235,466</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>114,499</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>27,231</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(23,431)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(69,774)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>283,991</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>226,404</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>17,072</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>16,247</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(8,081)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(168,122)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>83,520</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,543,318</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>188,024</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>208,556</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(142,596)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(384,425)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,412,877</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(322,971)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(16,892)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(21,791)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>26,061</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,930</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(330,663)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,220,347</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>171,132</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>186,765</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(116,535)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(379,495)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,082,214</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawsuits deemed as contingent liabilities</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is party to lawsuits and administrative proceedings relating to environmental, tax, civil and labor claims, which are assessed as contingent liabilities in the financial statements, since it either does not expect outflows to be required or the amount of the obligation cannot be reliably measured. Contingent liabilities are represented as follows:</FONT></P>

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

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Customer claims (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>219,900</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>306,500</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Supplier claims&nbsp; (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,430,600</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,422,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>733,100</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>709,400</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Tax claims (iv)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,291,000</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,143,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Labor claims (v)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>677,400</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>533,600</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,879,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,317,600</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>8,231,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,432,100</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explanation on the nature of main classes of lawsuits</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman"> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer claims </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 38.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Approximately 1,070 lawsuits (1,140 as of December 31, 2016) were filed by commercial customers, who claim that their tariffs should correspond to other consumer categories, and 680 lawsuits (710 as </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>of December 31, 2016) in which customers claim a reduction in the sewage tariff due to losses in the system, consequently requesting the refund of amounts charged by the Company and 50 lawsuits (50 as of December 31, 2016) in which customers plead the reduction in tariff under the category as &#8220;Social Welfare Entity&#8221;. The Company was granted both favorable and unfavorable final decisions at several court levels. The R$&nbsp;92,721 decrease in accrued lawsuits was mainly due to payments in the period, while the R$ 86,600 decrease in lawsuits deemed as contingent liabilities is mainly related to revision of expectations arising from court decisions in the period.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These lawsuits include lawsuits filed by some suppliers alleging underpayment of monetary restatements, withholding of amounts related to the understated inflation rates deriving from Real economic plan, and the economic and financial imbalance of the agreements, and are in progress at different courts. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Other civil claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These mainly refer to indemnities for property damage, pain and suffering, and loss of profits allegedly caused to third parties, filed at different court levels. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Tax claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Tax claims refer mainly to issues related to tax collections and fines in general challenged due to disagreements regarding notification or differences in the interpretation of legislation by the Company's management.</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The R$ 148,000 increase in lawsuits deemed as contingent liabilities is mainly related to the new claims filed and update of lawsuits in progress.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a) In 2006, the Brazilian Federal Revenue Service, by means of a tax execution, verified the Company&#8217;s compliance with the tax obligations related to income tax and social contribution for calendar year 2001, and issued a tax assessment adjusted through December 31, 2017 in the amount of R$ 52,192 (R$ 50,203 as of December 31, 2016).&nbsp; The Company appealed this recognition and was granted a partial relief in the first administrative instance. In December 2015, it filed a Voluntary Appeal against the part of the decision that was unfavorable to it. Management considers that this administrative proceeding is deemed as a contingent liability. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b) The municipality of S&#227;o Paulo, through law, revoked the services tax exemption which until them the company withheld and thereafter issued tax deficiency notices related to the sewage service and ancillary activities, in the updated amount of R$ 547,510 (R$ 501,060 as of December 31, 2016), which currently are subject-matter of Tax Foreclosures, deemed by the Management as contingent liabilities. SABESP filed a writ of mandamus against this revocation, which was rejected. Writs of prevention and actions for annulment were also filed, aiming the suspension of enforceability of credits and the annulment of tax deficiency notices, as it understands that notwithstanding the exemption revocation, the sewage activities and ancillary activities are not included in the list of activities subject to taxation </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>by municipality. The appellate decision was favorable to the Company. The Municipality&#8217;s special and extraordinary appeal is still pending. The Company&#8217;s Management deemed the proceeding as contingent liability.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c) The Federal Revenue Service rejected some offset requests made by the Company for the extinction of IRPJ/CSLL payable, using favorable amounts, arising from undue payments of IRPJ/CSLL, which were paid based on monthly estimates. The amount involved was adjusted through December 31, 2017 and is R$ 42,173 (R$ 62,039 as of December 31, 2016).&nbsp; Management considered this administrative proceeding as a contingent liability. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d) The Company&#8217;s request for an authorization to offset taxes was rejected, overdue in the periods of July, August and September 2002 against the amount of IRPJ paid in excess in 1997 and 1998, due to inflation adjustment over the financial statements (Law 8,200/91), which was anticipated in 1996 due to an injunction, after excluded due discontinuance of proceeding and application of Provisional Measure 38/02. The Administrative Council of Tax Appeals rejected the credit from 1997. The amount involved was adjusted through December 31, 2017 and is estimated at R$ 51,374 (R$ 49,682 as of December 31, 2016). Management considered this administrative proceeding as a contingent liability.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e) Some municipalities have filed several lawsuits against SABESP related to taxes and fines in general, which were accrued and deemed as contingent liabilities. As of December 31, 2017, the restated amounts of such lawsuits were R$&nbsp;40,123 (R$&nbsp;39,495 as of December 31, 2016) and R$&nbsp;582,168 (R$&nbsp;466,407 as of December 31, 2016), respectively. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f) In 2005, the Brazilian Federal Revenue Service partially rejected the Company&#180;s request of offsetting tax credits related to the Corporate Income Tax (IRPJ) and the Social Contribution on Net Income (CSLL) in the amount of approximately R$ 56,118, and R$ 8,659, respectively, which relate to the period from January to April 2003, for which the Company offset prior year IRPJ and CSLL negative balances. The amounts not ratified by the authority of IRPJ and CSLL are R$ 11,164 and R$ 698, totaling R$ 11,862 million. As the company was granted a partial relief in this matter, it considered the restated amount of R$ 8,296 as of December 31, 2017 (R$ 8,010 as of December 31, 2017) as a contingent liability and accrued R$ 1,415 (R$ 1,366 as of December 31, 2016) pursuant to item 3.15. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g) SABESP filed two writs of mandamus pleading the declaration of unconstitutional municipal laws that levy the collection of taxes deriving from the use of public areas in the water and&nbsp; sewage&nbsp; network&nbsp; installation for&nbsp; the rendering of basic sanitation public utilities.&nbsp; The first writ of mandamus was judged groundless at the lower court and the Court of Justice of S&#227;o Paulo, in the appeal's records, partially granted relief to recognize the impossibility of charging the monthly contribution, due to unconstitutionality, deeming as valid the need of security and other requirements to issue the Statement of Use Permit&#8211; TPU, however, this decision had no effect since the rules, subject-matter of the first writ of mandamus were revoked.&nbsp; The second writ of mandamus was granted partial relief to prohibit the enforceability of public price and the security for the use of public areas deriving from the municipal laws.&nbsp; The municipality&#8217;s appeal, which was filed as special and extraordinary appeals, was </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>rejected and is pending judgment. At the same time, the S&#227;o Paulo State Appellate Court suspended the lawsuit until a final pronouncement regarding Federal Supreme Court&#8217;s general repercussion matter no. 261 on the Fee &#8211; Occupation &#8211; Light Pole &#8211; Electricity. Management considered it as a contingent liability, but was not able to estimate the amount involved, given the specificities of the lawsuit. &nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Labor claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is a party to labor lawsuits, involving issues such as overtime, shift schedule, health hazard premium and hazardous duty premium, prior notice, change of function, salary equalization, service outsourcing and other. Part of the amount involved is in provisional or final execution at various court levels. The R$ 143,800 increase in lawsuits deemed as contingent liabilities is mainly due to the new lawsuits filed and updates on lawsuits in progress.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Environmental claims</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>These refer to several administrative proceedings and lawsuits filed by government entities, including Companhia de Tecnologia de Saneamento Ambiental &#8211; Cetesb and the Public Prosecution Office of the State of S&#227;o Paulo, that aim affirmative and negative covenants and penalty is estimated due to failure to comply in addition to the imposition of indemnity due to environmental damages allegedly caused by the Company. The amounts accrued represent the best estimate of the Company at this moment, however, may differ from the amount to be disbursed as indemnity to alleged damages, in view of the current stage of referred proceedings. The R$ 561,400 increase in lawsuits deemed as contingent liabilities is mainly due to the new lawsuits filed and updates on lawsuits in progress.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Among the main lawsuits the Company is involved, there are public civil actions the subject-matters of which are: a) sentence SABESP to restrain itself from discharging or releasing sewage without due treatment; b) invest in the water and sewage treatment system of the municipality, under the penalty of paying a fine; c) payment of indemnity due to environmental damages, amongst others. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other concession-related legal proceedings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company is party in concessions-related proceedings, where it challenges damage-related issues to recover the right of operating water supply and sewage collection services in few municipalities or the right to continue operating said services.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The amount of intangible assets related to the municipalities mentioned in the lawsuits mentioned below (except for item &#8220;h&#8221;) totaled R$ 28,417 as of December 31, 2017 (R$ 28,273 as of December 31, 2016), of which R$ 24,071 (items &#8220;c&#8221; to &#8220;g&#8221;) reclassified to indemnities receivable in noncurrent assets, and estimated losses in the full amount of the claim were recorded (see Note 14 (b)). All municipalities mentioned below are not operated by the Company. When a municipality is awarded a final an unappealable favorable sentence, allowing it to repossess sanitation service assets and operations, the Brazilian legislation provides for the indemnity of the Company&#8217;s investments.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(a) Cajobi filed an action to recover possession against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets; the likelihood of the Company resuming operations is remote. As of February 18, 2018, the appeal filed in the Appellate Court was denied. Meanwhile, SABESP has filed a motion against the municipality of Cajobi aiming at the enumeration and appraisal of the concession assets, which is in the forensic accounting stage and will support the subsequent filing of an action for damages;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(b) Macatuba filed an action to recover possession against SABESP, which was granted relief; the likelihood of the Company resuming operations is remote. Meanwhile, SABESP has filed an appeal requesting the payment by the municipality of indemnity related to non-amortized reversible assets.&nbsp; The action is in the forensic accounting stage.&nbsp; In this same action, the municipality of Macatuba counterclaimed because it believes that SABESP earned, through the collection of tariffs, more than the amount invested in the water and sewage system, requesting that the Company be sentenced to pay an indemnity to be calculated by forensic experts, which is deemed as a contingent liability; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c) The Company filed a repossession action against the municipality of &#193;lvares Florence, which was deemed groundless in an unappealable judgment. SABESP also filed an action for damages, requiring the payment related to non-amortized reversible assets. The Court sentenced the municipality to comply with the terms of the agreement. The municipality then filed motion and the appeal is pending judgment;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(d) Emba&#250;ba was granted relief after filling a repossession action against SABESP to maintain the municipality in the possession of water and sewage assets and was issued a final and unappealable judgment.&nbsp; The indemnity action was judged groundless in first instance and upheld by the Court of Justice. SABESP filed a motion that is still pending judgment;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e) Ara&#231;oiaba da Serra filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets and was issued a final and unappealable judgment.&nbsp; SABESP filed an indemnity action, which is in progress, in the forensic expert stage;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f) Itapira filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets, which was issued final and unappealable decision.&nbsp; SABESP filed an indemnity action, which is pending judgment; </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g) Tuiuti, through an action, obtained the right to continue operating water and sewage services. However, in a counter-claim, the municipality was sentenced to pay an indemnity, as a final decision that became an execution object by SABESP. As of December 7, 2016, an official communication was issued requesting the payment of the award;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h) Mau&#225; is a defendant in a lawsuit filed by SABESP in 1996, in order to receive indemnification for its investments during the period of the concession agreement. The court found for the plaintiff and the decision was executed. The lawsuit is currently pending payment through registered warranties. The assets object of indemnification total R$&nbsp;85,918; estimated losses in the full amount were recorded. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental lawsuits with settlements made in 2017</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2017, the Company entered into several legal and administrative agreements totaling R$ 41,133. Of this amount, R$ 19,077 is related to the construction and R$ 22,056 to environmental indemnifications, recorded under &#8220;other liabilities&#8221;. The accumulated balance as of December 31, 2017, corresponding to environmental indemnifications, totaled R$ 43,014 (R$ 20,626 as of December 31, 2016).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 110%" face=georgia>(f) Guarantee insurance for escrow deposit</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company contracts guarantee insurance for escrow deposit, which was renewed as of May 25, 2017, in the amount of R$ 500 million. Such insurance will be used to settle legal claims instead of have immediate cash disbursement by the Company, such insurance is used until the conclusion of these proceedings limited to up to five years.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2017, the Company used R$ 101,192 of the total contracted amount (R$ 134,377 in 2016).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employees benefits </FONT></B></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The health benefit plan is managed by Sabesprev and consists of optional, free choice, health plans sponsored by contributions of SABESP and the active participants, as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.&nbsp;&nbsp;&nbsp;&nbsp; Company: 7.7% (December 31, 2016 &#8211; 7.3%) on average, of gross payroll;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.&nbsp;&nbsp;&nbsp;&nbsp; Participating employees: 3.21% of base salary and premiums, equivalent to 2.8% of payroll, on average. </FONT></P>

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

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Funded plan &#8211; G1 (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,319,841</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,465,721</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,931,380)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,712,551)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="60%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net liabilities recognized for defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>388,461</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>753,170</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="60%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Unfunded plan &#8211; G0 (iii)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,543,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net liabilities recognized for defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,543,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Liability as per statement of financial position &#8211; pension obligations (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT style="FONT-SIZE: 9pt" face=georgia>2,932,338</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,265,250</FONT></B></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>102</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In spite of the decrease in interest rate in the year, the decrease of actuarial liability was mainly due to the commencement of payments by the Company and Participants as well as reduction of benefits to Retired Beneficiaries in 2017 to reduce the deficit.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia>Pursuant to IAS19, the Company recognizes (gains)/losses, due to changes in assumptions under equity, as valuation adjustments to equity, as shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G1 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G0 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>As of December 31, 2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Actuarial gains/(losses) on obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>305,511</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>51,535</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>357,046</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Gains/(losses) on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>52,083</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>52,083</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>357,594</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>51,535</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>409,129</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Deferred income tax and social contribution - G1 Plan</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(121,582)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(121,582)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Valuation adjustments to equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>236,012</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>51,535</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>287,547</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G1 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G0 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>As of December 31, 2016</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Actuarial gains/(losses) on obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(541,783)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(241,711)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(783,494)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Gains/(losses) on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>192,458</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>192,458</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(349,325)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(241,711)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(591,036)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Deferred income tax and social contribution - G1 Plan</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>118,770</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>118,770</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Valuation adjustments to equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(230,555)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(241,711)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(472,266)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G1 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>G0 Plan</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>As of December 31, 2015</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Actuarial gains/(losses) on obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>228,191</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(24,224)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>203,967</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Gains/(losses) on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(136,389)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(136,389)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Total gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>91,802</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(24,224)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>67,578</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Deferred income tax and social contribution - G1 Plan</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(31,212)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(31,212)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>Valuation adjustments to equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>60,590</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>(24,224)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 107%" face=georgia>36,366</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>103</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G1 Plan</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company sponsors a defined benefit pension plan for its employees ("G1 Plan"), which is managed by Sabesprev, receives similar contributions established in a plan of subsidy of actuarial study of Sabesprev, as follows:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>0.99% of the portion of the salary of participation up to 20 salaries; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.7pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>8.39% of the surplus, if any, of the portion of the salary of participation over 20 salaries.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, SABESP had a net actuarial liability of R$388,461 (R$753,170 as of December 31, 2016) representing the difference between the present value of the Company's defined benefit obligations to the participating employees, retired employees, and pensioners; the fair value of the plan&#8217;s assets.</FONT></P>

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, beginning of the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,465,721</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,252,204</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current service cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>17,582</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>35,845</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>260,409</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>285,227</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial (gains)/losses recorded as other comprehensive income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(305,511)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>541,783</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Effect of the plan migration &#8211; early reduction/curtailment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(525,992)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(118,360)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(123,346)</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="68%">

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

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,319,841</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,465,721</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Below, the change of fair value of the plan during the year:</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets, beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,712,551</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,586,930</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected return on the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>183,689</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>201,779</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected Company&#8217;s contributions</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>48,742</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,046</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected participants&#8217; contributions</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>52,675</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,525</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(118,360)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(123,347)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) recorded as other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>52,083</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>192,458</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Effect of the plan migration &#8211; early reduction/curtailment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(191,840)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,931,380</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,712,551</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(Deficit)/Surplus</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(388,461)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(753,170)</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>104</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amounts recognized in the year are as follows:</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="58%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current service expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(35,093)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>13,562</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>23,303</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>260,409</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>285,227</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>287,334</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected return on the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 12pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(183,689)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 12pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(201,778)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 12pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(205,981)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 12pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>41,627</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 12pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>97,011</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 12pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>104,656</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>In 2017, the expenses related to defined pension plan amounting to R$35,156, R$1,864 and R$619 (R$60,263, R$7,982 and R$24,557 in 2016 and R$68,412, R$8,838 and R$22,902 in 2015), were recorded in operating costs, selling and administrative expenses, respectively.&nbsp; The amount of R$3,988 was capitalized in assets (R$4,209 in 2016 and R$4,504 in 2015). </FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="77%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>15,228</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>213,201</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="77%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(37,659)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net profitability on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(179,449)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expense to be recognized by the employer</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>11,321</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Actuarial assumptions:</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="61%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="61%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="61%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate &#8211; actual rate (NTN-B) </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.35% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.74% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7.23% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="61%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.96% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.87% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.49% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="61%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected rate of return on assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9.52% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10.89% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14.19% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="61%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Future salary increase</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.04% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.97% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8.62% p.a.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Mortality table</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The number of active participants as of December 31, 2017 was 4,317 (4,547 as of December 31, 2016), and of inactive participants was 6,978 (6,896 as of December 31, 2016).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>105</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></B>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></B>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The benefit to be paid of G1 pension plan, expected for 2018 is R$165,307.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The contributions of the Company and participants of Plan G1 in 2017 were R$&nbsp;48,742 (R$&nbsp;24,288 in 2016) and R$&nbsp;52,047 (R$&nbsp;21,895 in 2016), respectively. Of this amount, the Company and the participants&#8217; payments corresponding to the actuarial deficit of the G1 funded plan in 2017, totaled R$&nbsp;35,931 and R$&nbsp;38,668, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Sensitivity analysis of the defined benefit pension plan as of December 31, 2017 regarding the changes in the main assumptions are</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>:</FONT></P>

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

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Plan &#8211; G1</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Change in assumption</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Impact on present value of the defined benefit obligations </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Discount rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$25<FONT style="FONT-SIZE: 9pt" face=Georgia>7</FONT>,172</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$309,440</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Wage increase rate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$33,484</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$29,143</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Life expectation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1 year </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$40,729</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1 year </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$41,838</FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Plan&#8217;s assets</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The plan investment policies and strategies are aim at getting consistent returns and reduce the risks associated to the utilization of financial assets available on the Capital Markets through diversification, considering factors, such as the liquidity needs and the long-term nature of the plan liability, types and availability of financial instruments in the local and international markets, general economic conditions and forecasts as well as requirements under the law.&nbsp; The plan's asset allocation management strategies are determined with the support of reports and analysis prepared by Sabesprev and independent financial advisors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

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

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

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2017</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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

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

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

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

<TR style="HEIGHT: 15.6pt">

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

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,064,935</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>997,027</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>146,495</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>141,405</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,803</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Government bonds in own portfolio</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(a)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,211,430</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,144,235</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

   <P style="MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fixed income fund quotas </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(b)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>260,352</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>95,854</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Private credit investment fund quotas </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(c)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>135,454</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>139,665</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,902</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,940</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,611,138</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,383,694</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

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

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Stocks investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(d)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>195,459</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,721</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,903</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15,467</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>199,362</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>196,188</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

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

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Equity investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(e)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>86,193</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>76,680</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Real estate investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(f)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>27,170</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,428</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Multimarket investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(g)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31,195</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>113,363</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>126,303</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

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

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(h)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>7,517</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6,366 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>1,931,380</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,712,551 </FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>106</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(a) Fixed income: it is composed of government bonds issued by the National Treasury, between 2024 and 2055. These instruments are indexed by NTN-b indexed by IPCA (Extended Consumer Price Index) and NTN-c indexed by IGPM (General Market Price Index).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b) Fixed Income Fund Quotas: investment funds that seek return on fixed income assets and shall have&nbsp;&nbsp; at least, 80% of the portfolio in directly related assets, summed up via derivatives to the risk factor.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(c) Private Credit Investment Fund Quotas: funds that seek return by means of the acquisition of operations representing corporate debts or disseminated receivables portfolios (rights or&nbsp;&nbsp; bonds), originated and sold by several assignors who anticipate funds and have receivables from several business activities as guarantee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equities: equity fund composed of Brazilian companies&#8217; stocks listed at B3.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(e) Equity Investment Fund Quotas: it is composed of a closed-ended investment fund.&nbsp; The assets under its management are destined to the acquisition of stocks, debentures, warrants or other securities convertible or swappable into shares issued by companies trading in stock exchanges or not.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(f)&nbsp; Real Estate Investment Fund Quotas: Funds investing in real estate projects (commercial buildings, shopping centers, hospitals, etc.).&nbsp; The return on capital invested occurs by sharing the Fund&#8217;s proceeds or sale of its quotas in the Fund.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(g) Multimarket&nbsp; Investment&nbsp; Fund&nbsp; Quotas:&nbsp; Investment funds that use several investment strategies available in the capital markets in order to obtain return higher than the CDI.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(h) Other: Investment fund quotas in global companies&#8217; stocks, mostly US companies, borrowings, real estate, etc., reducing operational and contingent liabilities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Restrictions with respect to asset portfolio investments, in the case of federal government securities:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>i) papers securitized by the National Treasury will not be permitted;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>ii) derivative instruments must be used for hedge.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Restrictions with respect to asset portfolio investments, in the case of variable-income securities for internal management, are as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>i) day-trade operations will not be permitted;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>ii) sale of uncovered share is prohibited;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>iii) swap operations without guarantee are&nbsp; prohibited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>iv) leverage will not be permitted, i.e., operations with derivatives representing leverage of&nbsp; asset or selling&nbsp; short, such operations cannot result in losses higher than&nbsp;&nbsp; invested amounts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, Sabesprev had in its investment portfolio debentures issued by the Company in the amount of R$ 3,899 (R$ 3,937 as of December 31, 2016). The real estate held in the portfolio is not used by the Company</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The assets&#8217; consolidated profitability came to 12.02% in 2017, exceeding its actuarial target of 7.68%. in 2016, profitability came to 15.99%, exceeding the actuarial target of 12.44%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Concerning Fixed Income, the strategies focused on government bonds prevailed. Said bonds appreciated given the above-mentioned expectation of approval of structural reforms.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Concerning Equities, following the same dynamics, shares of Brazilian companies traded on the B3 appreciated, anticipating expected profit growth arising from a possible economic recovery. In 2017, the return of main Brazilian stock index, the Ibovespa, recorded 26.86%, against 38.94% in 2016. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Structured Investments depreciated slightly due to investments in Private Equity Funds, which require initial investments before generating the expected returns from the sale of the investees after development and appreciation.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private pension plan benefits &#8211; Defined contribution</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>As of December 31, 2017, Sabesprev Mais plan, based on defined contribution, had 9,328 active and assisted participants (9,453 as of December 31, 2016).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>With respect to the Sabesprev Mais plan, the contributions from the sponsor represent 100% over the total basic contribution from the participants.&nbsp; In 2017, expenses related to the obligation of defined contribution, totaling R$12,034, R$1,744 and R$3,245, were allocated to operating costs, selling expenses and administrative expenses.&nbsp; The amount of R$2,197 was capitalized in assets. In August 2016, the Company concluded the migration process initiated in 2010 and paid R$30,891, corresponding to a non-recurring contribution and incentive to participants who migrated, and R$7,214, corresponding to the previous balance, related to the migration that began in 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Company has made contributions in the amount of R$19,220 in 2017 (R$10,750 as of December 31, 2016).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(iii)&nbsp;&nbsp;&nbsp; G0 Plan </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Pursuant to Law 4,819/58, employees who started providing services prior to May 1974 and were retired as an employee of the Company acquired a legal right to receive supplemental pension payments, which rights are referred as "Plan G0". The Company pays these supplemental benefits on behalf of the State Government and makes claims for reimbursements from the State Government, which are recorded as accounts receivable from related parties, limited to the amounts that will be reimbursed by the State Government. As of December 31, 2017, the Company recorded a defined benefit obligation for Plan G0 of R$2,543,877 (R$2,512,080 as of December 31, 2016).</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, beginning of the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,166,942</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current interest expense and service costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>262,873</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>282,117</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial (gains)/losses recorded as other comprehensive income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(51,535)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>241,711</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(179,541)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(178,690)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

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

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,543,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amounts recognized in the income statement are as follows:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>109</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="70%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 6.5pt">

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="70%">

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

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current interest expense and service costs</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>262,873</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>282,117</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>248,054</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amount received from GESP (undisputed amount)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(95,191)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(96,709)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(87,232)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="70%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>167,682</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>185,408</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>160,822</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2017 and 2016, the expenses related to the defined benefit obligation under Plan G0 were recorded in administrative expenses.</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2018</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

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

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

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

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="77%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>232,248</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expense to be recognized</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>232,248</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>The main actuarial assumptions used:</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="67%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="67%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="67%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate &#8211; actual rate (NTN-B) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.30% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.71% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7.25% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="67%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.96% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.87% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.49% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="67%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Future salary increase</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.04% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.97% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8.62% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="67%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Mortality table</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The number of active participants of Plan - Go as of December 31, 2017 was 10 (13 as of December 31, 2016). The number of beneficiaries, retirees and survivors as of December 31, 2017 was 2,294 (2,200 as of December 31, 2016). </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The benefit payable from the Go pension plan expected for 2018 is R$186,991</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The sensitivity analysis of defined benefit pension plan as of December 31, 2017 to the changes in the main assumptions is:</FONT></B></P>

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

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

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Plan &#8211; G0</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Changes in assumption</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Impact on present value of the defined benefit obligations</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Discount rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$227,083</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$267,435</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Wages growth rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$273,937</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1.0% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$235,976</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Life expectation</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of 1 year </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Increase of R$73,736</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of 1 year</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Decrease of R$74,033</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>110</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit sharing </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has a profit sharing program in accordance with an agreement with labor union and SABESP. The period covered represents the Company fiscal year, commence in January to December. The limit of the profit sharing is one month salary for each employee, depending on performance goals reached.&nbsp; As of December 31, 2017, the Program&#8217;s balance payable was recorded under &#8220;salaries, payroll charges and social contributions&#8221; in the amount of R$94,352 (R$83,687 as at December 31, 2016).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia>21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services payable</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The services account records the balances payable, mainly from services received from third parties, such as supply of electric power, reading of hydrometers and delivery of water and sewage bills, cleaning, surveillance and security services, collection, legal counsel services, audit, marketing and advertising and consulting services, among others.&nbsp; This account also includes the amounts payable to the Municipal Fund of Environmental Sanitation and Infrastructure based on a percentage of the revenues from S&#227;o Paulo local government (Note 14 (c) (v)).&nbsp; The balances as of December 31, 2017 and 2016 were R$ 408,275 and R$ 460,054, respectively. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia>22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Authorized capital </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company is authorized to increase capital by up to R$15,000,000 (R$15,000,000 as of December 31, 2016), based on a Board of Directors' resolution, after submission to the Fiscal Council.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>In the event of capital increase, issue of convertible debentures and/or warrants by means of private subscription, shareholders will have preemptive right in the proportion of number of shares held, pursuant to Article 171 of Law 6,404/76.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>111</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Subscribed and paid-in capital</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Subscribed and paid-in capital is represented by 683,509,869 registered, book-entry common shares without par value as of December 31, 2016 and 2015, held as follows:</FONT></P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Number of shares</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>%&nbsp;</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Number of shares</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>%&nbsp;</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>State Department of Finance</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>50,26%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>50,26%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia (**)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>201,026,895</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29,41%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>206,955,305</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>30,28%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>The Bank of New York ADR Department&nbsp;&nbsp; (equivalent in shares) (*) (**)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>136,790,413</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>20,01%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>132,401,813</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19,37%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,168,276</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>0,32%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>628,466</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>0,09%</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%">

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>100,00%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>100,00%</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia>(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each ADR corresponds to 1 share. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia>(**)&nbsp;&nbsp;&nbsp;&nbsp; custodians</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia>Distribution of earnings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia>Shareholders are entitled to a minimum mandatory dividend of 25% of the adjusted net income under Brazilian GAAP, calculated according to the Brazilian corporate law.&nbsp; The dividends do not bear interest and the amounts not claimed within three years from the date of the Shareholders' Meeting that approved them mature in favor of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="69%">

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

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,519,310</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>536,279</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="69%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(-) Legal reserve - 5%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>125,965</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>147,355</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>26,814</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="69%">

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

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="69%">

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

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,393,345</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,799,743</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>509,465</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="69%">

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Minimum mandatory dividend &#8211; 25% (R$0.87539, R$1.0240 and R$0.1863 as of December 31, 2017, 2016 and 2015 per share and per ADS)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>598,336</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>699,936</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>127,366</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>On April 28, 2017, the Shareholders&#8217; General Meeting approved the distribution of dividends as interest on capital amounting to R$ 123,557, for the 2016 fiscal year. Therefore, the amount of R$ 62,719 related to the surplus minimum mandatory dividends of 25%, set forth in the Bylaws, recorded </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>in the 2016 equity under &#8220;Additional proposed dividends&#8221; was transferred to current liabilities.&nbsp; These amounts started being paid in June 2017. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>112</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>The Company proposed dividends as interest on capital in the amount of R$ 598,336 (R$ 699,936 in 2016) and additional proposed dividends in the amount of R$ 105,543 (R$ 123,557 in 2016), totaling R$ 703,879 (R$ 823,493 in 2016), corresponding to R$ 1.0298 per common share (R$ 1.2048 in 2016), to be resolved on the Shareholders&#8217; Meeting to be held on April 27, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>The Company declared dividends payable as interest on capital in the amount of R$ 598,336 (R$ 699,936 in 2016), which considers the minimum dividend amount set forth in the Bylaws.&nbsp; The amount exceeding the minimum mandatory dividend due in the year of R$ 105,543 (R$ 123,557 in 2016) was reclassified into equity to the &#8220;Additional proposed dividends&#8221; account, this amount includes the withholding income tax of R$52,004 (R$60,838 in 2016).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>Pursuant to CVM Resolution 207/1996, the Company imputed interest on capital to the minimum dividend by its net value of withholding income tax. The amount of R$ 52,004 (R$ 60,838 in 2016) referring to the withholding income tax was recognized in current liabilities, in order to comply with tax liabilities related to the credit of interest on capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" face=georgia>The interest on capital balance payable as of December 31, 2017, totaling R$ 598,612 (R$ 700,034 in 2016), refers to the amount of R$ 598,336 (R$ 699,936 in 2016) declared in 2017, net of withholding income tax and R$ 276 declared in previous years (R$&nbsp;98 in 2016).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Legal reserve</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>Earnings reserve - legal reserve is a requirement for all Brazilian corporations and represents an allocation of retained earnings of 5% of annual net income determined based on Brazilian law, up to 20% of capital.&nbsp; However, we are not required to make any allocations to our legal reserve in a year in which the legal reserve, when added to our other established capital and earnings reserves, exceeds 30% of our capital stock.&nbsp; The amounts allocated to such reserve may only be used to increase our capital stock or to offset losses and are not available for the payment of dividends.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Investments reserve</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>Earnings reserve - investments reserve is specifically formed by the portion corresponding to own funds assigned to the expansion of the water supply and sewage treatment systems, based on capital budget approved by the Management.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia>As of December 31, 2017 and 2016, the balance of investment reserve totaled R$6,939,296 and R$5,249,830, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Pursuant to paragraph four of article 28 of the by-laws, the Board of Directors may propose to the Shareholders&#8217; Meeting that the remaining balance of profit for the year, after deducting the legal reserve and minimum mandatory dividends, be allocated to an investment reserve that will comply with the following criteria: </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>113</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 48.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>I-&nbsp;&nbsp; its balance, jointly with the balance of the other earnings reserves, except for reserves for contingencies and realizable profits, may not exceed the&nbsp;&nbsp; capital stock;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 48.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>II- the reserve is intended to guarantee the investment plan and its balance may be used:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>a) to absorb losses, whenever necessary; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>b)&nbsp; to distribute dividends, at any moment; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>c)&nbsp;&nbsp; in share redemption, reimbursement or purchase transactions authorized by&nbsp;&nbsp;&nbsp; law; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 3pt 56.7pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>d)&nbsp; in incorporation to the capital stock.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(f) Allocation of profit for the year</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 1.7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="45%" colSpan=2>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>Profit</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>(+)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>2,519,310</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>536,279</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>(-)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>Legal reserve &#8211; 5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>125,965</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>147,355</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>26,814</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>(-)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>Minimum mandatory dividends</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>598,336</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>699,936</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>127,366</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>(-)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>105,543</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>123,557</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" face=georgia>22,527</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="45%" colSpan=2>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>Investment reserve recorded</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>1.689.466</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>1.976.250</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 105%" color=black face=georgia>359.572</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Management will send for approval at the Shareholders&#8217; Meeting, a proposal to reallocate retained earnings the amount of R$1,689,466 to the Investment Reserve account, in order to meet the investment needs foreseen in the Capital Budget. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Retained earnings (accumulated losses): the statutory balance of this account is zero as all retained earnings must be distributed or allocated to an earnings reserve.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(h) &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Gains and losses arising from changes in the actuarial assumptions are accounted for as equity valuation adjustments, net of income tax and social contribution effects.&nbsp; See Note 20 (b), the breakdown of amounts recorded in 2017 and 2016.</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G1</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G0</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Balance as of December 31, 2016</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(165,085)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(660,563)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(825,648)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) for the year (Note 20 (b))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>236,012</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>51,535</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>287,547</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Balance as of December 31, 2017</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>70,927</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(609,028)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(538,101)</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia>23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per share</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>Basic and diluted</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Basic earnings per share is calculated by dividing the equity attributable to Company&#8217;s owners by the weighted average number of outstanding common shares during the year.&nbsp; The Company does not have potentially dilutive common shares outstanding or debts convertible into common shares.&nbsp; Accordingly, basic and diluted earnings per share are equal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Earnings attributable to Company&#8217;s owners</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>2,519,310</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>536,279</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Weighted average number of common shares issued</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Basic and diluted earnings per share (reais per share)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3.69</FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4.31</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>0.78</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 105%" color=black face=georgia>24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating segment information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>In 2016, the Company started to provide water connections only to customers (residential, commercial and industrial) who also requested a connection to the sewage system. Prior to that, the Company offered water connections even if the customer did not request a sewage connection.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The objective of this measure, which has been applied to all municipalities operated by SABESP, is to reduce the pollution caused by the disposal of sewage in streams, rivers, beaches and phreatic zones, and to expand the benefits to the environment and the health of the population.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>The decision to offer water connections only to customers who also connect to the sewage system was taken by the main operating decision maker, which in the case of SABESP is the Board of Executive Officers, since it believes that the Company must provide sanitation services rather than individual water and sewage services only.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>This structural change in the business has also changed the focus on decision making. In this way, the analysis of the activities was carried out on a consolidated basis, i.e., the Company has only one operating segment &#8211; sanitation &#8211; rather than the previously presented segments, water and sewage, as shown below:</FONT></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>115</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2017</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Sanitation (i)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Reconciliation to the financial statements (ii)</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Balance as per financial statements</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross operating revenue</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>12,223,746</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,150,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>15,374,623</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross sales deductions</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(766,390)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(766,390)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net operating revenue </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>11,457,356</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,150,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>14,608,233</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Costs, selling and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(7,566,104)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(3,080,542)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(10,646,646)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before other operating expenses, net and equity accounting </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,891,252</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>70,335</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,961,587</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other operating income / (expenses), net</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(5,679)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Equity accounting</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>5,760</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Financial result, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>(458,054)</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before taxes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>3,503,614</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,301,897</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=georgia>1,301,897</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(i) See note 31 for further information about non-cash items, other than depreciation and amortization that impact segmet results, and for additionals to long-lived asset information;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(ii) Construction revenue and related costs not reported to the CODM.</FONT></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>116</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2016</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Sanitation (i) </FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Reconciliation to the financial statements (ii)</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Balance as per financial statements</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross operating revenue </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,122,232</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,732,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>14,855,109</FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross sales deductions</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(756,901)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(756,901)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net operating revenue </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>10,365,331</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,732,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>14,098,208</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Costs, selling and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(7,026,699)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(3,651,364)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(10,678,063)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before other operating expenses, net and equity accounting </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,338,632</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>81,513</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,420,145</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other operating income / (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,722</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Equity accounting</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,740</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Financial result, net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>699,447</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before taxes</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,129,054</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,146,626</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,146,626</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(i) See note 31 for further information about non-cash items, other than depreciation and amortization that impact segmet results, and for additionals to long-lived asset information;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Construction revenue and related costs not reported to the CODM.</FONT></P>

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

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

<DIV align=left>

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



<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2015</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(Restated)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Sanitation (i) </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Reconciliation to the financial statements (ii)</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Balance as per financial statements</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross operating revenue </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,946,825</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,336,716</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>12,283,541</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross sales deductions</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(571,972)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(571,972)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net operating revenue </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,374,853</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,336,716</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,711,569</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Costs, selling and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(5,550,122)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(3,263,808)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(8,813,930)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before other operating expenses, net and equity accounting </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,824,731</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>72,908</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,897,639</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other operating income / (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>143,755</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Equity accounting</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,597</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Financial result, net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,456,462)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before taxes</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>587,529</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,074,032</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,074,032</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>117</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(i) See note 31 for further information about non-cash items, other than depreciation and amortization that impact segmet results, and for additionals to long-lived asset information;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" face=georgia>Construction revenue and related costs not reported to the CODM.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The impacts on gross operating income and costs are as follows:</FONT></P>

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

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<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Gross revenue from construction recognized under IFRIC 12&nbsp; (a)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,150,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>3,732,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>3,336,716</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Construction costs recognized under IFRIC 12 (a)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(3,080,542)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(3,651,364)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(3,263,808)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>70,335</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>81,513</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>72,908</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Revenue from concession construction contracts is recognized in accordance with IAS 11 - Construction Contracts, using the percentage-of-completion method. See Note 13 (f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>118</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has insurance that covers fire and other damage to its assets and office buildings, and liabilities to third parties, among others. It also has civil liability insurance for the members of the Board of Directors and Board of Executive Officers (&#8220;D&amp;O insurance&#8221;) and guarantee insurance for escrow deposit (as described in Note 19 (e)) and traditional guarantee insurance. The Company contracts insurance through bidding processes with the participation of the main Brazilian and international insurance companies that operate in Brazil. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia>As of December 31, 2017, the Company&#8217;s insurance coverage is as follows:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Coverage</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Specified risks &#8211; fire</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,007,219</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Engineering risk</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,043,368</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Guarantee insurance for escrow deposit</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>500</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Traditional guarantee insurance</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>100</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Civil liability&#8211; D&amp;O (Directors and Officers)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>100</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Civil liability &#8211; works</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>85,530</FONT></P></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Domestic and international transportation</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>448</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Civil liability &#8211; operations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>14</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,140,279</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenue</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; LINE-HEIGHT: 110%" color=black face=georgia>(a)&nbsp;&nbsp; Revenue from sanitation services:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

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<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Metropolitan region of S&#227;o Paulo</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>8,636,926</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>7,749,694</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>6,021,949</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Regional Systems </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,586,820</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>3,372,538</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2,924,876</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>12,223,746</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>11,122,232</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>8,946,825</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>119</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp; Reconciliation between gross operating income and net operating income:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Revenue from sanitation services (i) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>12,223,746</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,122,232</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8,946,825</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>3,150,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,732,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,336,716</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Sales tax</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(757,619)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(756,901)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(571,972)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Regulation, Control and Oversight Fee (TRCF)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(8,771)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Net revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>14,608,233</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14,098,208</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,711,569</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" face=georgia>(i) Includes the amount of R$8,771 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating costs and expenses </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,841,571)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,718,199)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,503,383)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(48,381)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>131,469</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(75,247)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Construction costs (Note 24)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(3,080,542)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(3,651,364)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,263,808)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(163,712)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(173,224)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(172,561)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Treatment supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(287,592)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(279,150)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(269,294)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(857,063)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(845,334)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(791,156)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(794,352)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(932,435)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(815,164)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(531,985)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(471,965)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(369,213)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,173,765)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,072,918)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,000,937)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(8,778,963)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(9,013,120)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(8,260,763)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(305,440)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(271,690)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(237,848)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(7,296)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>17,941</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(9,761)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(4,451)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(3,585)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,692)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(258,287)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(278,565)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(247,687)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(762)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(751)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(770)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(94,112)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(93,180)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(86,064)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(15,664)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(9,729)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(9,883)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Bad debt expense,</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.65pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>net</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>recoveries</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia> (Note 9 (c))</FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(82,681)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(90,488)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(2,420)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(768,693)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(730,047)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(598,125)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Administrative revenue (expenses)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(229,752)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(194,357)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(182,215)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(171,830)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(136,358)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(185,206)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; GESP Reimbursement &#8211; benefits paid (Note 10</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> (a) (vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>696,283</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(5,675)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(2,585)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(2,340)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(183,746)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(154,926)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(123,802)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(965)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,848)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,596)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(302,113)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(289,862)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(11,467)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(112,468)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(63,979)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(63,212)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Tax expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(92,441)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(90,981)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(81,487)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,098,990)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(934,896)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>44,958</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating costs and expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(2,376,763)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(2,184,246)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,923,446)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(227,507)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>13,052</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(270,214)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; GESP Reimbursement &#8211; benefits paid (Note 10</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> (a) (vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>696,283</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Construction costs (Note 24)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(3,080,542)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(3,651,364)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,263,808)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(173,838)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(179,394)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(178,593)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Treatment supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(287,592)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(279,150)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(269,294)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Outsourced services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,299,096)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,278,825)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,162,645)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(796,079)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(935,034)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(817,530)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(928,210)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(855,007)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(466,744)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,301,897)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(1,146,626)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,074,032)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp; Tax expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(92,441)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(90,981)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(81,487)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Bad debt expense,</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.65pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>net</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>recoveries</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia> (Note 9 (c)) </FONT></P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(82,681)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(90,488)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(2,420)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(10,646,646)</FONT></P></DIV></TD>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Income (Expenses)</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2016</FONT></B></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest and charges on borrowings and financing &#8211; local currency (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(289,780)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(317,379)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(326,315)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest and charges on borrowings and financing &#8211; foreign currency</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(119,100)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(113,268)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(127,352)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other financial expenses (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(97,533)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(86,372)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(149,902)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Income tax over international remittance</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(17,901)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(18,823)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(20,389)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Inflation adjustment on borrowings and financing (iii)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(62,787)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(121,036)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(171,735)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Inflation adjustment on Sabesprev Mais deficit </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(891)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,529)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other inflation adjustments (iv)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(50,941)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(48,634)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(20,594)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest and inflation adjustments on provisions (v)</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(50,238)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(133,488)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(41,916)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(688,280)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(839,891)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(859,732)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Inflation adjustment gains (vi)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>89,010</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>152,154</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>166,887</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Income on short-term investments (vii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>195,992</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>209,376</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>170,551</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest income (viii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>57,166</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>99,068</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>44,358</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Cofins and Pasep </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(16,366)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(23,535)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(7,947)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>442</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>11,647</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>21,385</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total financial income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>326,244</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>448,710</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>395,234</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial income (expenses), net before exchange rate changes</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(362,036)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(391,181)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(464,498)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Net exchange gains (losses)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Exchange rate changes on borrowings and financing (ix)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(96,300)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,090,466</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,992,019)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other exchange rate changes</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(54)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(209)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(720)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Exchange gains</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>336</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>371</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>775 </FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Exchange rate changes, net</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(96,018)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,090,628</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,991,964)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Financial income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(458,054)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>699,447</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(2,456,462)</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>122</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses on loans and financing in local currency decreased mainly as a result of the variation of floating interest rates that remunerate these agreements. The main variations were in the average CDI and TJLP, of 9.9% and 7.0%, respectively, in 2017 (14.0% and 7.5%, respectively, in 2016).</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(ii)&nbsp;&nbsp;&nbsp; The variation in other financial expenses is mainly a result of the increase in expenses with the present value adjustment of long-term liabilities and funding costs related to loans and financing. In 2016, other financial expenses decreased, especially due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiet&#234; &#8211; CAB &#8211; SPAT.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iii)&nbsp;&nbsp; The monetary variation derives mainly from the lower variation of the IPCA in 2017, versus 2016 (2.95% and 6.29%, respectively). The exposures to this rate are shown in Note&nbsp; 5.1 (d). In 2016, the inflation adjustment derives mainly from the lower variation of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(iv)&nbsp; Expenses mainly related to inflation adjustments related to the commitments required by public-private partnerships, program contracts commitments and agreements. In 2016, the increase was essentially due to the restatement of liabilities related to the commitments required by public-private partnerships and leases.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(v)&nbsp;&nbsp;&nbsp;&nbsp; The decrease arises from the decline in the rate practiced by the Court, from 7.39% in 2016 to 1.94% in 2017. In 2016, the variation was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the estimated probability of loss, arising from decisions that were unfavorable to the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(vi)&nbsp;&nbsp; The monetary variation gains decrease due to the lower restatement of the agreement entered into with the S&#227;o Paulo State Government (GESP) in 2017 and the reduction in the National Consumer Price Index (INPC), used to restate escrow deposits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The decrease is a result of the decrease in the CDI rate, of 13.75% p.a. in 2016 and 6.89% p.a. in 2017. In 2016, the increase is due to the higher average balance of investments compared to 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>(viii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 110%" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The R$&nbsp;39,567 decrease in interest income arises mainly from the recognition of present value adjustment on new installment payment agreements entered into with customers in 2017. In 2016, the R$54,710 increase in interest income is essentially due to lower interest on installment agreements in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; TEXT-INDENT: -22.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;(ix)&nbsp; The change in expenses mainly reflects the appreciation of the U.S. dollar and the Yen against the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> Real in 2017 (1.5% and 5.3%, respectively), compared to the depreciation presented in 2016 (16.5% and 13.9%, respectively). In 2016, t</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>he change in expenses </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>mainly reflects the depreciation of the U.S. dollar against the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia> real in 2016 (16.5% and 13.9%, respectively), compared to the appreciation presented in 2015 (47.0% and 45.9%, respectively).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>123</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income (expenses), net</FONT></B></P>

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other operating income, net </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>75,410</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>62,570</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>190,840</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other operating expenses </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(81,089)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(57,848)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(47,085)</FONT></P></DIV></TD></TR>

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   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="51%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%">

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

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt" face=georgia>(5,679)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,722</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>143,755</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Other operating income is comprised by sale of property, plant and equipment, sale of contracts awarded in public bids, right to sell electricity, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse water, PURA projects and services.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Other operating expenses consist mainly of derecognition of concessions assets due to obsolescence, discontinued construction works, unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment and exceeding cost of electricity sold.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The Company has agreements to manage and maintain its activities, as well as agreements to build new projects aiming at achieving the objectives proposed in its target plan. Below, the main committed amounts as of December 31, 2017:</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1 year</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1-3 years</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>3-5 years</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>More than</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>5 years</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Contractual obligations &#8211; Expenses </FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,459,864</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,151,641</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>381,119</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,216,835</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>4,209,459</FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Contractual obligations &#8211; Investments</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,779,320</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>2,121,493</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,031,762</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>5,970,069</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>10,902,644</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,239,184</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,273,134</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,412,881</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>7,186,904</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: #d5eaea; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>15,112,103</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The main commitment refers to S&#227;o Louren&#231;o PPP. See Note 14 (g).</FONT></P>

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>124</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental cash flow information</FONT></B></P>

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total additions to intangible assets (Note 14 (b))</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,490,298 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>3,855,831</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>3,604,442</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Items not affecting cash (see breakdown below)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>(1,532,518)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,747,664)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(1,207,090)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total additions to intangible assets as per statement of cash flows</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,957,780</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2,108,167</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2,397,352</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Investments and financing operations affecting intangible assets but not cash:</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Interest capitalized in the year (Note 14 (d))</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>649,048</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>700,743</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>466,544</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Contractors payable</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>213,340</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>57,431</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>(57,041)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Program contract commitments </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>95,126</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>4,262</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>136,543</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Public Private Partnership - S&#227;o Louren&#231;o PPP (Note 14 (g)) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>501,591</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>893,181</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>548,978</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Leases </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>3,078</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>10,534</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>36,877</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Construction margin (Note 24)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>70,335</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>81,513</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>72,908</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>2,281</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" face=georgia>1,532,518</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,747,664</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND-COLOR: #d5eaea" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 110%" color=black face=georgia>1,207,090</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Events after the reporting period</FONT></B></P>

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

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

<UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>Tariff revision</FONT></B> </LI></UL>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- On January 16, 2018, the S&#227;o Paulo State Sanitation and Energy Regulatory Agency (ARSESP) published Public Consultation Notice 01/2018 ("Notice"), asking the public for opinions and inputs on the calculation methodology to be adopted in the final stage of SABESP&#8217;s Second Ordinary Tariff Revision.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- On </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>January 19, 2018, ARSESP published Resolution</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia> 780, which includes the events calendar of the final stage of SABESP&#8217;s 2<SUP>nd</SUP> Ordinary Tariff Revision. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>The Final Maximum Average Tariff (Final P0) will be disclosed by May 10, 2018, and applied pursuant to article 39 of Law 11,445/2007.&nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>125</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Differences in revenue arising from differences in the amounts authorized on October 10, 2017 (Preliminary P0) and the tariffs to be calculated at the final stage of the Second Ordinary Tariff Revision (Final P0) will be duly offset and applied to the water supply and sewage public utility service tariffs.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>Additionally, ARSESP published Public Hearing Notice 01/2018, referring to Stage 2 of the schedule, which was held on January 29, 2018.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>- On February 21, 2018, ARSESP released the Business Plan, which is the object of SABESP&#8217;s Second Ordinary Tariff Revision.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>&nbsp;&nbsp;&nbsp; As part of the Business Plan, on page 85, the Company highlights &#8220;Table: CAPEX - Program disbursements&#8221;, which totals R$ 13.9 billion (unaudited) for the 2017-2021 period, which is available to the market, and &#8220;Table: CAPEX - Program constructions&#8221;, which totals R$ 15.5 billion (unaudited) for the 2017-2021 period.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- On March 26, 2018, ARSESP disclosed Preliminary Technical Note NT.F-0004-2018 that included the Proposal for Calculation of the Maximum Average Tarif (P0) of SABESP&#8217;s Second Ordinary Tariff Revision and Factor X: Final Stage. </FONT></P>

<P style="MARGIN: 0in 0in 0pt 8.5pt; TEXT-INDENT: -8.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Period for Consultation and Public Hearing 03/2018 is from March 27, 2018 to April 17, 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="66%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Final Regulatory Remuneration Base</FONT></P></TD>

   <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>R$ 38.4 billion</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt" width="66%">

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

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>8.11%</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="66%">

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

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #d5eaea" width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>0.9287%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>P0</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>R$ 3.8207/m<SUP>3</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Tariff Repositioning Index (IRT)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4.7744%</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>The proposed Tariff Repositioning Index of 4.7744% should be applied on a straight line basis to the current tariff tables. </FONT></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>22<SUP>nd</SUP> Issue Debentures</FONT></B> </LI></UL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>On February 19, 2018, the Company conducted the 22<SUP>th</SUP> Issue of unsecured non-convertible debentures, in the total amount of R$750,000, in three series, for tender offer, pursuant to CVM Rule 476. The first series, in the amount of R$100 million, maturing in 3 years and remuneration of CDI + 0.58% p.a., the second series, in the amount of R$400 million, maturing in 5 years and remuneration of CDI + 0.90% p.a., and the third series, in the amount of R$250 million, maturing in 7 years and remuneration of IPCA + 6.00% p.a.. Funds deriving from funding by means of the 22<SUP>th</SUP> Issue of Debentures will be allocated to refinance the financial commitments and to recover the level of cash balances. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: normal" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2017, 2016 and 2015</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>SABESP&#8217;s Corporate Reorganization</FONT></B> </LI></UL>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 120%" color=black face=georgia>On March 11, 2018, the S&#227;o Paulo State Government ("Government") received a letter from a group of investors about the potential acquisition of part of the shares, which will be owned by the Government, to be issued by the Parent Company referred to in State Law 16,525/2017. The letter will be analyzed by the Board of the State Privatization Program (CDPED), which is in charge of deciding about the continuity and the conditions for the creation of the Parent Company and SABESP&#8217;s corporate reorganization. The operation addressed at the letter will be structured to occur exclusively within the scope of the Parent Company, not affecting SABESP&#8217;s control, which will remain with the Government in a manner consistent with the provisions of said state law. The investors&#8217; identity and the content of the aforementioned letter will remain confidential, pursuant to the rules applicable to the administrative procedure established by CDPED for the purposes of the operation.</FONT></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>S&#227;o Louren&#231;o Production System</FONT></B> </LI></UL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" color=black face=georgia>On April 3, 2018, Sabesp inaugurated the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 110%" face=georgia>S&#227;o Louren&#231;o Production System that will increase treated water production capacity by approximately 6.4 m&#179;/s.</FONT></P>

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<TYPE>EX-12.1
<SEQUENCE>2
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<DESCRIPTION>EXHIBIT 12.1
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBIT 12.1</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CERTIFICATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">I, Karla Bertocco Trindade, certify that: </FONT></P>

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   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1.</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">I have reviewed this amendment no. 1 to the annual report on Form 20-F of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - Sabesp; </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4.</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">a.</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">b.</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">c.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on evaluation; and </FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">d.</FONT></P></TD>

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   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting. </FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The company&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and to the audit committee of the company&#8217;s board of directors (or persons performing the equivalent function):</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">a.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">b.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;May 30,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2018</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;/s/&nbsp;&nbsp;Karla Bertocco Trindade&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name:&nbsp; &nbsp; Karla Bertocco Trindade</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Title:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>exhibit12_2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBIT 12.2</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CERTIFICATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">I, Rui de Britto &#193;lvares Affonso, certify that:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">I have reviewed this amendment no. 1 to the annual report on Form 20-F of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - Sabesp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:&nbsp; </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">c)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on evaluation; and </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">d)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting. </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="97%" colSpan=2>

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The company&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and to the audit committee of the company&#8217;s board of directors (or persons performing the equivalent function):</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="3%">

   <P style="MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="94%">

   <P style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;May 30,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2018</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;/s/&nbsp;&nbsp;&nbsp;Rui de Britto &#193;lvares Affonso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 13.5pt" color=black face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name:&nbsp; &nbsp; Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Title:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Investor Relations Officer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>4
<FILENAME>exhibit13_1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBIT 13.1</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<BR>AS ADOPTED PURSUANT TO<BR>SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In connection with Amendment No. 1 to the Annual Report of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; Sabesp (the &#8220;Company&#8221;) on Form 20-F for the fiscal year ended December 31, 2017, as filed with the U.S. Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), I, Karla Bertocco Trindade, Chief Executive Officer, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the U.S. Sarbanes Oxley Act of 2002, that to the best of my knowledge:&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 36pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;May 30,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2018</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;/s/</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Karla Bertocco Trindade</FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name:&nbsp; &nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Karla Bertocco Trindade</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Title:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></P></DIV>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>5
<FILENAME>exhibit13_2.htm
<DESCRIPTION>EXHIBIT 13.2
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">EXHIBIT 13.2</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<BR>AS ADOPTED PURSUANT TO<BR>SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In connection with Amendment No. 1 to the Annual Report of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; Sabesp (the &#8220;Company&#8221;) on Form 20-F for the fiscal year ended December 31, 2017, as filed with the U.S. Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), I, Rui de Britto &#193;lvares Affonso, Chief Financial Officer and Investor Relations Officer, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the U.S. Sarbanes Oxley Act of 2002, that to the best of my knowledge:&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt 54pt; TEXT-INDENT: -36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Date:&nbsp;&nbsp;May 30,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2018</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;/s/&nbsp;Rui de Britto &#193;lvares Affonso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face="Times New Roman">Name:&nbsp; &nbsp; Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Title:&nbsp; &nbsp;&nbsp;&nbsp; Chief Financial Officer and Investor Relations Officer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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As of December 31,&#13;2017 and 2016, the Company did not have financial assets classified under the fair value through profit or loss, held-to-maturity&#13;and available-for-sale financial instruments category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Borrowings and receivables&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;These comprise receivables, which&#13;are non-derivative financial assets with fixed or determinable payments, not quoted in an active market.&amp;#160; Borrowings and receivables&#13;are presented in current assets, except for those with maturity of more than 12 months after the reporting date (these are classified&#13;as noncurrent assets).&amp;#160; The Company's borrowings and receivables include cash and cash equivalents, restrict cash, balances&#13;of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency &amp;#8211;&#13;ANA.&amp;#160; Borrowings and receivables are recorded at fair value and subsequently at amortized cost, under the effective interest&#13;rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Financial Liabilities - Classification&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company classifies its financial liabilities&#13;into the following categories: measured at fair value through profit or loss and other liabilities.&amp;#160; Classification depends&#13;on the purpose to which the financial liabilities were assumed.&amp;#160; As of December 31, 2017 and 2016, the Company did not have&#13;liabilities classified into the &amp;#8220;fair value through profit or loss&amp;#8221; category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Other liabilities&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;This category comprises balances&#13;payable to contractors and suppliers, borrowings and financing, services payable, balances payable from public-private partnership&#13;(PPP), and program contract commitments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;The effective interest rate method&#13;is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period.&amp;#160;&#13;The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue&#13;costs) throughout the financial liability&amp;#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition&#13;of the net carrying amount.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.3&amp;#160; Operating income&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Revenue from sanitation services&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from sanitation services are recognized&#13;as the water is consumed and services are provided.&amp;#160; Revenues, including the revenues unbilled, are recognized at the fair&#13;value of the consideration received or receivable for the sale of those services. Revenue is shown net of value-added tax and fees,&#13;rebates and discounts.&amp;#160; Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed&#13;until the end of the each period and are recorded as trade receivables based on monthly estimates of the completed services.&amp;#160;&#13;Concerning revenues of wholesale municipal governments, which do not pay the full invoice, the Company establishes an allowance&#13;for doubtful accounts upon invoicing in revenue reduction account.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes revenue when: i) products&#13;are delivered or services are rendered; ii) the amount of revenue can be reliably measured, iii) it is probable that future economic&#13;benefits will flow to the Company and iv) it is probable that the amounts will be collected.&amp;#160; The amount of revenue is not&#13;considered to be reliably measurable until all conditions relating to the sale have been satisfied.&amp;#160; Amounts in dispute are&#13;recognized as revenue when collected.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Construction revenue&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from concession construction&#13;contracts is recognized in accordance with IFRIC 12 (Service Concession Arrangements)     and IAS 11&#13;(Construction Contracts), using the percentage-of-completion method, provided that the applicable conditions for application&#13;are fulfilled.&amp;#160; The percentage of completion is calculated from the ratio of the actual costs incurred on the balance&#13;sheet date to the planned total costs (cost-to-cost method).&amp;#160; Revenue from cost plus contracts is recognized by&#13;reference to the construction costs incurred during the period plus a fee earned.&amp;#160; The fee represents the additional&#13;margin related to the work performed by the Company in relation to such construction contracts and it is added construction&#13;costs, resulting in the construction revenue.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.4&amp;#160; Trade receivables and allowance&#13;for doubtful accounts&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Trade receivables are amounts due from customers&#13;for services performed in the ordinary course of business.&amp;#160; These are classified as current assets, except when maturity exceeds&#13;12 months after the end of the reporting period.&amp;#160; In these cases, they are presented as noncurrent assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company establishes an allowance for doubtful&#13;accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses. The analysis&#13;is carried out based on objective accounts receivable data, past receipts and existing guarantees and it does not expect to incur&#13;additional significant losses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.5&amp;#160; Inventories&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Inventories of supplies for consumption&#13;and maintenance of the water and sewage systems are stated at the lower of average cost of acquisition or net realizable&#13;value, and are classified in current assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.6&amp;#160; Investment properties&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The investment properties are recorded at the&#13;acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method&#13;at rates that consider the estimated useful life of assets.&amp;#160; Expenditures related to repairs and maintenance are recorded&#13;in the income statement when incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company also maintains few assets for undetermined&#13;use in the future, i.e., it is not defined if the Company will use these assets in the operation or sell them in the short term&#13;during the ordinary course of business.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.7&amp;#160; Property, plant and equipment&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property, plant and equipment comprise&#13;mainly administrative facilities not composing the assets, subject-matter of the concession agreements.&amp;#160; Those assets&#13;are stated at historical acquisition or construction cost less depreciation, net of impairment charge, when necessary.&amp;#160;&#13;Interest, other finance charges and inflationary effects deriving from financing effectively applied to construction in&#13;progress are recorded as cost of respective property, plant and equipment, in this case, for the qualifying&#13;assets. Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale.&#13;The Company considers that substantial period means a period greater than 12 months. This period was established by&#13;considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to&#13;one fiscal year of SABESP.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subsequent costs included in the existing asset's&#13;carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated&#13;with the item will flow to the Company and the cost of the item can be measured reliably.&amp;#160; Repairs and maintenance are charged&#13;to the income statement during the financial period in which they were incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Depreciation is calculated using the straight-line&#13;method to allocate their cost and is described in Note 15(c).&amp;#160; Lands are not depreciated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Residual values and the useful life of assets&#13;are revised and adjusted, where applicable, at the end of each year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Gain and losses on disposals are determined&#13;by the difference between the proceeds with the carrying amount and are recognized within other operating income (expenses) in&#13;the income statement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.8&amp;#160; Intangible assets&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Intangibles are stated at acquisition cost and/or&#13;construction of the underlying assets, including construction margin, interest and other finance charges capitalized during the&#13;construction period, in this case, for the qualifying assets.&amp;#160; Qualifying assets are assets that, necessarily, take a substantial&#13;period to get ready for its intended use or sale.&amp;#160; The Company considers that substantial period means a period greater than&#13;12 months.&amp;#160; This period was established by considering the completion period of the majority of its constructions, which is&#13;greater than 12 months, which corresponds to one fiscal year of SABESP.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The intangible has its amortization initiated&#13;when the intangible assets are available for use in location and the necessary condition when this asset becomes operational.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;br /&gt;&#13;&amp;#160;The amortization of intangible assets reflects the period over the expected future economic benefits generated by the intangible&#13;asset are consumed by the Company and can be the period of the contract or the useful life of the asset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amortization of the intangible assets is&#13;discontinued when the asset is totally consumed or it is disposed of, whatever occurs first.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Donations in assets, received from third parties&#13;and governmental entities to allow the Company to render water  and sewage services are not recorded in the Company&amp;#8217;s&#13;financial statements, since these assets are controlled by the concession grantor.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial resources received as donations for&#13;the construction of infrastructure are recorded under &amp;#8220;Other operating income&amp;#8221;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Concession arrangements/program&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company operates concession agreements including&#13;the rendering of basic sanitation, environmental, water supply and sewage services signed with the concession grantor.&amp;#160; The&#13;infrastructure used by SABESP subject to service concession arrangements is considered to be controlled by the concession grantor&#13;when:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them,&#13;and at what price;&amp;#160; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The grantor controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;SABESP's rights over infrastructure operated&#13;under concession arrangements is accounted for as an intangible asset as SABESP has the right to charge for use of the infrastructure&#13;assets, and users (consumers) have the primary responsibility to pay SABESP for the services.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of construction and other work&#13;on the infrastructure is recognized as revenue, as its fair value, when the infrastructure is built, provided that this work is&#13;expected to generate future economic benefits.&amp;#160; The accounting policy to recognize construction revenue is described in Note&#13;3.3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;br /&gt;&#13;Intangible assets related to Concession agreements and Program contracts, when there is no right to receive the residual value&#13;of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract, or the useful&#13;life of the underlying asset, whichever occurs first.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Investments made and not recovered through rendering&#13;of services, when there is  right to receive the  residual value of the assets at the end of the contract, must&#13;be indemnified by the concession grantor, (1) with cash or cash equivalents or also, in general (2) with the contract extension.&amp;#160;&#13;These investments are amortized by the useful life of asset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The details referring to amortization of&#13;intangible  arising from concession arrangements/programs are described in Note 14 (d).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Law 11,445/07 indicates, whenever possible,&#13;that basic sanitation public utilities will have the economic and financial sustainability ensured through the remuneration due&#13;to service collection, preferably as tariffs and other public prices, which may be established for each service or both jointly.&#13;&amp;#160;Therefore, investments made and not recovered through services rendered, within original term of the contract, are recorded&#13;as intangible assets and amortized by the useful life of the asset, taking into consideration a solid track record of concession&#13;renewal and, therefore, the continuity of services.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;Software licenses&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Software licensing is capitalized based on the&#13;acquisition costs and other implementation costs.&amp;#160; Amortizations are recorded according to the useful lives and the expenses&#13;associated with maintaining these are recognized as expenses when incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.9&amp;#160; Impairment of non-financial assets&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property, plant and equipment, intangibles and&#13;other noncurrent assets with definite useful lives, are yearly reviewed for impairment whenever events or changes in circumstances&#13;indicate that the carrying amount may not be recoverable.&amp;#160; The Company does not record assets with indefinite useful life&#13;and assessed that there are no indications of impairment losses, mainly supported by Law 11,445/07, which ensures that basic sanitation&#13;public utilities will have assured its economic and financial sustainability through tariffs or via indemnity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.10&amp;#160; Trade accounts payable and contractors&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;Accounts&#13;payable to contractors and suppliers are obligations to pay for goods or services purchased from suppliers in the ordinary course&#13;of business and are classified as current liabilities if the payment is due in the period up to one year. Otherwise, the accounts&#13;payable are presented as noncurrent liabilities and are initially measured at fair value, which generally correspond to the bill&#13;and subsequently at amortized cost.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.11&amp;#160; Borrowings and financing&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Borrowings are initially recognized at fair&#13;value, upon receipt of funds, net of transaction costs.&amp;#160; Subsequently, borrowings are stated at amortized cost, as presented&#13;in Note 16.&amp;#160; Borrowings and financing are classified as current liabilities unless the Company has an unconditional right&#13;to defer settlement of the liability for at least 12 months after the end of the reporting period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Nonconvertible bonds issued by the Company are&#13;recognized in a similar manner to borrowings.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.12&amp;#160; Borrowing costs&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Borrowing costs attributable to acquisition,&#13;construction or production of an asset, which, necessarily, requires a substantial time period to be ready for use or sale are&#13;capitalized as part of the cost of these assets.&amp;#160; Other borrowing costs are recognized as expenses in the period they are&#13;incurred.&amp;#160; Borrowing costs are interest rates and other charges incurred by the Company related to loans, including exchange&#13;variation, as described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The capitalization occurs during the period&#13;in which the asset has been built, considering the weighted average rate of loans effective on the capitalization date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For foreign currency-denominated loans or financing,&#13;the Company analyzes them as if they were contracted in local currency, restricting the capitalization of interest and/or exchange&#13;variation by the amount that would be capitalized if these were contracted in the domestic market in similar lines of credit and&#13;loans.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.13&amp;#160; Payroll, related charges and contributions&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Salaries, vacations and the 13th salary and&#13;additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on the accrual&#13;basis.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.14&amp;#160; Profit sharing&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The profit sharing plan for its employees is&#13;based on operational and financial targets of the Company as a whole.&amp;#160; The Company recognizes a provision when it is contractually&#13;required or when there is a practice in the past that created a constructive obligation.&amp;#160; The accrual for profit sharing is&#13;recorded on the accrual basis period as operating cost, selling and administrative expenses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.15&amp;#160; Provisions, legal liabilities,&#13;escrow deposits and contingent assets&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Provisions related to claims are recognized&#13;when: i) the Company has a present (legal or constructive) obligation as a result of past event; ii) it is probable that an outflow&#13;of resources that comprise economic benefits will be required to settle the obligation; and iii) the amount can be reliably estimated.&amp;#160;&#13;Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by&#13;considering the class of obligations as a whole.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Provisions are measured at the present value&#13;of the disbursements expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments&#13;of the time value of money and the risks specific to the obligation.&amp;#160; The increase in the provision due to passage of time&#13;is recognized as interest expense.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For financial statement presentation purposes,&#13;the provision is stated net of the related escrow deposits based on the legal right to offset.&amp;#160; The bases and the nature of&#13;the provisions for civil, tax, labor and environmental risks are described in Note 19.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Escrow deposits not linked to related liabilities&#13;are recorded in noncurrent assets. Escrow deposits are adjusted for inflation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Contingent assets are not recognized in the&#13;statements of financial position.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.16&amp;#160; Environmental costs&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Costs related to ongoing environmental programs&#13;are expensed in the income statement, when there is any indication of an event. Ongoing programs are designed to minimize the environmental&#13;impact of the operations and to manage the environmental risks inherent to the Company's activities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.17&amp;#160; Income taxes &amp;#8211; current and&#13;deferred&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Income taxes expenses comprise current and deferred&#13;income tax and social contributions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Current tax&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The provision for income tax and social contribution&#13;is based on the taxable income for the year.&amp;#160; The income tax was accrued at rate 15%, plus 10% surtax on taxable income exceeding&#13;R$ 240.&amp;#160; The social contribution was accrued at rate 9% over adjusted net income. Taxable income differs from net income (profit&#13;presented in the income statement), because it excludes income and expenses taxable or deductible in other years, and excludes&#13;items not permanently taxable or not deductible. Income tax and social contribution are accrued based on legislation in place in&#13;the end of the year. Management periodically evaluates and measures the positions taken in the income tax return with respect to&#13;situations in which applicable tax regulations are subject to interpretation. It establishes provisions where appropriate on the&#13;basis of amounts expected to be paid to the tax authorities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Deferred tax&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred income tax is recognized, using the&#13;liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in&#13;the financial statements, according to IAS 12. However, the deferred income tax is not accounted for if it arises from&#13;initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor&#13;taxable profit nor loss, except for business combinations.&amp;#160; Deferred income tax is determined using tax rates (and laws) effective&#13;at the end of the reporting period and expected to apply when the related deferred income tax asset is realized or the deferred&#13;income tax liability is settled.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred income tax and social contribution&#13;assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences&#13;can be utilized and tax losses can be carryforward.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred taxes assets and liabilities are offset&#13;when there is a legally enforceable right of offsetting current tax assets against current tax liabilities and when deferred income&#13;tax assets and liabilities are related to income taxes levied by same tax authority over the tax entity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.18&amp;#160; Taxes on revenues&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues from water and sewage services&#13;are recognized on accrual basis for PASEP and Cofins, calculated at the rates of 1.65% and 7.60%, respectively.&amp;#160;Taxes&#13;levied on billed amounts to public entities are due when bills are received.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition, revenues from sanitation&#13;services  are also subject to the Regulatory, Control and Inspection Fee (TRCF - Taxa de Regula&amp;#231;&amp;#227;o, Controle e&#13;Fiscaliza&amp;#231;&amp;#227;o), whose taxable event is the performance of regulation, control and monitoring activities by ARSESP,&#13;calculated at 0.50% of the annual revenue directly generated by the service provided less taxes levied on the service.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The taxes related to PASEP and Cofins&#13;incident on amounts invoiced to public entities are due when invoices  are received.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As these taxes are calculated by the non-cumulativeness&#13;regime and presented net of tax credits, as deductions from gross revenues.&amp;#160; Debts measured on &amp;#8220;other operating income&amp;#8221;&#13;are presented as deductions from the respective operating income or expense.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.19&amp;#160; Pension obligations&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Defined&#13;benefit&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company makes contributions to defined benefit&#13;plans on a contractual basis and sponsored thereby, managed by Funda&amp;#231;&amp;#227;o Sabesp de Seguridade Social (&amp;#8220;Sabesprev&amp;#8221;),&#13;a supplementary private pension closely-held entity.&amp;#160; The regular contributions comprise the net administrative expenses and&#13;are recognized in the income statement for the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Liabilities from defined benefit pension plan&#13;obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair&#13;value of the plan&amp;#8217;s assets.&amp;#160; The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent&#13;actuaries, using the projected unit credit method.&amp;#160; The estimated future cash outflows is discounted to its present value,&#13;using the interest rates of Government bonds with maturities that approximate the maturity of the related liability.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Referring to actuarial gains and losses deriving&#13;from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive&#13;income (OCI), so that the plan's net assets or liabilities are recognized in the statement of financial position in order to reflect&#13;the full amount of plan&amp;#8217;s deficit or surplus.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The expenses related to pension plan are recognized&#13;in profit and loss of the year as operating cost, selling expenses or administrative expenses, according to employee&amp;#8217;s allocation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In an event where a curtailment relates to only&#13;some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate&#13;share of the past service cost and actuarial gains and losses.&amp;#160; The proportionate share is determined on the basis of the&#13;present value of the obligations before and after the curtailment or settlement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b) &amp;#160;&amp;#160;&amp;#160;&amp;#160; Defined contribution&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company makes contributions to defined contribution&#13;plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held&#13;entity that provides post-employment benefits to its employees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A defined contribution plan is a pension plan&#13;according to which the Company makes fixed contributions to a separate entity.&amp;#160; The Company has no obligation of making contributions&#13;if the fund has no sufficient funds to pay to all employees the benefits related to employee&amp;#8217;s services in current and previous&#13;period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.20&amp;#160; Financial revenues and expenses&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial revenue is primarily comprised of&#13;interest, inflation adjustments and exchange rate changes resulting from financial investments, escrow deposits and negotiations&#13;with customer to pay by installments, using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial expenses are primarily comprised of&#13;interest, inflation adjustments and exchange rate changes on borrowings and financing, provisions, public-private partnership and&#13;program contract commitments. These financial income and expenses are calculated using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Inflation adjustments and exchange gains and&#13;losses derive from the collection or payment to third parties, as contractually required by law or court decision, and recognized&#13;on an accrual basis &lt;i&gt;pro rata temporis&lt;/i&gt;. Inflation adjustments included in the agreements are not considered embedded derivatives,&#13;since they are deemed as inflation adjustment rates for the Company&amp;#8217;s economic scenario.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.21&amp;#160; Leases&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Lease agreements are classified as finance lease&#13;when property, risks and rewards inherent to the ownership of asset to the lessee are transferred.&amp;#160; Other leases are classified&#13;as operational lease, recognized as expenses in the income statement on a straight-line basis during the lease term.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Finance lease agreements are measured based&#13;on the lower amount between the present value of minimum mandatory payments of the agreement or the fair value of asset on the&#13;start date the lease agreement.&amp;#160; The amounts payable deriving from considerations of finance lease agreements are impacted&#13;by financial expenses and amortization of finance lease payables so that to obtain a constant interest rate.&amp;#160; The corresponding&#13;lessor&amp;#8217;s liability is recorded as current and noncurrent debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.22&amp;#160; Other current and noncurrent assets&#13;and liabilities&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Other assets are stated at cost of acquisition,&#13;net of any impairment loss, where applicable.&amp;#160; The amounts recognized as other liabilities are stated at known or estimated&#13;amounts, including, where applicable, related charges and inflation adjustments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.23&amp;#160; Dividends and interest on capital&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company uses the tax benefits of&#13;distributing dividends as interest on capital, as permitted by Brazilian Law.&amp;#160; This distribution of dividend is&#13;accounted for in accordance with Brazilian Law 9,249/95 for tax deductibility purposes, limited to the daily pro rata&#13;fluctuation of the Long-term Interest Rate (TJLP). The benefit attributed to the shareholders is recognized in the current&#13;liability against Equity, based on its by-laws. Dividends and interest on capital over the minimum established in the by-laws&#13;are recognized when approved by the shareholders in the shareholders&amp;#8217; meeting, except for taxes incurring in the&#13;distribution of interest on capital. The tax benefit of the interest on capital  are accrued in the income statement of the&#13;year, under the same recognition basis of expenses with interest on capital.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.24&amp;#160; Present value adjustment&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Current and noncurrent financial assets and&#13;liabilities are adjusted to present value based on discount rate at current market rate as of the transaction date, when the effects&#13;are relevant.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.25&amp;#160; Segment information&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Operating segments are determined in a manner&#13;consistent with the internal reporting to the Company&amp;#8217;s chief operating decision maker (&amp;#8220;CODM&amp;#8221;), which, in the&#13;case of SABESP, is the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Consequently, the Company determined that it&#13;has one operating segment (sanitation services).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The accounting policies used to determine segment&#13;information are the same as those used to prepare the Company&amp;#8217;s financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The measure of the segment&amp;#8217;s profit or&#13;loss is  operating income before other operating expenses, net and equity accounting, which excludes construction revenue and&#13;related costs.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The CODM analyzes asset and liability information&#13;on a consolidated basis. Consequently, the Company does not disclose segment information on assets and liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Substantially all of the Company&amp;#8217;s noncurrent&#13;assets and revenue generated from customers are located in S&amp;#227;o Paulo State. Consequently, financial information is not disclosed&#13;by geographic area.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;3.26&amp;#160; Translation into foreign currency&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Functional&#13;and reporting currency&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Items included in the financial statements are&#13;measured using the currency of the primary economic environment in which the company operates (&amp;#34;the functional currency&amp;#34;).&#13;The financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial&#13;information has been stated in reais and rounded to the next thousand, except where otherwise indicated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Foreign&#13;currency translation&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Foreign currency-denominated transactions are&#13;translated into Brazilian reais using the exchange rates prevailing at the transaction dates. Statement of financial position accounts&#13;are translated by the exchange rate prevailing at reporting date.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Exchange gains and losses resulting from the&#13;settlement of these transactions and the translation of foreign currency-denominated cash assets and liabilities are recognized&#13;in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in&#13;progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described&#13;in Note 3.12.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
    <ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;4.1&amp;#160; New standards, amendments and interpretations&#13;effective for periods beginning on or after January 1, 2017&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;New standards and revisions&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 23%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impact&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IAS 12  &amp;#8211; Recognition of Deferred Income Tax for Unrealized Losses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Describes about the treatment of temporary differences.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt"&gt;The application of this amendment did not impact the disclosures&#13;        or amounts recognized in the annual financial statements.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IAS 7  &amp;#8211; Disclosure Initiatives &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Describes about disclosures that enable users to measure the changes in liabilities related to financing activities.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt"&gt;The application of these amendments did not impact the disclosures&#13;        or amounts recognized in the annual financial statements.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Annual improvements to IFRSs: 2015-2017 cycle&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IFRS 12 &amp;#8211; Disclosure of interests in other entities &amp;#8211; clarification on the standard&amp;#8217;s scope.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt"&gt;The application of this amendment did not impact the disclosures&#13;        or amounts recognized in the annual financial statements.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;4.2 New standards, amendments and interpretations&#13;to existing standards that are not yet effective&amp;#160; &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company did not early adopt these standards&#13;and is assessing the impacts of the new and revised IFRS below on the disclosures or amounts recognized in the financial statements:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 25%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impact&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;IFRS 9 - Financial Instruments &lt;sup&gt;1&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company assessed the main aspects of this  and has concluded that will not have an impact on the classification and measurement of losses on its financial assets and financial liabilities or hedge accounting, given that it does not have any operation of this nature. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;IFRS 15 - Revenue from Contracts with Customers&lt;sup&gt;1&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;Establishes a single comprehensive framework to&#13;        determine if         and when         a revenue is recognized and how revenue is measured.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;IFRS 15 will supersede the current revenue recognition&#13;        guidance including IAS 18 Revenue, IAS 11  Construction Contracts and IFRIC 13 Interpretation A - Customer&#13;        Loyalty Programmes.&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company assessed the impacts on its customer contracts, including those with consumers with special billing characteristics, and concluded that the adoption of this standard will not have material impacts.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;IFRS 16 &amp;#8211; Leases&lt;sup&gt;2&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;Establishes a single model for the accounting of&#13;        leases         in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right to use the&#13;        leased asset and         a lease liability that represents his obligation to make lease payments. The lessor&amp;#8217;s&#13;        accounting remains similar to the current         standard, that is, the lessors continue to classify the leases as financial&#13;        or operating.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;IFRS 16 will supersede the current leases guidance including&#13;        IAS 17  Leases and IFRIC 4, SIC 15 and SIC 27 Determining Whether an Arrangement Contains a Lease.&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company is assessing the effects of recording operating leases in its financial statements and expects impacts which are currently under evaluation.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IFRS 2 &amp;#8211; Classification and measurement of share-based payment transactions &lt;sup&gt;2&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Describe about modifications of settled options of shares.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify"&gt;1 Effective for annual periods beginning&#13;on or after January 1, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify"&gt;2 Effective for annual periods beginning&#13;on or after January 1, 2019.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;There are no other standards and interpretations&#13;not yet adopted that may, in the opinion of Management, have a significant impact on the result for the year of equity disclosed&#13;by the Company in its financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations>
    <ifrs-full:DisclosureOfMarketRiskExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;5.1&amp;#160; Financial Risk Management&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Financial risk factors&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company's activities are affected by Brazilian&#13;economic scenario, making it exposed to market risk (exchange rate and interest rate), credit risk and liquidity risk. The Company&amp;#8217;s&#13;financial risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects&#13;on the Company&amp;#8217;s financial performance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has not utilized derivative instruments&#13;in any of the reported periods.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify; text-indent: -17.85pt"&gt;&lt;b&gt;(a)&amp;#160;&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Market risk&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Foreign currency risk&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;SABESP&amp;#8217;s foreign exchange exposure implies&#13;market risks associated with currency fluctuations, since the Company has foreign currency-denominated liabilities, mainly US dollar&#13;and yen-denominated short and long-term borrowings.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The management of SABESP&amp;#8217;s foreign currency&#13;exposure considers several current and projected economic factors, besides market conditions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;This risk arises from the possibility that the&#13;Company may incur in losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated&#13;borrowings and financing raised in the market and related financial expenses. The Company does not maintain hedge or swap contracts&#13;or any derivative financial instrument to hedge against this risk.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A significant amount of the Company&amp;#8217;s&#13;financial debt is indexed to the U.S. dollar and Yen, in the total amount of R$ 5,702,375 as of December 31, 2017 (R$ 5,692,984&#13;as of December 31, 2016). Below, the Company&amp;#8217;s exposure to exchange risk:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;R$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;R$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowings and financing &amp;#8211; US$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,200,786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,972,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,241,963&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,047,682&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowings and financing &amp;#8211; Yen&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;57,575,271&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,692,713&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,643,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,609,419&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges from borrowings and financing &amp;#8211; US$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,628&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,114&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges from borrowings and financing &amp;#8211; Yen&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,834&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,769&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total exposure&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;5,702,375&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,692,984&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing cost &amp;#8211; US$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(26,454)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(29,650)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing cost &amp;#8211; Yen&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,100)&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,971)&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total foreign currency-denominated borrowings (Note 16)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,672,821&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,660,363&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The 0.2% increase in foreign currency-denominated&#13;debt from December 31, 2016 to December 31, 2017 was mainly due to the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -22.7pt"&gt;1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;A 1.5% increase in the US dollar, from R$&amp;#160;3.2591 as of December 31, 2016 to R$&amp;#160;3.3080 as of December 31, 2017. The&#13;US dollar-denominated debt accounts for 70.0% of foreign currency-denominated debts; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -22.7pt"&gt;2)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;A 5.3% increase in the Yen-denominated , from R$&amp;#160;0.02792 as of December 31, 2016 to R$&amp;#160;0.02940 as of December&#13;31, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, if the Brazilian real&#13;had depreciated or appreciated by 10%, in addition to the impacts mentioned above, against the US dollar and Yen with all other&#13;variables held constant, effects on results before taxes on the year would have been R$ 570,238 (R$ 569,298 as of December 31,&#13;2016), lower or higher, mainly as a result of exchange losses or gains on the translation of foreign currency-denominated loans.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Interest rate risk&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;This risk arises from the possibility that the&#13;Company could incur losses due to fluctuations in interest rates, increasing the financial expenses related to borrowings and financing.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has not entered into any derivative&#13;contract to hedge against this risk; however continually monitors market interest rates, in order to evaluate the possible need&#13;to replace its debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The table below provides the Company's borrowings&#13;and financing subject to variable interest rate:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 30%; padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 37%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;TR&lt;sup&gt;(i)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,574,564&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,535,030&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;CDI&lt;sup&gt;(ii)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,144,391&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,082,228&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;TJLP&lt;sup&gt;(iii)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,354,987&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,326,631&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;IPCA&lt;sup&gt;(iv)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,699,747&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,697,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;LIBOR&lt;sup&gt;(v)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,814,399&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,906,999&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;125,172&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;142,644&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,713,260&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,690,984&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(i) TR &amp;#8211; Interest Benchmark Rate&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(ii) CDI &amp;#8211; (Certificado de Dep&amp;#243;sito&#13;Interbanc&amp;#225;rio), an interbank deposit certificate&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(iii) TJLP &amp;#8211; (Taxa de Juros a Longo Prazo),&#13;a long-term interest rate index&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(iv) IPCA &amp;#8211; (&amp;#205;ndice Nacional de Pre&amp;#231;os&#13;ao Consumidor Amplo), a consumer price index&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(v) LIBOR &amp;#8211; London Interbank Offered Rate&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Another risk to which the Company&#13;is exposed, is the mismatch of the monetary restatement indices of its debts with those of its service revenues. The&#13;tariff adjustments of the Company&amp;#8217;s services provided do not necessarily follow the increases in the&#13;inflation indexes to adjust loans, financing and interest rates affecting indebtedness.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, if interest rates&#13;on borrowings and financing had been 1 percentage point higher or lower with all other variables held constant, the effects&#13;on profit for the year before taxes would have been R$ 87,133 (R$ 86,910 as of December 31, 2016) lower or higher, mainly as&#13;a result of a lower or higher interest expense on floating rate borrowings and financing.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Credit&#13;risk&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Credit risk arises from cash and cash equivalents,&#13;deposits in banks and financial institutions, as well as credit exposures to wholesale basis and retail customers, including outstanding&#13;accounts receivable, restricted cash and accounts receivable from related parties. Credit risk exposure to customers is mitigated&#13;by sales to a dispersed base.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The maximum exposures to credit risk as of December&#13;31, 2017 are the carrying amounts of instruments classified as cash equivalents, deposits in banks and financial institutions,&#13;restricted cash, trade receivables and accounts receivable from related parties in the balance sheet date.&amp;#160; See additional&#13;information in Notes 7, 8, 9 and 10.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Regarding the financial assets held&#13;with financial institutions, the credit quality that is not past due or subject to impairment can be assessed by reference&#13;to external credit ratings (if available) or to historical information about the banks&amp;#8217; default rates.&amp;#160; The&#13;credit quality of the banks, such as deposits and financial investments, the Company considers the lower rating of the&#13;counterparty published by three main international rating agencies (Fitch, Moody's and S&amp;#38;P), according to internal policy&#13;of market risk management:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash at bank and short-term bank deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;AA+(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,222,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,850,220&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;AAA(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,978&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,068&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;549&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,283,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,886,221&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*) This category includes current accounts&#13;and investment funds in banks whose balances were not significant.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The available credit rating information of the&#13;banks, as at December 31, 2017, in which the Company made deposit transactions and financial investments in domestic currency (R$&#13;- domestic rating) during the year is as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 37%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Banks&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fitch&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Moody's&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Standard Poor's&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Banco do Brasil S/A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AA+(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Aa1.br&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Banco Santander Brasil S/A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Aaa.br&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;brAA-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Caixa Econ&amp;#244;mica Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AA+(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Aa1.br&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;brAA-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Banco Bradesco S/A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AAA(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Aa1.br&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;brAA-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Ita&amp;#250; Unibanco Holding S/A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AAA(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Aa1.br&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;brAA-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160; Liquidity risk&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company's liquidity is primarily reliant&#13;upon cash provided by operating activities, loans from Brazilian Federal and State governmental financial institutions, and financing&#13;in the domestic and international capital markets.&amp;#160; The liquidity risk management considers the assessment of its liquidity&#13;requirements to ensure it has sufficient cash to meet its operating and capital expenditures needs, as well as the payment of debts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The funds held by the Company are invested in&#13;interest-bearing current accounts, time deposits and securities, selecting instruments with appropriate maturity or liquidity sufficient&#13;to provide margin as determined by projections mentioned above.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The table below shows the financial&#13;liabilities of the Company,  by relevant maturities, including the installment of principal and future interest to be paid&#13;according to the agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 30%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2023 onwards&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;As of December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Borrowings and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,221,645&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,321,046&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,648,021&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,134,162&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,077,914&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,534,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,937,415&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Accounts payables to suppliers and contractors&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344,947&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344,947&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Services payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;408,275&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;408,275&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Public-Private Partnership &amp;#8211; PPP (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;185,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,148,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,807,392&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Program contract commitments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;128,820&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;92,505&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,639&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,779&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,981&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;269,753&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*)The Company also considered future commitments&#13;(construction not yet performed) still not recognized in the financial statements related to S&amp;#227;o Louren&amp;#231;o PPP, due to&#13;the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment&#13;through an agreement signed by the parties.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Future interest&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Future interest were calculated based on the&#13;contractual clauses for all agreements. For agreements with floating interest rate, the interest rates used correspond to the base&#13;dates above.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Cross default&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has borrowings and financing agreements&#13;including cross default clauses, i.e., the early maturity of any debt, may imply the early maturity of these agreements. The indicators&#13;are continuously monitored in order to avoid the execution of these clauses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;5.2 Capital management&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s objectives when managing&#13;capital are ensure its ability to continue as a going concern in order to provide returns for shareholders and benefits for other&#13;stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company monitors capital based on the leverage&#13;ratio. This ratio corresponds to net debt divided by total capital. Net debt corresponds to total borrowings and financing less&#13;cash and cash equivalents. Total capital is calculated as total equity as shown in the statement of the financial position plus&#13;net debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total borrowings and financing (Note 16)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;(-) Cash and cash equivalents (Note 7)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,283,047)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,886,221)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,817,919&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,077,922&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,513,009&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,419,211&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,330,928&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,497,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Leverage ratio&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the leverage ratio&#13;decreased to 36% from the 40% as of December 31, 2016, mainly due to the increase in equity generated by the 2017 earnings retention.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;5.3 Fair value estimates&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;It is assumed that balances from trade receivables&#13;(current) and accounts payable to suppliers by carrying amount, less impairment approximate their fair values, considering the&#13;short maturity.&amp;#160; Long-term trade receivables also approximate their fair values, as they will be adjusted by inflation and/or&#13;will bear contractual interest rates over time.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;5.4 Financial instruments&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017 and December 31, 2016,&#13;the Company did not have financial assets classified as fair value through profit or loss, held to maturity and available for sale&#13;neither financial liabilities classified as fair value through profit or loss. The Company&amp;#8217;s financial instruments included&#13;in the borrowings and receivables category comprise cash and cash equivalents, restricted cash, trade receivables, balances with&#13;related parties, other receivables, and balances receivable from the Water National Agency &amp;#8211; ANA. The financial instruments&#13;under the &amp;#8220;other liabilities&amp;#8221; category comprise accounts payable to contractors and suppliers, borrowings and financing,&#13;services payable, balances payable deriving from the Public Private Partnership-PPP and program contract commitments, which are&#13;nonderivative financial assets and liabilities with fixed or determinable payments, not quoted in an active market.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The estimated fair values of financial instruments&#13;are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial assets&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,283,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,283,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,886,221&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,886,221&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Restricted cash&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,822&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,822&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,078&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,078&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Trade receivables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Water National Agency &amp;#8211; ANA &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;70,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;70,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,221&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,221&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Other receivables &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,369&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,369&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*) Amount recorded under &amp;#8220;other&#13;receivables&amp;#8221; in current assets.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Additionally, SABESP has financial instrument&#13;assets receivables from related parties, in the amount of R$ 815,160 as of December 31, 2017 (R$ 871,709 as of December 31, 2016),&#13;which were calculated in accordance with the conditions negotiated between related parties. The conditions and additional information&#13;referring to these financial instruments are disclosed in Note 10 to the financial statements. Part of this balance, in the amount&#13;of R$ 709,208 (R$ 788,180 as of December 31, 2016), refers to reimbursement of additional retirement and pension plan - G0 and&#13;is indexed by IPCA plus simple interest of 0.5% p.m. This interest rate approximates that one practiced by federal government bonds&#13;(NTN-b) with terms similar to those of related-party transactions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial liabilities&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Borrowings and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,967,909&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,776,178&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Accounts payables to suppliers and contractors&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344,947&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344,947&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;311,960&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;311,960&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Services payable&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;239,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;239,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,093&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,093&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Public-Private Partnership - PPP&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,071,416&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Agreements with Banco do Brasil and CEF (Brazilian Federal Savings Bank) were projected until their final maturities, at&#13;contractual rates (projected TR + spread) and discounted at present value by TR x DI, both rates were obtained&amp;#160; from B3&#13;(previous denominated BM&amp;#38;FBovespa).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and discounted to&#13;present value considering the future interest rate published by ANBIMA in the secondary market, or by market equivalent rates,&#13;or the Company&amp;#8217;s share traded in the Brazilian market.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt"&gt;(iii)&amp;#160;&amp;#160;&#13;BNDES loans are financial instruments valued at carrying amount plus contractual interest rate until the maturity date, and are&#13;indexed by long term interest rate &amp;#8211;&amp;#160; TJLP.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;These financing have specific characteristics&#13;and the conditions defined in the financing agreements with BNDES between independent parties, and reflect the conditions for those&#13;types of loan.&amp;#160; In Brazil, a consolidated market of long-term debts does not exist with the same characteristics of BNDES&#13;financing, the offering of credit to the entities in general, with this long-term characteristic, usually is restricted to BNDES.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt"&gt;(iv)&amp;#160;&amp;#160;&#13;Other financing in local currency are considered by carrying amount plus contractual interest rate until maturity date, discounted&#13;to present value considering a future interest rate published by B3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt"&gt;(v)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Agreements with BID and IBRD, were projected until final&amp;#160; maturity&amp;#160; in&amp;#160; origin&amp;#160; currency,&amp;#160; applying interest&#13;rates contracted, discounted at present value at Libor futures rate, obtained from Bloomberg.&amp;#160; Eurobonds was priced at market&#13;value through quotes published by Bloomberg.&amp;#160; All the amounts obtained&amp;#160; were translated into Brazilian reais at the exchange&#13;rate of December 31,&amp;#160; 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt"&gt;(vi)&amp;#160;&amp;#160;&#13;Agreements with JICA, were projected until final maturity in origin currency, using interest rates contracted and discounted at&#13;present value, at Tibor futures rate obtained from Bloomberg.&amp;#160; The amounts obtained were translated into Brazilian reais at&#13;the exchange rate of December 31, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt"&gt;(vii) Leases&#13;are financial instruments considered by face value restated until maturity date, whose characteristic is the indexation by fixed&#13;contractual rate, which is a specific type, not compared to any other market rate.&amp;#160; Thus, the Company discloses as market&#13;capitalization, the amount recorded as of December 31, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial instruments referring to investments&#13;and borrowings and financing are classified as Level 2 in the fair value hierarchy.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Considering the nature of other financial&#13;instruments, assets and liabilities of the Company, the balances recognized in the statement of financial position approximate the fair values, taking into account the maturities close to the end of the reporting period, comparison&#13;of contractual interest rates with market rates in similar operations at the end of the reporting periods, their nature&#13;and maturity terms.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfMarketRiskExplanatory>
    <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Estimates and judgments are continually evaluated&#13;and are based on historical experience and on other factors, including expectations of future events that are believed to be reasonable&#13;under the circumstances.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company makes estimates and assumptions&#13;concerning the future.&amp;#160; The resulting accounting estimates, by definition, may differ from actual results.&amp;#160; The estimates&#13;and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within&#13;the next financial year are addressed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Allowance for doubtful accounts&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company establishes an allowance for doubtful&#13;accounts in an amount that Management considers sufficient to cover expected losses (see Note 9 (c)), based on an analysis of trade&#13;receivables, in accordance with the accounting policy stated in Note 3.4.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The methodology for determining the allowance&#13;for doubtful accounts receivable requires significant estimates, considering a number of factors including historical receipt experience,&#13;current economic trends, estimates of forecast write-offs, the aging of the accounts receivable portfolio.&amp;#160; While the Company&#13;believes that the assumptions used are reasonable, actual results could be different.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Intangible assets arising from concession and program contracts&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes as intangible assets&#13;arising from concession agreements.&amp;#160; The Company estimates the fair value of construction and other work on the infrastructure&#13;to recognize the cost of the intangible asset, which is recognized when the infrastructure is built and provided that it will generate&#13;future economic benefits.&amp;#160; The great majority of the Company's contracts for service concession arrangements entered with&#13;each grantor is under service concession agreements in which the Company has the right to receive, at the end of the contract,&#13;a payment equivalent to the unamortized asset balance of the concession intangible asset, which in this case, are amortized over&#13;the useful life of the underlying physical assets, thus at the end of the contract, the remaining value of the intangible would&#13;be equal to the residual value of the related fixed asset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Concession intangible assets under Concession&#13;agreements and Program contracts, in which, at the end of the contract, the Company has no right to receive a payment equivalent&#13;to the unamortized asset balance of the concession intangible, are amortized on a straight-line basis over the useful life of asset&#13;or contract period, which occurs first.&amp;#160; Additional information on the accounting for intangible assets arising from concession&#13;agreements  are described in Notes 3.8 and 14.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The recognition of fair value for the intangible&#13;assets arising on concession agreements is subject to assumptions and estimates, and the use of different assumptions could affect&#13;the balances recorded.&amp;#160; 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margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The liability recognized in the balance sheet&#13;in relation to defined benefit pension plans is the present value of defined benefit obligation on the balance sheet date, less&#13;the fair value of plan assets.&amp;#160; The benefit obligation is calculated yearly by independent actuaries, applying the projected&#13;credit unit method.&amp;#160; The present value of defined benefit obligation is determined by discounting the estimated future cash&#13;outflows, using interest rates compatible with the market, which are denominated in currency in which benefits will be paid and&#13;with maturity terms close to those of corresponding pension plan obligation&lt;font style="letter-spacing: -0.1pt"&gt;. Additional information&#13;related to pension benefits are described in Note 20.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Deferred income tax and social contribution&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes and settles taxes on&#13;income based on the results of operations verified according to the Brazilian Corporation Law, taking into consideration the provisions&#13;of the tax laws.&amp;#160; Pursuant to IAS 12, the Company recognizes deferred tax assets and liabilities based on the differences&#13;between the accounting balances and the tax bases of assets and liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company regularly reviews the recoverability&#13;of deferred tax assets and recognizes a provision for impairment if it is probable that these assets will not be realized, based&#13;on the historic taxable income, in the projection of future taxable income and the estimated period of reversing temporary differences.&#13;These calculations require the use of estimates and assumptions. The use of different estimates and assumptions could result in&#13;provision for impairment of all or a significant amount of deferred tax assets&lt;font style="letter-spacing: -0.1pt"&gt;. Additional&#13;information related to  taxes are described in Note 18.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"&gt;&lt;b&gt;(e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Provisions&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is party to a number of legal proceedings&#13;involving significant claims. These legal proceedings include, but are not limited to, tax, labor, civil, environmental, disputes&#13;with customers and suppliers. The Company recognizes a provision for lawsuits when it has a present obligation (legal or constructive)&#13;arising from a past event, it is probable that an outflow of resources embodying economic benefits will be necessary to settle&#13;the liability and the amount of such obligation can be reliable estimated.&amp;#160; Judgments regarding future events may differ&#13;significantly from actual estimates and could exceed the amounts provisioned.&amp;#160; Provisions are revised and adjusted to take&#13;into consideration changes in circumstances involved. Additional information of these legal proceedings are disclosed in Note&#13;&lt;font style="font-family: Georgia, Times, Serif"&gt;19&lt;font style="letter-spacing: -0.1pt"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
    <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 38%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 31%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 31%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Cash and banks&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;171,951&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;137,395&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,111,096&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,748,826&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,283,047&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,886,221&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Cash and cash equivalents include cash, bank&#13;deposits and high-liquidity short-term financial investments, mainly represented by repurchase agreements (accruing CDI interest&#13;rates), deposited at Banco do Brasil, whose original maturities are lower than three months, which are convertible into a cash&#13;amount and subject to an insignificant risk of change in value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The average yield of&#13;financial investments corresponds to 98.88% of CDI in December 2017 (99.24%   in December  2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
    <ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 46%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 26%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Agreement with the S&amp;#227;o Paulo municipal government (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,055&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,858&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Federal Savings Bank &amp;#8211; escrow deposits (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,209&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,989&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,558&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,231&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,822&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,078&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -21.25pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Refers to the amount deducted from the 7.5% of Municipal revenue transferred to the Municipal Fund, corresponding to eventual amounts&#13;unpaid by direct management bodies, foundations and government agencies, as established in the agreement entered into with the&#13;municipal government of S&amp;#227;o Paulo; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 34.05pt; text-align: justify; text-indent: -19.85pt"&gt;(ii)&amp;#160;&amp;#160;&#13;Refers to savings account for receiving escrow deposits regarding lawsuits with final and unappealable decisions in favor of the&#13;Company, which are blocked as per contractual clause.&lt;/p&gt;</ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory>
    <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Financial&#13;position balances&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 26%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 26%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Private sector:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;General and special customers (i) (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,248,979&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,205,498&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Agreements (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;320,032&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;315,351&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,569,011&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,520,849&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Government entities:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Municipal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;532,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;520,950&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,547&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,414&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Agreements (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,614&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;279,449&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;821,481&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;803,813&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Wholesale customers &amp;#8211; Municipal governments: (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Guarulhos&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;760,598&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;778,106&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Mau&amp;#225;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;530,830&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;467,775&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Mogi das Cruzes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,670&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,527&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Santo Andr&amp;#233;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,048,832&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;946,045&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;S&amp;#227;o Caetano do Sul&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,604&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,371&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Diadema &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;222,671&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;222,671&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Total wholesale customers &amp;#8211; Municipal governments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,568,205&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,419,495&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Unbilled supply&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;580,006&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;481,389&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,538,703&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,225,546&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,650,198)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,514,240)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Total &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,672,595&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,557,472&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Noncurrent &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;215,910&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;153,834&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;&amp;#160;General customers - residential and small and mid-sized companies;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Special customers - large consumers, commercial, industries, condominiums and special billing consumers (fixed demand agreements,&#13;industrial waste, wells, etc.).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt"&gt;(iii)&amp;#160;&amp;#160;&#13;Agreements - installment payments of past-due receivables, plus monetary adjustment and interest, according to the&#13;agreements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt"&gt;(iv)&amp;#160;&amp;#160;&amp;#160;&#13;Wholesale basis customers - municipal governments - This balance refers to the sale of treated water to municipalities, which&#13;are responsible for distributing to, billing and charging final customers. Some of these municipalities are questioning in court&#13;the tariffs charged by SABESP, which have full allowance for doubtful accounts. Additionally, the overdue amounts are included&#13;in the allowance for doubtful accounts.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The aging&#13;of trade receivables is as follows&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 38%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 31%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 31%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,471,668&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,337,503&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Past-due:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Up to 30 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;287,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;263,157&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 31 to 60 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,179&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;148,927&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 61 to 90 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;73,989&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;53,268&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 91 to 120 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,477&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;109,138&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 121 to 180 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;105,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;124,001&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 181 to 360 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;147,699&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;203,837&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Over 360 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,281,566&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,985,715&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total past-due&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,067,035&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,888,043&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,538,703&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,225,546&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The increase in the overdue balance was mainly&#13;due to the default of the municipalities that purchased water on a wholesale basis, given that they are challenging the tariffs&#13;charged by SABESP in court.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Allowance&#13;for doubtful accounts&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 42%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt/130% Times New Roman, Times, Serif"&gt;Balance&#13;    at beginning of the year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,514,240&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,307,793&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,164,288&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Private sector /government&#13;    entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;75,973&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;144,217&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;103,231&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Recoveries &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(133,730)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(241,109)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(177,993)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Wholesale customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;193,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;331,295&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;283,113&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net additions for&#13;    the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;135,958&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;234,403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;208,351&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Write-offs of accounts&#13;    receivable during the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(27,956)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(64,846)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Balance at end of&#13;    the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,650,198&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,514,240&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,307,793&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 46%"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation&#13;        of estimated losses&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;of&#13;        income&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Write-offs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(171,729)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(177,492)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(63,076)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(Losses)/reversal&#13;    with state entities - related parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;21,510&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,292)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,999)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Losses with private&#13;    sector / government entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(75,973)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(144,217)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(103,231)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(Losses)/reversal&#13;    with wholesale customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,781&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,596)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,107)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Recoveries&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;133,730&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;241,109&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;177,993&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amount recorded as&#13;    selling expenses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(82,681)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(90,488)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,420)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Wholesale sales losses, amounting&#13;to R$&amp;#160;203,496 were reported as a reduction of revenue and sales expenses in 2017. In 2016 and 2015, R$&amp;#160;328,699 and&#13;R$273,006, respectively, were fully reported as a reduction of revenue.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company does not have customers representing&#13;10% or more of its total revenues.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
    <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is a party to transactions with&#13;its controlling shareholder, the State Government, and companies related to it.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Accounts&#13;receivable, interest on capital payable, revenue and expenses with the S&amp;#227;o Paulo State Government&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Accounts receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Current:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Sanitation services (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,441&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;134,005&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Allowance for losses (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,114)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(56,624)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Reimbursement for retirement and pension benefits paid (G0):&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - monthly flow (payments) (ii) and (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,968&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,696&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2008 (ii) and (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,099&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,512&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2015 (vii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,379&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,816&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#8220;Se Liga na Rede&amp;#8221; program (l)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,148&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;180,773&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;202,553&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Noncurrent:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Agreement for the installment payment of sanitation services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Reimbursement for retirement and pension benefits paid (G0):&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2008 (ii) and (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,838&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2015 (vii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;611,762&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;650,318&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total noncurrent&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;634,387&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;669,156&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total receivables from shareholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;815,160&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;871,709&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Sanitation services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;105,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;77,381&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Reimbursement of additional retirement and pension benefits (G0)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;709,208&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;788,180&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#8220;Se Liga na Rede&amp;#8221; program (l)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,148&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;815,160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;871,709&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest on capital payable to related parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;300,717&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;351,788&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other (g)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,367&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,853&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 51%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right; vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Revenue from sanitation services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;462,989&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;445,726&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;357,512&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Payments received from related parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(471,081)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(424,549)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;(338,471)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Receipt of GESP reimbursement referring to Law 4,819/58&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(192,889)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(139,472)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;(121,709)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.4pt; text-align: justify; text-indent: -0.5in"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;&amp;#160;&amp;#160;Sanitation services&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company provides water supply and&#13;sewage services to the S&amp;#227;o Paulo State Government and other companies related to it in accordance with usual market&#13;terms and conditions, as considered by management, except for the settlement of credits which can be made according to items&#13;(iii), (iv) and (v), below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognized R$ 35,114 as of December&#13;31, 2017 (R$ 56,624 as of December 31, 2016) as allowance for&amp;#160; losses of amounts past due for more than 360 days has been&#13;recorded due to the uncertainty involving these receipts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.4pt; text-align: justify; text-indent: -0.5in"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;&amp;#160;&amp;#160;Reimbursement of additional retirement and pension benefits paid&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Refers to amounts of supplementary retirement&#13;and pension benefits provided for in State Law 4,819/58 (&amp;#34;Benefits&amp;#34;) paid by the Company to former employees and pensioners,&#13;referred to as Go.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Under the Agreement referred on item (iii) with&#13;the S&amp;#227;o Paulo State Government (&amp;#34;GESP&amp;#34; or the &amp;#34;State&amp;#34;), GESP recognizes its liability from charges arising&#13;from the Benefits, provided that the payment criteria set forth by the State Department of Personnel (DDPE), based on legal guidance&#13;of the Legal Consultancy of the Department of Finance and of the State Attorney General's Office (PGE).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As discussed on item (vi), during the assessment&#13;of the debt due from GESP to the Company there were certain divergences in the calculation and eligibility criteria of the benefits&#13;paid by the Company on behalf of GESP.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;See additional information about the Go plan&#13;in Note 20 (b) (iii).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In January 2004, the payments of supplement&#13;retirement and pension benefits were transferred to the Department of Finance and would be made in accordance with the calculation&#13;criteria determined by the PGE.&amp;#160; As a result of a court decision, the responsibility for making the payments returned to SABESP,&#13;as originally established.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;(iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;GESP Agreement&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On December 11, 2001, the Company, the S&amp;#227;o&#13;Paulo State Government (through the State Department of Finance Affairs, currently Department of Finance) and the Water and Electricity&#13;Department (DAEE), with the intermediation of the State Department of Sanitation and Energy (former Department of Water Resources,&#13;Sanitation and Construction Works), entered into the Obligations, Payment Commitment and Other Covenants Acknowledgement and Consolidation&#13;Agreement (&amp;#34;GESP Agreement&amp;#34;) for the settlement of outstanding debts between GESP and the Company related to sanitation&#13;services and to the retirement benefits.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In view of the strategic importance of the Taia&amp;#231;upeba,&#13;Jundia&amp;#237;, Biritiba, Paraitinga and Ponte Nova reservoirs for ensuring and maintaining the Alto Tiet&amp;#234; water volume, the&#13;Company agreed to receive them as partial repayment of the reimbursement related to the Benefits.&amp;#160; The DAEE would transfer&#13;the reservoirs to the Company, replacing the amount owed by GESP.&amp;#160; However, the S&amp;#227;o Paulo State Public Prosecution Office&#13;challenges the legal validity of this agreement, and its main argument is the lack of bidding and the absence of a specific legislative&#13;authorization for disposal of DAEE's assets.&amp;#160; There is an unfavorable decision to SABESP not yet unappealable.&amp;#160; See additional&#13;information in item (viii) below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;(iv) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;First Amendment to the GESP Agreement&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On March 22, 2004, the Company and the S&amp;#227;o&#13;Paulo State Government amended the terms of the original GESP Agreement, (1) consolidating and recognizing the amounts due by the&#13;S&amp;#227;o Paulo State Government for water supply and sewage services provided, monetarily adjusted through February 2004; (2) formally&#13;authorizing the offset of amounts due by the S&amp;#227;o Paulo State Government with interest on capital declared by the Company and&#13;any other debt owed to the S&amp;#227;o Paulo State Government as of December 31, 2003, monetarily adjusted through February 2004;&#13;and (3) defining the payment conditions of the remaining liabilities of the S&amp;#227;o Paulo State Government for the receipt of&#13;the water supply and sewage services.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;(v) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;&amp;#160;&amp;#160; Second Amendment to the GESP Agreement&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On December 28,&amp;#160; 2007, the Company&amp;#160;&#13;and the&amp;#160; S&amp;#227;o&amp;#160; Paulo&amp;#160; State Government, represented by the Department of Finance, signed the second amendment&#13;to the terms of the original GESP Agreement, agreeing upon the payment in installments of the remaining balance of the First Amendment,&#13;amounting to R$ 133,709 at November 30, 2007, to be paid in 60 monthly and consecutive installments of the same amount, beginning&#13;on January 2, 2008. In December 2012 the last installment was paid.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;(vi)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Third Amendment to the GESP Agreement&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 17, 2008, GESP, SABESP and DAEE&#13;signed the third amendment to the GESP Agreement, through which GESP recognized a debt balance payable to SABESP totaling R$ 915,251,&#13;monetarily adjusted up to September 2008 in accordance with the fluctuation of the IPCA-IBGE, corresponding to the Undisputed Reimbursement,&#13;determined by FIPECAFI. SABESP accepted on a provisional basis the reservoirs (see information on item (iii) of this note) as part&#13;of the payment of the Undisputed Reimbursement and offered to GESP a provisional settlement, recognizing a credit totaling R$ 696,283,&#13;corresponding to the value of the reservoirs in the Alto Tiet&amp;#234; system. The Company did not recognize the reimbursement receivable&#13;of R$ 696,283 related to the reservoirs, as it is not virtually certain that will be transferred by the State. In March 2015, Sabesp&#13;and GESP entered into an agreement to pay the amounts receivable, totaling R$ 696,283 (more information in item (vii) of this note).&#13;The remaining balance totaling R$ 218,967 has been paid in 114 monthly, consecutive installments, totaling R$ 1,920 each, including&#13;the annual IPCA-IBGE fluctuation, plus interest of 0.5% p.m.. The amounts are paid on a monthly basis and the last installment&#13;matures in April 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition, the third amendment provides for&#13;the regularization of the monthly flow of benefits.&amp;#160; While SABESP is liable for the   monthly payment of benefits, the&#13;State shall reimburse SABESP based on the criteria identical to those applied when determining the Undisputed Reimbursement.&amp;#160;&#13;Should there be no preventive court decision, the State will assume the flow of monthly payment of benefits portion deemed as undisputed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;(vii)&amp;#160;&amp;#160;&amp;#160;&#13;Agreement with the S&amp;#227;o Paulo State Government entered into in 2015&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On March 18, 2015, the Company, the State of&#13;S&amp;#227;o Paulo and the Department of Water and Electricity (DAEE), and the Sanitation and Water Resources Department as the intervening&#13;party, entered into a Term of Agreement in the amount of R$ 1,012,310, of which R$ 696,283 refer to the principal of the Undisputed&#13;Amount mentioned in item (vi) and R$ 316,027 corresponding to the inflation adjustment of the principal until February 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Principal Amount will be paid in 180 installments,&#13;as follows:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 5%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 95%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The first 24 installments were settled by immediately transferring 2,221,000 preferred shares issued by Companhia de Transmiss&amp;#227;o de Energia El&amp;#233;trica Paulista - CTEEP, totaling R$ 87,174, based on the share closing on March 17, 2015; and&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The amount of R$ 609,109, payable in 156 monthly installments, was adjusted by IPCA (Extended Consumer Price Index) until the initial payment date, on April 5, 2017. As of this date, installments are being adjusted by IPCA plus simple interest of 0.5% per month. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;Considering the lawsuit which objects the possibility of transferring&#13;the reservoirs is pending final and unappealable court decision, the agreement also provides for the following situations:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 5%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 95%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;If transfer is possible and the Reservoirs are effectively transferred to SABESP and registered at the notary&amp;#8217;s office, SABESP will reimburse to the State the amounts paid in replacement of Reservoirs (Principal Amount) in 60 monthly installments adjusted by IPCA until the date of payment of each installment; and&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;If the transfer of Reservoirs is not possible, the State will pay to SABESP, in addition to the Principal Amount, the inflation adjustment credit of R$ 316,027 in 60 installments, starting these payments at the end of Principal Amount installment payment.&amp;#160; The amount will be adjusted by IPCA to the start date of payments and, as of this date, IPCA will be incurred plus 0.5% simple interest rates/month over the amount of each installment.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The accounting impacts of the agreement generated&#13;a debit of R$ 696,283 in accounts receivable from related parties and a credit in the same amount in administrative expenses on&#13;the transaction date. As of December 31, 2017, the balance receivable totaled R$&amp;#160;54,379 in current assets (R$&amp;#160;39,816&#13;as of December 31, 2016) and R$&amp;#160;611,762 in noncurrent assets (R$&amp;#160;650,318 as of December 31, 2016) and CTEEP shares were&#13;disposed of on April 20, 2016 for R$&amp;#160;111.1 million.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;(viii)&amp;#160;&amp;#160;&#13;Disputed Amount of Benefits&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As mentioned before, on November 17, 2008 the&#13;Company and the State signed the third amendment to the GESP Agreement, when the reimbursements called disputed and undisputed&#13;were quantified. The amendment established the efforts to calculate the so-called Disputed Reimbursement of the Benefits. Under&#13;the fourth clause of the amendment, the Disputed Reimbursement represents the difference between the Undisputable Reimbursement&#13;and the amount actually paid by the Company as pension benefits and pensioners set out in Law 4,819/58, for which, the Company&#13;understands, the State of S&amp;#227;o Paulo is originally liable, but paid by SABESP under a court order.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;By entering into the third amendment, the State's&#13;Legal Representative (PGE) agreed to reassess the differences that gave rise to the Disputed Amount of benefits set out in Law&#13;4,819/58. At the time, the expectation was based on the willingness of the PGE to reanalyze the issue and the implied right of&#13;the Company to the reimbursement, including based on opinions from outside legal advisors.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;However, the recent opinions issued by the&#13;PGE and received on September 4 and 22, 2009 and January 4, 2010, refute the reimbursement of previously defined as Disputed&#13;Amount.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Even though the negotiations with the State&#13;are still in progress, it is not possible to assure that the Company will recover the disputed receivables without dispute.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As part of the actions intended to recover the&#13;receivables that management considers due by the State, related to discrepancies in the reimbursement of the pension benefits paid&#13;by the Company, SABESP:&amp;#160; (i) on March 24, 2010, reported to the controlling shareholder the official letter approved by the&#13;executive committee, proposing that the matter be discussed at the S&amp;#227;o Paulo Stock Exchange (B3) Arbitration Chamber; (ii)&#13;in June 2010, presented to Department of Finance a proposal to solve the outstanding items, such proposal was not accepted; (iii)&#13;on November 9, 2010, filed a judicial action against the State of S&amp;#227;o Paulo pleading the entire reimbursement related to employee&#13;benefits set out in Law 4,819/58 to finalize the discussion between the Company and GESP. Despite the legal action, the expectation&#13;of which is a possible gain, the Company will persist to obtain an agreement with GESP since the management believes that it is&#13;the best course of action to the Company and to its shareholders than waiting until the end of the lawsuit.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company's Management decided to record allowance&#13;for losses of amounts receivables from the State; as of December 31, 2017 and 2016, the amounts related to the pension plan benefits&#13;paid and recorded for allowance for doubtful accounts totaled R$&amp;#160;1,021,657 and R$&amp;#160;937,035, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As a result, the Company also recognized&#13;the obligation related to the pension benefit obligations maintained with the beneficiaries, retirees and pensioners of Plan&#13;G0. As of December 31, 2017 and 2016, the pension benefit obligations of Plan G0 totaled R$ 2,543,877 and R$ 2,512,080,&#13;respectively. For detailed information on the pension benefit obligations refer to Note 20 (b) (iii).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Use of&#13;reservoirs &amp;#8211; EMAE&amp;#160; &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Empresa Metropolitana de &amp;#193;guas e Energia&#13;S.A. - EMAE planned to receive for the credit and obtain financial compensation for alleged past and future losses in electricity&#13;generation, due to water collection, and compensation for costs already incurred and to be incurred with the operation, maintenance&#13;and inspection of the Guarapiranga and Billings reservoirs used by SABESP in its operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Several lawsuits were filed by EMAE. An arbitration&#13;proceeding was in progress related to the Guarapiranga reservoir and a lawsuit related to the Billings reservoir, both pleading&#13;for financial compensation due to SABESP&amp;#8217;s water collect for public supply, alleging that this conduct has been causing permanent&#13;and growing loss in the capacity of generating electricity of Henry Borden hydroelectric power plant with financial losses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of April 10, 2014, the Company issued a Notice&#13;to the Market including the information about an eventual future agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of October 28, 2016, the Company entered&#13;into an agreement based on a Private Transaction Agreement and Other Adjustments aimed to fully and completely settle the disputes&#13;involving the two companies.&amp;#160; The transaction is subject to the condition precedent of approval by the competent bodies of&#13;the Company and EMAE, as well as the Brazilian Electricity Regulatory Agency &amp;#8211; ANEEL, and involves the payment by SABESP&#13;to EMAE of the following amounts:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;- R$&amp;#160;6,610 annually, adjusted&#13;for inflation, as of the execution date of this instrument, by the IPCA or any other index that may replace it, by the last business&#13;day of October of each fiscal year,&amp;#160; with (i) the first of&amp;#160; such annual payments due up to the last business day of October&#13;2017 and (ii) the last payment due up to the last business day of October 2042; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;- R$ 46,270, in five annual and successive&#13;installments, adjusted for inflation by the IPCA or any other index that may replace it, with the first installment of R$ 9,254&#13;due on April 30, 2017 and the subsequent ones in&amp;#160; 4 (four) installments of same amount, due on every April 30 of the subsequent&#13;years, or on the first subsequent business day.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement was based on the&#13;following assumptions: (i) SABESP payments should not exceed the amount necessary to indemnify EMAE for the maintenance and&#13;operating costs of the Guarapiranga and Billings reservoirs,  based on the percentage of the collection considering the&#13;natural outflow of each reservoir; (ii) payments will be made while SABESP&amp;#8217;s and EMAE&amp;#8217;s concessions are valid,&#13;and as long as SABESP withdraws water from these reservoirs, in compliance with the statute of limitations of the objects of&#13;the proceedings; (iii) SABESP must request ARSESP to incorporate these expenses into the tariff revision process in&#13;progress.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In order to estimate the maintenance and preservation&#13;expenses of the hydraulic and property structures of the Billings and Guarapiranga reservoirs, the technical area involved in water&#13;production adopted the following assumptions:&amp;#160; (i) expenses related to the Guarapiranga Reservoir, whose water is used exclusively&#13;to supply the population of the S&amp;#227;o Paulo Metropolitan Region, will be fully paid by SABESP; (ii) the Billings reservoir has&#13;multiple uses &amp;#8211; flood control, generation of electricity and public supply &amp;#8211; and its maintenance and operating expenses&#13;should be shared based on the proportion of water used by each of the functions mentioned; (iii) SABESP has grants to use water&#13;in several points of the Billings reservoir that total an available outflow of 10.0 m&amp;#179;/s, representing 61.7% of the reservoir&amp;#8217;s&#13;long-term average outflow (16.2 m&amp;#179;/s); and (iv) considering the water volume usage percentages - 100% Guarapiranga and 61.70%&#13;Billings &amp;#8211; an annual amount of R$ 6,610 will be charged as shared expenses, based on the terms of the agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company  determined the annual amount&#13;of R$ 6,610 from 2010 to 2042, including the statute of limitations and the year of expiration of the EMAE concession.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For these reasons, the Company has concluded&#13;that it was in its interest to enter into the agreement since: (i) it eliminates the incidence of future risks with the dismissal&#13;of all proceedings; (ii) its amount is limited to a reasonable amount to be paid for the sharing of the operating and maintenance&#13;costs of the Guarapiranga and Billings reservoirs; and (iii) the form of payment is appropriate to its financial situation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;By entering into the Agreement, all litigation&#13;between the parties will cease permanently and the Company will continue using the reservoirs.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition to the lawsuits that were part of&#13;the Agreement, on April 11, 2016, SABESP was named in the Indemnification proceeding commenced by EMAE&amp;#8217;s minority shareholders,&#13;who claimed compensation for damages suffered by EMAE, based on the amounts that the latter did not earn due to the decrease in&#13;the outflow of these reservoirs and in the generation of electricity as a result of the use of water of the Billings and Guarapiranga&#13;reservoirs by SABESP, and also requested that SABESP be sentenced to reimburse the loss of profits related to EMAE&amp;#8217;s unearned&#13;amounts resulting from the fact that water was not pumped from the Pinheiros and Tiet&amp;#234; Rivers to the Henry Borden hydroelectric&#13;power plant.&amp;#160; In summary, the company claims&amp;#160; that the S&amp;#227;o Paulo State, in its capacity as controlling shareholder&#13;of EMAE, has acted unduly to EMAE&amp;#8217;s detriment and in favor of SABESP&amp;#8217;s interests by allowing and consenting water intake&#13;from the Billings and Guarapiranga reservoirs, in detriment to the output of these reservoirs and generation of electricity by&#13;EMAE, without the necessary financial compensation, making impracticable the satisfactory use of the Henry Borden hydroelectric&#13;power plant.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2016, the Company recorded&#13;R$ 9,018 and R$ 29,749 in Other Liabilities, under current&amp;#160; and noncurrent liabilities, respectively, which represent the&#13;present value of the balance of R$ 46,270 that will be paid in five annual installments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of November 9, 2016, EMAE&amp;#8217;s Board of&#13;Directors approved the transaction with SABESP, pursuant to the Private Transaction Agreement, in accordance with the Notice to&#13;the Market disclosed by EMAE on the same date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of November 10, 2016, the transaction was&#13;approved by SABESP&amp;#8217;s Board of Directors.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 30, 2016, the Brazilian Electricity&#13;Regulatory Agency - ANEEL, by means of Order 3,431, decided to approve the Private Transaction Agreement and other Covenants entered&#13;into between Empresa Metropolitana de &amp;#193;guas e Energia S.A. - EMAE, and the Company, thus meeting the &amp;#8220;second condition&#13;precedent&amp;#8221; required for the effectiveness of the agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of October 19, 2017, SABESP and EMAE executed&#13;the first amendment to the Private Transaction Agreement and Other Covenants for removal of the condition precedent related to&#13;the approval of said agreement at EMAE&amp;#8217;s Extraordinary Shareholders&amp;#8217; Meeting, which was approved by the Boards of Directors&#13;of SABESP and EMAE. The conditions precedent were complied with and the agreement came into effect.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the Company recorded R$ 6,110&#13;and R$ 64,180  in other liabilities,  under current and noncurrent liabilities, respectively, which represent the present&#13;value of the balance of R$ 171,860 that will be paid in annual installments with expected maturity from October 2017 &#13;until October 2042.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In October 2017, the Company paid the&#13;installments maturing in April 2017 and October 2017, of R$ 9,316 and R$ 6,760 respectively. As of December 31, 2017, the&#13;balance of the agreement totaled R$&amp;#160;15,668 and R$&amp;#160;92,894, recorded under other liabilities, in current and&#13;noncurrent liabilities, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Agreements&#13;with reduced tariffs with State and Municipal Government Entities that joined the Rational Water Use Program (PURA) &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has signed agreements with government&#13;entities related to the State Government and municipalities where it operates that benefit from a reduction of 25% in the tariff&#13;of water supply and sewage services when they are not in default. These agreements provide for the implementation of the rational&#13;water use program, which takes into consideration the reduction in water consumption.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Guarantees&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The State Government provides guarantees for&#13;some borrowings and financing of the Company and does not charge any fee with respect to such guarantees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(e)&amp;#160;&amp;#160;&amp;#160;&amp;#160; Personnel assignment&#13;agreement among entities related to the State Government&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has personnel assignment&#13;agreements with entities related to the State Government, whose expenses are fully passed on and monetarily reimbursed. In&#13;2017, the expenses related to personnel assigned by SABESP to other state government entities amounted to R$ 9,853 (R$ 10,393&#13;in 2016 and R$ 10,481 in 2015).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, there were no expenses related to personnel&#13;assigned by other entities to SABESP (R$&amp;#160;10 in 2016 and R$342 in 2015).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(f) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Services&#13;obtained from state government entities&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017 and 2016, SABESP had&#13;an outstanding amounts payable of R$ 1,367 and R$ 1,853, respectively, for services rendered by S&amp;#227;o Paulo State Government&#13;entities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(g)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Non-operating&#13;assets&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017 and December 31,&#13;2016, the Company had an amount of R$ 969 related to a free land lent to DAEE (Department of Water and Electricity).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(h)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Sabesprev&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company sponsors a private defined benefit&#13;pension plan, which is operated and administered by Sabesprev. The net actuarial liability recognized as of December 31, 2017 amounted&#13;to R$ 388,461 (R$ 753,170 as of December 31, 2016), according to Note 20 (b) (i).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(i) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Compensation&#13;of Management Key Personnel&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;- Compensation:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;SABESP's compensation policy for&#13;the Management and officers is set out according to guidelines of the S&amp;#227;o Paulo State Government, issued by the CODEC&#13;(State Capital protection Board), and are based on performance, market competitiveness, or other indicators related to the&#13;Company's business, and is subject to approval by shareholders at an Annual Shareholders' Meeting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Executive Officers&amp;#8217; fees are also&#13;defined by government authorities. Management and Fiscal Council&amp;#8217;s compensation is equivalent to 30 percent and 20 percent,&#13;respectively, of the Executive Officers&amp;#8217; fee, contingent on attendance of at least one monthly meeting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The objective of the compensation policy is&#13;to set a private sector management paradigm to retain its staff and recruit competent, experienced and motivated professionals,&#13;considering the level of management efficiency currently required by the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition to monthly fee, the members of the&#13;Board of Directors, Fiscal Council and the Board of Executive Officers receive annual reward equivalent to a monthly fee, calculated&#13;on a prorated basis in December of each year.&amp;#160; The purpose of this reward is to correspond to the thirteenth salary paid to&#13;the Company&amp;#8217;s employees, as officers and directors' relationship with the Company is governed by its bylaws and not the labor&#13;code.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Benefits paid only to statutory officers - meal&#13;ticket, basket of food staples, medical care, annual paid rest typified as a paid leave of 30 calendar days, and payment of a premium&#13;equivalent to one third of the monthly fee and bonuses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;SABESP pays bonuses for the purposes of compensating&#13;directors, in accordance with the guidelines of the S&amp;#227;o Paulo State government, as an incentive policy, as long as the Company&#13;records quarterly, semiannual, and yearly profits, and distributes mandatory dividends to shareholders, even if in the form of&#13;interest on capital. Annual bonuses cannot exceed six times the monthly compensation of the officers/directors or 10 percent of&#13;the interest on capital paid by the Company, prevailing the shortest amount.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Expenses related to the compensation to&#13;the members of its Board of Directors, Fiscal Council and Board of Executive Officers amounted to R$ 3,813, R$ 3,912 and R$&#13;4,078 for 2017,  2016 and 2015, respectively. An additional amount of R$ 556, related to the bonus program, was recorded in&#13;2017 (R$ 494 in 2016 and R$ 521 in 2015).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(j) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Loan agreement&#13;through credit facility&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company holds interest in certain Special&#13;Purpose Entities (SPEs), not holding the majority interest but with cast vote and power of veto in some issues, with no ability&#13;to use such power of veto in a way to affect returns over investments. Therefore, these SPEs are considered for accounting purposes&#13;as jointly-owned subsidiaries.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company entered into a loan agreement through&#13;credit facility with the SPEs Aquapolo Ambiental S.A. as of March 30, 2012, and with Attend Ambiental S.A. as of May 9, 2014, to&#13;finance the operations of these companies, until the borrowings and financing requested with financial institutions is granted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;These agreements remain with the same&#13;characteristics, according to the table below:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;SPE&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Principal disbursed amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Attend Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,277&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SELIC + 3.5 % a.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Aquapolo Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,629&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,209&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,838&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 1.2% a.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Aquapolo Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,502&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,502&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 1.2% a.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;50,617&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The loan agreement with SPE Attend&amp;#160; Ambiental&amp;#160; S/A&amp;#160; matures&amp;#160; within&amp;#160; 180&amp;#160; days,&amp;#160; from&amp;#160;&#13;the&amp;#160; date when&amp;#160; the respective amount is available in the borrower&amp;#8217;s account, renewable for the same period.&amp;#160;&#13;The credit has been overdue since May 11, 2015 and is subject to contractual default charges (inflation adjustment considering&#13;the IGP-M variation, 2% fine and default interest of 1% p.m.). The agreement has been renegotiated between the parties.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The R$ 5,629 loan agreement originally expired on April 30, 2016. As of February 10, 2016, an amendment to the agreement changed&#13;the payment schedule for four annual installments, the first of which maturing on December 30, 2018 and the last on December 30,&#13;2021; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt"&gt;(iii)&amp;#160;&amp;#160;&#13;The loan agreement totaling R$ 19,000 originally expired on April 30, 2015, was extended to October 30, 2015 and on November 25,&#13;2015 a new amendment changed the payment schedule for three annual installments, the first of which maturing on December 30, 2021&#13;and the last on December 30, 2023.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amount disbursed is recognized under &amp;#8220;Other&#13;Receivables&amp;#8221;, of which R$&amp;#160;1,780 was classified in Current Assets and R$&amp;#160;48,837 in Noncurrent Assets. As of December&#13;31, 2017, the balance of principal and interest rates of these agreements was R$&amp;#160;50,617 (R$&amp;#160;52,407 as of December 31,&#13;2016). In 2017, the financial income recognized was R$&amp;#160;5,017 (R$&amp;#160;7,118 in 2016 and R$ 10,123 in 2015).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(l)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#8220;Se&#13;Liga na Rede&amp;#8221; (Connect to the Network Program)&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The State Government enacted the State Law no.14,687/12,&#13;creating the pro-connection program, destined to financially subsidize the execution of household branches necessary to connect&#13;to the sewage collecting networks, in low income households which agreed to adhere to the program. The program expenditures, except&#13;for indirect costs, construction margin and borrowing costs are financed with 80% of funds deriving from the State Government and&#13;the remaining 20% invested by SABESP, which is also liable for the execution of works.&amp;#160; As of December 31, 2017, the program&#13;total amount was R$ 82,697 (R$ 79,274 as of December 31, 2016), there was no balance receivable from related&#13;parties (R$ 6,148 as of December 31, 2016), the amount of R$ 35,068 (R$ 34,915 as of December 31, 2016) recorded in the group of&#13;intangible assets and R$ 47,629 was reimbursed by GESP (R$ 38,211 as of December 31, 2016) from the beginning of the program until&#13;December 31, 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
    <SBS:DisclosureOfWaterNationalAgencyExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has agreements executed within the&#13;scope of the Hydrographic Basin Depollution Program (PRODES), also known as &amp;#34;Treated Sewage Purchase Program&amp;#34;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;This program does not finance works&#13;or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National&#13;Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the&#13;Caixa Econ&amp;#244;mica Federal - Brazilian Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is&#13;evidenced, as well as, the reduction of polluting cargoes of each agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;When resources are made available, liabilities&#13;are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from&#13;these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds&#13;earnings. As of December 31, 2017, the balances of assets and liabilities were R$ 70,487 (R$ 81,221 as of December 31, 2016), and&#13;the liabilities are recorded under &amp;#34;other liabilities&amp;#34; of noncurrent liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;</SBS:DisclosureOfWaterNationalAgencyExplanatory>
    <ifrs-full:DisclosureOfInvestmentPropertyExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the balance&#13;of &amp;#8220;Investment properties&amp;#8221; is R$ 57,652 (December 31, 2016 - R$ 57,968). As of December 31, 2017 and 2016,&#13;the market value of these properties is approximately R$ 402,000 and R$ 404,000, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 33%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Write-offs and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Investment properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(244)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(72)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,652&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(244)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(72)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,652&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 22%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Transfers&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Write-offs and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Reversal of estimated losses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Investment properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(124)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(106)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(124)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(106)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 21%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;2014&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Transfers&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Write-offs and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Investment properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,039&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,182&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,859)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(405)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,039&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,182&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,859)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(405)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfInvestmentPropertyExplanatory>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Statement of financial position details&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 22%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,507&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,507&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,494&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,494&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Buildings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;79,013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(36,653)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;42,360&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;77,548&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(34,286)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;43,262&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;330,753&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(226,950)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; 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background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;146,922&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;51,610&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,123)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(340)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(27,851)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;162,218&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transportation&#13;    equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; 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   &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,692&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture&#13;    and fixtures &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,124&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;634&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,629&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(23)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(946)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,418&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;138&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;21&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;149&lt;/font&gt;&amp;#160;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;304,845&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;54,794&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,092)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(373)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(31,098)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;325,076&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company annually revises the depreciation rates of: buildings &amp;#8211; 3.0%; equipment- 18.0%; transportation equipment - 10% and&#13;furniture, fixture and equipment &amp;#8211; 7.5%. Lands are not depreciated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;depreciation average rate was 13.6%, 10.9% and 11.5% as of December 31, 2017, 2016 and 2015, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&amp;#160;Borrowings and financing outstanding balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 50%; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Financial institution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Noncurrent&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Noncurrent&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Local currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;10&lt;sup&gt;th&lt;/sup&gt; 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padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Brazilian Development Bank - BNDES ONDA LIMPA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,469&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;146,461&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,219&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;168,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;191,302&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;337,916&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Brazilian Development Bank - BNDES 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,050&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;397,922&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;407,972&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;233,967&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;233,967&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,573&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;544,044&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,617&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,914&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;537,602&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;552,516&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,477&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,943&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;746&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,829&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,575&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Interest and charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;101,855&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;101,855&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,605&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,605&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total in local currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,199,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,228,761&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,428,145&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;879,908&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,423,872&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,303,780&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;b&gt;Borrowings and financing outstanding balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 45%; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Financial institution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Noncurrent&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Noncurrent&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Inter-American Development Bank - BID 713&amp;#160; (US$ 25,097 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,794&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,794&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Inter-American Development Bank - BID 1212&amp;#160; &amp;#8211; US$ 82,225 thousand (US$ 92,503 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;238,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;272,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,499&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;267,979&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;301,478&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Inter-American Development Bank - BID 2202 &amp;#8211; US$ 444,871 thousand (US$ 438,071 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,757&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,375,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,457,115&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;75,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,339,803&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,414,946&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;International Bank of Reconstruction and Development -BIRD &amp;#8211; US$ 91,286 thousand &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;(US$ 79,946 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;301,665&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;301,665&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,224&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,224&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Deutsche Bank &amp;#8211; US$ 150,000 thousand (US$ 150,000 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;248,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;242,343&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;490,443&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;480,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;480,244&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Eurobonds &amp;#8211; US$ 350,000 thousand (US$ 350,000 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,137,395&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,137,395&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 15 &amp;#8211; &amp;#165; 13,829,160 thousand (&amp;#165; 14,981,590 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,881&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;372,696&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;406,577&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,175&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;386,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;418,286&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 18 &amp;#8211; &amp;#165; 12,433,920 thousand (&amp;#165; 13,470,080 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;334,849&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;365,312&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;28,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;346,889&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;375,819&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 17 &amp;#8211; &amp;#165; 1,534,959 thousand (&amp;#165; 1,596,251 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,507&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;41,835&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;44,342&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,205&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;42,675&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,880&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 19 &amp;#8211; &amp;#165; 29,777,232 thousand (&amp;#165; 27,596,009 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;873,383&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;873,383&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;768,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;768,463&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;BID 1983AB &amp;#8211; US$ 82,404 thousand (US$ 106,346 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;79,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189,990&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;269,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;78,030&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;263,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;341,951&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Interest and charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,462&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,462&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,883&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,883&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total in foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;547,371&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,125,450&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,672,821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;366,659&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,293,704&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,660,363&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total borrowings and financing&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,746,755&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,354,211&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,246,567&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,717,576&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td colspan="7" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0"&gt;Exchange rate as of December 31, 2017: US$ 3.3080; &amp;#165;&amp;#160;0,02940&#13;        (as of December 31, 2016: US$ 3.2591; &amp;#165;&amp;#160;0.02792).&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0"&gt;As of December 31, 2017, the Company did not record balances&#13;        of borrowings and financing raised during the year to mature within 12 months.&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Local currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Guarantees&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Annual interest rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Inflation adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;TJLP +1.92% (Series 1 and 3) and 9.53% (Series 2) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;12&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;TR + 9.5% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;14&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;TJLP +1.92% (Series 1 and 3) and 9.19% (Series 2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;15&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 0.99% (Series 1) and 6.2% (Series 2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;17&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI +0.75 (Series 1) and 4.5% (Series 2) and4.75% (Series 3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2 and 3)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;18&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;TJLP 1.92 % (Series 1 and 3) and 8.25% (Series 2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;19&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 0.80% to 1.08%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;20&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 3.80%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;21&lt;sup&gt;st&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 0.60%  and CDI+ 0.90%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2018/2038&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5% to 9.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;TR&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; padding-left: 10.7pt; text-indent: -10.7pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES BAIXADA SANTISTA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.5%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES PAC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.15%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES PAC II 9751&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2027&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.72%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES PAC II 9752&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2027&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.72%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES ONDA LIMPA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.92%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES TIET&amp;#202; III&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.66%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.5%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.73% to 10.12% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPC&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2018/2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12% (Presidente Prudente) and TJLP + 1.66% (FINEP)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;TR&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Guarantees&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 23%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Annual interest rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Exchange rate changes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Inter-American Development Bank - BID 1212&amp;#160; &amp;#8211; US$ 82,225 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.74% (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Inter-American Development Bank - BID 2202 - US$ 444,871 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.33% (*)&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;International Bank for Reconstruction and Development - BIRD US$ 91.286 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2034&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.71% (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Deutsche Bank US$ 150,000 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Libor+4.50%(*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Eurobonds &amp;#8211; US$ 350,000 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.25%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 15 &amp;#8211; &amp;#165; 13,829,160 thousand &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.8% and 2.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 18 &amp;#8211; &amp;#165; 12,433,920 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.8% and 2.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 17&amp;#8211; &amp;#165; 1,534,959 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.2% and 0.01% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 19&amp;#8211; &amp;#165; 29,777,232 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.7% and 0.01% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;BID 1983AB &amp;#8211; US$ 82,404 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Libor + 1.88% to 2.38% (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*)Rates comprising LIBOR + contractually defined&#13;spread.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160; Payment schedule &amp;#8211; accounting balances&#13;as of December 31, 2017&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 26%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2024 to 2038&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;LOCAL CURRENCY&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;901,480&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,022,262&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;576,364&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;375,660&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;354,807&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;159,790&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;97,223&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,487,586&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;78,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,516&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;71,998&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;75,721&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;79,743&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;71,768&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;785,853&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,233,086&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;BNDES&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;98,523&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;112,594&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;88,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;451,101&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,033,058&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Leasing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,573&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,766&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;34,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38,056&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,775&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;361,920&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,617&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,943&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;101,855&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;101,855&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;TOTAL IN LOCAL CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,199,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,238,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;778,583&lt;/font&gt;&lt;/td&gt;&#13; 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padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;BIRD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,056&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,113&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;211,160&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;490,443&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Eurobonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;JICA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;66,851&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,051,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,689,614&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; 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   &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,462&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;TOTAL IN FOREIGN CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;547,371&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;540,855&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,463,899&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;275,488&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;275,488&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;272,090&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,297,630&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;858,401&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;843,483&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;634,128&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,996,354&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;(ii)&amp;#160;&amp;#160; 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text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;FOREIGN CURRENCY&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;BID&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,811,664&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;96,889&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,497)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(15,193)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,228&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(38,654)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(189,280)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,547&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,803&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,743,257&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;BIRD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;261,337&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,710 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,874&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,837&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,049)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,662&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;888&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;303,278&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Deutsche Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;485,090&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(720)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(31,774)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,286&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,925&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;496,726&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Eurobonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,141,469&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,115&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(85,338)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,046&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,529&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,158,642&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,617,215&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;63,909&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(287)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;82,563&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,525&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(28,652)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(65,702)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,602&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,115&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,700,448&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;BID 1983AB&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;343,588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(82)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,609&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(10,931)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(75,610)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,858&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,323&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;270,470&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;TOTAL IN FOREIGN CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,660,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;196,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,586)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;96,303&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45,590&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(199,398)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(330,592)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;137,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;63,975&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,657&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,672,821&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Overall Total &lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,012,315&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; 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   &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;BID&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,194,353&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;113,543&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,819)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(396,817)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,412&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(42,429)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(133,063)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,792&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;592&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,811,664&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;BIRD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;238,940&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;59,983&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(40,213)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,971&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,876)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,916&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;597&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;261,337&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Deutsche Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;469,020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;(9,167)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,845&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,042&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,804&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;546&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;485,090&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Eurobonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,922,256&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(334,915)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(128,283)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(437,752)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,002&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;50,239&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;922&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,141,469&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,756,969&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;188,755&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(468)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(259,455)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,771&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(33,799)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(73,854)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,791&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,362&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,617,215&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;BID 1983AB&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;505,306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(236)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(78,910)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,923)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(83,247)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,548&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,772&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,278&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;343,588&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;TOTAL IN FOREIGN CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,617,824&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;831,301&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,690)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,090,465)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45,154&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(218,310)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(727,916)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;132,091&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;80,874&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,660,363&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Overall Total &lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,121,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,267,697&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(17,173)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(969,430)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,559&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(739,944)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,535,312)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;449,470&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;295,828&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,737&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Debentures&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Balance as of December 31, 2017 is stated net&#13;of borrowings costs in the amount of R$ 6,223 (R$ 8,163 as of December 31, 2015), which will be amortized during the same maturity&#13;period of each contract.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Main events&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;As&#13;of January 16, 2017, the Company amortized the second installment of the 17th issue of series 1, totaling R$ 140,144.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;As&#13;of February 15, 2017, the Company fully amortized the 15th issue of series 1, totaling R$ 104,809, referring to principal and interest.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;As&#13;of June 20, 2017, the Company fully amortized the 19th debenture issue, totaling R$ 212,648, referring to principal and interest.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;As&#13;of July 13, 2017, the Company held the 21st issue of unsecured debentures, not convertible into shares, totaling R$ 500,000, in&#13;two series, the first of which totaling R$ 150,000, in a single installment maturing on June 15, 2020 and remuneration by the CDI&#13;+ 0.60% p.a., and the second series, totaling R$ 350,000, in two installments maturing on June 15, 2021 and June 15, 2022, respectively&#13;and remuneration by the CDI + 0.90% p.a. The proceeds of the debenture issue will be allocated to refinance financial commitments&#13;maturing in 2017 and to recompose the Company&amp;#8217;s cash.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;The&#13;covenants agreed for the 21st issue debentures are:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 28.35pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;Calculated&#13;every quarter upon the disclosure of interim or annual financial statements:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;-&#13;Net debt/EBITDA: lower than or equal to 3.65;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;-&#13;Adjusted EBITDA/paid financial expenses: equal to or higher than 1.5;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;-&#13;Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&amp;#8217;s capacity to execute and operate&#13;the basic sanitation public utilities in areas of the State of S&amp;#227;o Paulo territory, which considered individually or jointly&#13;during the deed&amp;#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding&#13;twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&amp;#8217;s operating&#13;income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 28.35pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;Non-compliance&#13;with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month&#13;period shall result in the early maturity of the agreement. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 28.35pt; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;The&#13;indenture has a cross acceleration clause, i.e., the early maturity of any of the Company&amp;#8217;s debts, in and individual or&#13;aggregate amount equal to or higher than R$ 145 million, adjusted by the IPCA inflation index as of the issue date,&#13;constitutes a default event and may result in the early maturity of the obligations arising from the&#13;Debentures.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For the outstanding contracts, the Company has&#13;the following restrictive clauses &amp;#8220;covenants&amp;#8221;:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Applicable to the 10&lt;sup&gt;th&lt;/sup&gt; issue,&#13;14&lt;sup&gt;th&lt;/sup&gt; issue and 18&lt;sup&gt;th&lt;/sup&gt; issue:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&lt;u&gt;Financial covenants applicable&#13;to the financing agreements entered into with the BNDES, except for agreement no. 08.2.0169.1 (PAC):&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;The financing agreements entered into&#13;with the BNDES specify two ranges in which the Company needs to maintain its Adjusted EBITDA / Adjusted Financial Expenses, Adjusted&#13;Net Debt / Adjusted EBITDA, and Other Onerous Debt / Adjusted EBITDA ratios.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;These agreements also specify a guarantee&#13;mechanism in which the Company needs to ensure that a portion of the monthly receivables amount is daily recorded in a fiduciary&#13;account linked to the BNDES.&amp;#160;&amp;#160; In this process, every day, after the BNDES notifies the depositary bank that the Company&#13;is not in default, this portion of the monthly receivables amount is transferred to a Company current account.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;The renegotiated/amended covenants&#13;are:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify; text-indent: -14.2pt"&gt;A.&amp;#160;&amp;#160;&#13;Maintenance of the following ratios, quarterly calculated and related to accrued amounts over the last 12 months, upon the disclosure&#13;of reviewed interim financial statements or audited annual financial statements entails the need to record R$ 225.9 million per&#13;month in a fiduciary account linked to the BNDES:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Adjusted EBITDA / Adjusted financial expenses equal to or higher than 3.50;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Adjusted net debt / Adjusted EBITDA equal to or lower than 3.00;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Other onerous debt(*) / Adjusted EBITDA equal to or lower than 1.00.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;(*) &amp;#8220;Other Onerous Debts&amp;#8221;&#13;correspond to the sum of social security liabilities, health care plan, installment payment of tax debts and installment payment&#13;of debts with the Electricity supplier.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify; text-indent: -14.2pt"&gt;B.&amp;#160;&amp;#160;&#13;In case of failure to comply with one or more ratios specified in item A, in two or more quarters, consecutive or not, within twelve&#13;months, the Company will be failing to comply with the first range of ratios and the portion of the monthly receivables to be recorded&#13;in a fiduciary account linked to the BNDES will be automatically increased by 20%, if the ratios are maintained in the following&#13;range:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Adjusted EBITDA / Adjusted financial expenses lower than 3.50 and equal to or higher than 2.80;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Adjusted net debt / adjusted EBITDA equal to or lower than 3.80 and higher than 3.00;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Other onerous debt / Adjusted EBITDA equal to or lower than 1.30 and higher than 1.00.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify; text-indent: -14.2pt"&gt;C.&amp;#160;&amp;#160;&amp;#160;&#13;The failure to achieve one or more than one ratio stipulated in item B, and/or the Company does not comply with the automatic reinforcement&#13;of guarantee under the terms of item B, the Company will be failing to comply with the covenant terms and the BNDES may, at its&#13;sole discretion:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;require the creation of additional guarantees, not below 30 days, within term to be defined by it through notice;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;suspend the release of funds; and/or&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;declare the early maturity of the financing agreements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the amount of R$ 225.9&#13;million was guaranteed for the agreements above (excluding the guarantee of agreement n&lt;sup&gt;o&lt;/sup&gt; 08.2.0169.1).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Financial covenants applicable&#13;to financing agreement n&lt;sup&gt;o&lt;/sup&gt; 08.2.0169.1 entered into with the BNDES&lt;/u&gt;:&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Adjusted EBITDA / adjusted net operating revenue: equal to or higher than 38%;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Adjusted EBITDA /adjusted financial expenses: equal to or higher than 2.35;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Adjusted net debt / adjusted EBITDA: equal to or lower than 3.20.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The BNDES will annually verify if the ratios&#13;have been complied with by analyzing the annual audited financial statements, which must be presented to the BNDES or published&#13;by April 30 of the subsequent year referring to the financial statements. If the Company complies, cumulatively, with the ratios&#13;above, the BNDES will reduce the interest stipulated in the agreement from 2.15% p.a. to 1.82% p.a., from June 16 of the year when&#13;the analysis is carried out to June 15 of the subsequent year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreements also have a cross default clause,&#13;i.e., the early maturity of any of the Company&amp;#8217;s debts, the amount of which may anyhow compromise the settlement of its obligations&#13;provided for in the Indenture deed shall imply the early maturity of such agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Applicable to the 12&lt;sup&gt;th&lt;/sup&gt; issue:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Calculated every quarter upon the disclosure&#13;of interim or annual financial statements:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;- Adjusted&#13;current ratio (current assets divided by current liabilities, excluding from current liabilities the current portion of noncurrent&#13;debts incurred by the Company that are recorded in current liabilities) higher than 1.0;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;- EBITDA to&#13;paid financial expenses ratio equal to or higher than 1.5;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;- Disposal&#13;of operating assets, extinguishment of license, loss of concession or loss of Issuer&amp;#8217;s capacity to execute and operate the&#13;basic sanitation public utilities in areas of the State of S&amp;#227;o Paulo territory, which considered individually or jointly during&#13;the contract&amp;#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding&#13;twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&amp;#8217;s operating&#13;income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer;&#13;and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Noncompliance with these obligations only will&#13;be characterized when verified in its interim financial statements, during at least, two consecutive quarters, or also two nonconsecutive&#13;quarters within a twelve-month period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In case of noncompliance with the covenants,&#13;the trustee should call an extraordinary debenture holders' meeting within 48 hours from the acknowledgement of the noncompliance&#13;to resolve on the declaration of early maturity of the debentures.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;This issue has an early maturity clause, in&#13;case there is a downgrade, by more than two levels, of the &amp;#8220;brAA-&amp;#8221; risk rating in national scale originally attributed&#13;to this issue&amp;#8217;s Debentures by the Rating Agency, always taking into consideration the Standard &amp;#38; Poor&amp;#8217;s rating&#13;table. As of December 31, 2017, SABESP&amp;#8217;s rate was &amp;#8220;brAA-&amp;#8221;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement also has a cross default clause,&#13;i.e. the early maturity of any of the Company&amp;#8217;s debts, equal to or exceeding R$ 50 million, adjusted by IPCA variation as&#13;of the issue date, due to contractual default, the amount of which may anyhow compromise the settlement of the Company&amp;#8217;s&#13;monetary obligations arising from the Issue, shall imply the early maturity of this agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Applicable to the 15&lt;sup&gt;th&lt;/sup&gt; issue,&#13;17&lt;sup&gt;th&lt;/sup&gt; issue and 20&lt;sup&gt;th&lt;/sup&gt; issues:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Calculated every quarter upon the disclosure&#13;of interim or annual financial statements:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;- Adjusted&#13;total Debt/EBITDA: lower than or equal to 3.65;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;- EBITDA/ paid&#13;financial expenses: equal to or higher than 1.5;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;- Disposal&#13;of operating assets, extinguishment of license, loss of concession or loss of Issuer&amp;#8217;s capacity to execute and operate the&#13;basic sanitation public utilities in areas of the State of S&amp;#227;o Paulo territory, which considered individually or jointly during&#13;the contract&amp;#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding&#13;twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&amp;#8217;s operating&#13;income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer;&#13;and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Non-compliance with the covenant clauses, during,&#13;at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early&#13;maturity of the agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreements have a cross acceleration clause,&#13;i.e., the early maturity of any of the Company&amp;#8217;s debts, equal to or exceeding R$ 90 million (for the 19th and 20th issues,&#13;amount equal to or exceeding R$ 120 million), adjusted by IPCA variation as of the issue date, due to contractual default, the&#13;amount of which may compromise the settlement of the Company&amp;#8217;s monetary obligations arising from the Issue, will result in&#13;the early maturity of these agreements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Applicable to 21&lt;sup&gt;st&lt;/sup&gt; issue:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"&gt;Calculated every quarter upon the disclosure&#13;of interim or annual financial statements&lt;font style="letter-spacing: -0.05pt"&gt;:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;-&#13;Net debt/EBITDA: lower than or equal to 3.65;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;-&#13;EBITDA/paid financial expenses: equal to or higher than 1.5;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 7.1pt; text-align: justify; text-indent: -7.1pt"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;-&#13;&lt;/font&gt;Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&amp;#8217;s capacity to execute&#13;and operate the basic sanitation public utilities in areas of the State of S&amp;#227;o Paulo territory, which considered individually&#13;or jointly during the deed&amp;#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the&#13;Issuer exceeding twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&amp;#8217;s&#13;operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed&#13;by the Issuer&lt;font style="letter-spacing: -0.05pt"&gt;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"&gt;Non-compliance with the covenant clauses,&#13;during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the&#13;early maturity of the agreement&lt;font style="letter-spacing: -0.05pt"&gt;. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement have a cross&#13;acceleration clause, i.e., the early maturity of any of the Company&amp;#8217;s debts, equal to or exceeding &lt;font style="letter-spacing: -0.05pt"&gt;R$&amp;#160;145&#13;million, &lt;/font&gt;adjusted by IPCA variation as of the issue date&lt;font style="letter-spacing: -0.05pt"&gt;, result in an event&#13;of default  that  result in the early maturity of these agreements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Brazilian&#13;Federal Savings Bank - CEF&amp;#160; &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Main events&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Funding totaled R$ 144,654 in 2017, mainly related&#13;to the agreements in progress of the Growth Acceleration Program (PAC).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, amortization totaled R$ 65,836.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The guarantee for financing agreements entered&#13;into with the Brazilian Federal Savings Bank is the recognition of a portion of tariffs in an account for this purpose with the&#13;Brazilian Federal Savings Bank, which should maintain a flow equal to or at least three times the amount of the monthly charges,&#13;during the grace period, based on interest, the management fee and the credit risk rate and, during the amortization phase, based&#13;on the principal, interest, the management fee and the credit risk rate. Additionally, the Company maintains a reserve account,&#13;linked to financing agreements, in the Brazilian Federal Savings Bank, which is maintained during the entire term the agreements,&#13;where an amount is accrued equivalent to a monthly charge, composed of, during the grace period, interest, the management fee and&#13;the credit risk rate and, during the amortization phase, of the principal, interest, the management fee and the credit risk rate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160; Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreements have a cross default clause,&#13;i.e., the early maturity of any of the Company&amp;#8217;s debts, due to contractual default, the occurrence of which may anyhow compromise&#13;the settlement of its monetary obligations deriving from these contracts shall imply the early maturity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; BNDES&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Balance as of December 31, 2017 is stated&#13;net of borrowings costs in the amount of R$ 2,793 (R$ 3,517   on December 31, 2016), which will be amortized during the same&#13;maturity period of each contract.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Main events&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, funding from current contracts totaled&#13;R$&amp;#160;171,153, mainly referring to the BNDES 2015 agreement,  in the amount of R$&amp;#160;170,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, amortization totaled R$&amp;#160;87,993.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loans are collateralized by part of revenues&#13;from the provision of water and sewage services, up to the total amount of the outstanding balance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreements entered into with the BNDES have&#13;standardized financial covenants, as described in item (a), (ii), covenants applicable to the 10th issue, 14th&amp;#160; issue and&#13;18th&amp;#160; issue, of this Note.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Leasing&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has lease agreements signed as Assets&#13;Lease.&amp;#160; During the construction period, works are capitalized to intangible assets in progress and the lease amount is recorded&#13;at the same proportion. Works are estimated to be concluded in 2019.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;After startup, the lease payment period starts&#13;(240 monthly installments), whose amount is periodically restated by contracted price index.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Eurobonds&#13;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Balance as of December 31, 2017 is net of borrowing&#13;costs in the amount of R$ 2,470 (R$ 3,290 as of December 31, 2016), which will be amortized during the same maturity period of&#13;the contract.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&#13;Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The contract has the following restrictive clauses&#13;&amp;#8220;covenants&amp;#8221;:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Calculated every quarter upon the disclosure&#13;of interim or annual financial statements:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Restrict the funding of new debts so that:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt"&gt;-&amp;#160;&amp;#160;&#13;Adjusted total debt to EBITDA does not exceed 3.65;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt"&gt;- &amp;#160;&#13;The Company's debt service coverage ratio, determined at the end of each quarter, shall&amp;#160; not&amp;#160; be&amp;#160; lower than 2.35.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Noncompliance with covenants will accelerate&#13;the maturity of the agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement has a cross default clause, i.e.,&#13;the early maturity of any indebtedness in view of the Company&amp;#8217;s loans or any of its Subsidiaries (*) with a total principal&#13;amount of US$ 25,000,000.00 or more (or its corresponding amount in other currencies) shall imply this agreement&amp;#8217;s early&#13;maturity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*) As per agreement, subsidiary is: &amp;#8220;the&#13;company, partnership or another entity from which over 50% of its voting shares are directly or indirectly owned or controlled&#13;by any Person or one or other Person&amp;#8217;s Subsidiaries, or their combination&amp;#8221;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"&gt;&lt;b&gt;(f)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Deutsche Bank US$ 150 million&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Balance as of December 31, 2017 is net&#13;of borrowing costs in the amount of R$&amp;#160;5,757 (R$&amp;#160;8,621 as of December 31, 2016), which will be amortized during the maturity&#13;period of the contract.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&#13;Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement has the following restrictive&#13;clauses &amp;#8220;covenants&amp;#8221;:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Calculated every quarter upon the disclosure&#13;of interim or annual financial statements:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt"&gt;-&amp;#160;&amp;#160;&#13;Total debt/adjusted EBITDA: lower than 3.65;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;- &amp;#160;&amp;#160;&amp;#160; Company's debt service&#13;coverage ratio, determined at the end of each quarter, shall not be lower than 2.35.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt"&gt;Noncompliance&#13;with covenants for two quarters, consecutive or not, will accelerate the maturity of the agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement has a &amp;#8220;cross acceleration&amp;#8221;&#13;clause, i.e., in the early maturity of any debt of the Company or any of its subsidiaries, with a total principal or aggregate&#13;amount equal to or higher than R$ 120 million (or its equivalent in another currency), contracted pursuant to the Brazilian law,&#13;or with a total principal or aggregate amount equal to or higher than US$ 50 million (or its equivalent in another currency), in&#13;the case of debts governed by the laws of any other jurisdiction other than Brazil, will result in the early maturity of the agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*) Pursuant to the agreement, a subsidiary&#13;means any partnership, corporation, company, association or commercial entity in which SABESP or one or more of its subsidiaries&#13;directly or indirectly hold more than 50% of the outstanding common shares with voting rights of its respective capital stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"&gt;&lt;b&gt;(g)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Inter-American Development Bank (BID)&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Balance as of December 31, 2017 is net of borrowing&#13;costs amounting to R$ 14,517 (R$ 12,770 as of December 31, 2016), which will be amortized during the same maturity period of the&#13;agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Main events&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;In 2017,&#13;funding referring to BID 2202 agreement totaled R$&amp;#160;96,889 and amortizations in the amount of &lt;/font&gt;R$&amp;#160;189,280, among&#13;which, the settlement of the BID 713 agreement&lt;font style="letter-spacing: -0.05pt"&gt;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Guarantees&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loans obtained from multilateral agencies and&#13;from Government Agencies, such as the BID, BIRD and JICA, are guaranteed by the Federal Government, with a counter-guarantee of&#13;the S&amp;#227;o Paulo State government.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For the outstanding contracts, the Company has&#13;the following restrictive clauses &amp;#8220;covenants&amp;#8221;:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Calculated every quarter upon the disclosure&#13;of interim or annual financial statements:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -11.35pt"&gt;-&amp;#160;&amp;#160;&#13;Loan agreement 1,212 - Tariffs must: (a) produce revenues sufficient to cover the system's operating expenses, including administrative,&#13;operating, maintenance, and depreciation expenses; (b) provide a return on property, plant, and equipment no less than 7%; and&#13;(c) during project execution, the balances of current loans must not exceed 8.5% of total equity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;This agreement have an early maturity clause,&#13;i.e., in the early maturity will occur in the event the Company&amp;#8217;s fail failure to comply with any obligation therewith or&#13;any agreements signed with the Bank related to Project finance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(h)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Japan International&#13;Cooperation Agency - JICA&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Relevant funding&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Balance as of December 31, 2017 is stated net&#13;of borrowing costs amounting to R$ 3,100 (R$ 2,971 as of December 31, 2016), which will be amortized during the same maturity period&#13;of the contract.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Main events&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the Company raised R$ 63,909,&#13;referring to BZ-P19 (JICA 19) &lt;font style="letter-spacing: -0.05pt"&gt;and &lt;/font&gt;BZ-P17 (JICA 17) &lt;font style="letter-spacing: -0.05pt"&gt;agreements&lt;/font&gt;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, amortizations totaled R$&amp;#160;65,702&#13;referring to  JICA BZ-15 and JICA BZ-18 agreements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For the guarantees assigned, see item g (ii)&#13;of this note.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(i) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; AB Loan&#13;(IADB 1983AB) &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The balance stated as of December 31, 2017&#13;is net of borrowing costs amounting to R$&amp;#160;3,400 (R$&amp;#160;4,641 as of December 31, 2016), which will be amortized during&#13;the same maturity period of the contract.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Main events&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, amortization totaled R$&amp;#160;75,610.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has the following restrictive clauses&#13;&amp;#8220;covenants&amp;#8221;:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Calculated every quarter upon the disclosure&#13;of interim or annual financial statements:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;- The Company&amp;#8217;s ratio of debt service&#13;coverage, determined on a consolidated basis, must be higher than or equal to 2.35; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;- Total adjusted debt over adjusted&#13;EBITDA, determined on a consolidated basis, must be lower than 3.65.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement has an early maturity clause,&#13;i.e., in the event of default, the BID may order the early maturity of the loan or part of it.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The agreement also has a &amp;#8220;cross default&amp;#8221;&#13;clause, i.e., in the event of default of any other Company debt with the BID or with third parties (in this case, higher than US$&#13;25 million), the BID may order the early maturity of the loan.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(j) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; International&#13;Bank for Reconstruction and Development - IBRD&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Balance as of December 31, 2017 is stated net&#13;of borrowing costs amounting to R$&amp;#160;310 (R$&amp;#160;328 as of December 31, 2016), which will be amortized during the same maturity&#13;period of the contract.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify; text-indent: -40pt"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Main events&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, funding totaled R$&amp;#160;35,710.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For the guarantees assigned, see item g (ii)&#13;of this note.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(k)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Covenants&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017 and 2016, the Company&#13;had met the requirements set forth by its borrowings and financing agreements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(l) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Exchange&#13;rate changes&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the US dollar appreciated 1.5%, from&#13;R$&amp;#160;3.2591 on December 31, 2016 to R$&amp;#160;3.3080 on December 31, 2017, reducing debt in US dollars by R$&amp;#160;58,718, and&#13;the yen appreciated 5.3%, from R$ 0.02792 on December 31, 2016 to R$&amp;#160;0.02940 on December 31, 2017, reducing debt in yen by&#13;R$&amp;#160;85,211.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(m)&amp;#160;&amp;#160;&amp;#160; Borrowings and financing&#13;&amp;#8211; Credit Limited&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 65%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Agent&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 5%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(in millions of reais (*))&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,487&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank &amp;#8211; BNDES&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,576&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Inter-American Development Bank &amp;#8211; BID&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;436&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Japan International Cooperation Agency &amp;#8211; JICA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;3,781&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*)Brazilian Central Bank&amp;#8217;s exchange rate&#13;as of December 30, 2017 (US$&amp;#160;1.00 = R$&amp;#160;3.3080; &amp;#165;&amp;#160;1.00 = R$&amp;#160;0.02940).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;SABESP in order to comply with its Capex plan&#13;relies on a fund-raising plan.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financing resources contracted have specific&#13;purposes, which have been released for the execution of their respective investments, according to the progress of the works.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
    <ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Current assets&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Recoverable taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Income tax and social contribution&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;270,614&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,365&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Withholding income tax (IRRF) on financial investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,606&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,057&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other federal taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,365&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,961&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other municipal taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;250&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;276,585&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;42,633&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The increase in recoverable taxes is mainly&#13;due to the increase in the &amp;#8220;income tax and social contribution&amp;#8221; item, referring to the estimates paid are higher that&#13;the amounts due in the year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Current liabilities&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Taxes and contributions payable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Cofins and Pasep&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;74,034&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49,132&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;INSS (Social Security contribution)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,365&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,376&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;IRRF (withholding income tax)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,204&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62,771&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,362&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,478&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;183,965&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;168,757&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory>
    <ifrs-full:DisclosureOfDeferredTaxesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Statement of financial position details&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;482,863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;524,129&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1 Plan &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Pension obligations - G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;165,503&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,922&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Donations of underlying asset on concession agreements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,317&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Credit losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,063&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;266,757&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,562&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,247&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,054,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Temporary difference on concession of intangible asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(460,177)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(492,341)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Capitalization of borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(415,379)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(374,512)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Profit on supply to governmental entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(76,705)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,365)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1 Plan &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,538)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(88,947)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(91,790)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,111)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(15,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,090,857)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets&#13;    (liabilities), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,754)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Realization&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized within 12 months&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;221,999&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;314,725&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized after one year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;832,104&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;937,691&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,054,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized within 12 months&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;(51,520)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;(143,428)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized after one year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,039,337)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(922,643)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,090,857)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax asset (liabilities)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,754)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Changes&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;Net &lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;change &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;524,129&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(41,266)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;482,863&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(85,044)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Pension obligations - G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,922&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,419)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;165,503&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Donations of underlying asset on concession agreements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,317&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,205)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,112&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Credit losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;266,757&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(67,694)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,063&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;315&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,562&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(198,313)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,054,103&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Temporary difference on concession of intangible asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(492,341)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(460,177)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Capitalization of borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(374,512)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(40,867)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(415,379)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Profit on supply to governmental entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,365)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,660&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(76,705)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,538)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,538)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(91,790)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,843&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(88,947)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(15,063)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,111)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,786)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,090,857)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets (liabilities), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(223,099)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,754)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 49%; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;Net &lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;change &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;480,378&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,751&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;524,129&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Pension obligations &amp;#8211;&#13;    G0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Pension obligations - G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;256,808&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(88,886)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,922&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Donations of underlying asset on concession agreements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;53,206&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,317&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Credit losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;213,171&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;53,586&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;266,757&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Tax losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,829&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(58,829)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,697&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,247&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,183,942&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68,474&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Temporary difference on concession of intangible asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(524,495)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,154&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(492,341)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Capitalization of borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(309,648)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(64,864)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(374,512)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Profit on supply to governmental entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(81,055)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,310)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,365)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(33,726)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,726&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(94,921)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(91,790)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,855)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,208)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(15,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,055,700)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(10,371)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax asset, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;128,242&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;        31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;        31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;        31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening balance &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;186,345&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;128,242&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;209,478&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net change in the year:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;- corresponding entry to the income statement&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(101,517)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(60,667)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(50,024)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;- corresponding entry to valuation adjustments&#13;    to equity (Note 20 (b))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(121,582)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;118,770&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(31,212)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total net change&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(223,099)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;58,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(81,236)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing balance &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(36,754)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;186,345&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;128,242&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Reconciliation&#13;of the effective tax rate&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts recorded as income tax and social&#13;contribution expenses in the financial statements are reconciled to the statutory rates, as shown below:&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit&#13;    before income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,503,614&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,129,054&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Estimated&#13;    expense at statutory rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,191,229)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,403,878)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(199,760)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    benefit of interest on equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;245,444&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;245,637&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;56,172&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Permanent&#13;    differences&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Provision &amp;#8211; Law 4,819/58 (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(57,104)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(63,039)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(54,679)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Donations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(12,413)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,987)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,153)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;GESP&#13;    Agreement (note 10 (vii))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;151,465&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Other differences&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,998&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;50,311&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,295)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax and social contribution&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(984,304)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,181,956)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(51,250)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160; Permanent difference related&#13;to the provision for actuarial liability (Note 20 (b) (iii)).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfDeferredTaxesExplanatory>
    <ifrs-full:DisclosureOfProvisionsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -35.45pt"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;(a)&amp;#160;&amp;#160; Lawsuits and proceedings that resulted in provisions&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&lt;b&gt;(I) Statement of financial&#13;position details&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is party to a number of&#13;claims and legal proceedings arising in the normal course of business, including civil, tax, labor and environmental matters.&#13;Management recognizes provisions in the financial statements consistently with the recognition and measurement&#13;criteria established in Note 3.15. The ultimate timing and amounts of the payments depends on the outcome of the court cases.&#13;The provisions, net of escrow deposits are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 33%"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 1pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 1pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Escrow deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Escrow deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;438,619&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(56,301)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;382,318&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;572,210&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(97,171)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;475,039&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(259,608)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;72,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(251,510)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,157&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,544&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(16,227)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;98,317&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;131,286&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,652)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,634&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;77,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,507)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;71,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,986)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;66,912&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;299,842&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6,741)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;293,101&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,413&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,202)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;282,211&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,446&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,446&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;150,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(962)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;149,122&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,422,588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(344,384)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,078,204&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,541,558&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,173,075&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;607,959&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;607,959&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;730,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;730,334&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;442,741&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&lt;b&gt;(II) Changes&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 24%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Additional provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest and inflation adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Use of the accrual&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Amounts not used&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;(reversal)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;572,210&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;44,805&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(138,466)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(66,572)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;438,619&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,888&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(39,433)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(21,102)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,037&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;131,286&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,517&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,057&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(19,975)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(22,341)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,544&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,392&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(259)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6,808)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;77,100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,413&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,106&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38,861&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(43,498)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,040)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;299,842&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;150,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,377&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,585)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,586)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,446&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,541,558&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;157,536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156,159&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(266,216)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(166,449)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,422,588&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Escrow deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(29,089)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,823)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,354&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45,657&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(344,384)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,173,075&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;128,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;148,336&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(250,862)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(120,792)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,078,204&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 24%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Additional provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest and inflation adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Use of the accrual&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Amounts not used&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;(reversal)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,061&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;109,540&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;95,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(87,334)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(106,516)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;572,210&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;296,660&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,885&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,679&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(20,018)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(539)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,667&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;124,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,638&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,940&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(8,080)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(26,045)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;131,286&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62,812&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,716&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,265&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,621)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(23,274)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,898&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;283,991&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,408&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,419&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(37,072)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(42,333)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,413&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;83,520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68,485&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(25,429)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;150,084&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,412,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;283,672&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;226,270&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(157,125)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(224,136)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,541,558&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Escrow deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(330,663)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(38,269)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(27,153)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,601&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,082,214&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;245,403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(147,524)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(206,135)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,173,075&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 24%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Additional provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest and inflation adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Use of the accrual&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Amounts not used&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;(reversal)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;638,637&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;34,868&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;96,735&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,203)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(116,976)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,061&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,854&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,062&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,837)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,562)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;296,660&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;126,403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,643&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,778)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(22,457)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;124,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,554&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,501&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(266)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,534)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62,812&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;235,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,499&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(23,431)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(69,774)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;283,991&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;226,404&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,072&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(8,081)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(168,122)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;83,520&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,543,318&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;188,024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;208,556&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(142,596)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(384,425)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,412,877&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Escrow deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(322,971)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(16,892)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(21,791)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,061&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(330,663)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,220,347&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;171,132&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,765&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(116,535)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(379,495)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,082,214&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Lawsuits&#13;deemed as contingent liabilities&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is party to lawsuits and administrative&#13;proceedings relating to environmental, tax, civil and labor claims, which are assessed as contingent liabilities in the financial&#13;statements, since it either does not expect outflows to be required or the amount of the obligation cannot be reliably measured.&#13;Contingent liabilities are represented as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 54%; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;219,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;306,500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,430,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,422,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;733,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;709,400&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,291,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,143,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;677,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;533,600&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,879,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,317,600&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,231,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,432,100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Explanation&#13;on the nature of main classes of lawsuits&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Customer claims &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 38.25pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Approximately 1,070 lawsuits (1,140 as of December&#13;31, 2016) were filed by commercial customers, who claim that their tariffs should correspond to other consumer categories, and&#13;680 lawsuits (710 as of December 31, 2016) in which customers claim a reduction in the sewage tariff due to losses in the system,&#13;consequently requesting the refund of amounts charged by the Company and 50 lawsuits (50 as of December 31, 2016) in which customers&#13;plead the reduction in tariff under the category as &amp;#8220;Social Welfare Entity&amp;#8221;. The Company was granted both favorable&#13;and unfavorable final decisions at several court levels. The R$&amp;#160;92,721 decrease in accrued lawsuits was mainly due to payments&#13;in the period, while the R$ 86,600 decrease in lawsuits deemed as contingent liabilities is mainly related to revision of expectations&#13;arising from court decisions in the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Supplier claims&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;These lawsuits include lawsuits filed by some&#13;suppliers alleging underpayment of monetary restatements, withholding of amounts related to the understated inflation rates deriving&#13;from Real economic plan, and the economic and financial imbalance of the agreements, and are in progress at different courts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Other civil claims&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;These mainly refer to indemnities for property&#13;damage, pain and suffering, and loss of profits allegedly caused to third parties, filed at different court levels.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(iv)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Tax claims&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Tax claims refer mainly to issues related&#13;to tax collections and fines in general challenged due to disagreements regarding notification or differences in the&#13;interpretation of legislation by the Company's management. The R$ 148,000 increase in lawsuits deemed as contingent&#13;liabilities is mainly related to the new claims filed and update of lawsuits in progress.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(a) In 2006, the Brazilian Federal Revenue Service,&#13;by means of a tax execution, verified the Company&amp;#8217;s compliance with the tax obligations related to income tax and social&#13;contribution for calendar year 2001, and issued a tax assessment adjusted through December 31, 2017 in the amount of R$ 52,192&#13;(R$ 50,203 as of December 31, 2016).&amp;#160; The Company appealed this recognition and was granted a partial relief in the first&#13;administrative instance. In December 2015, it filed a Voluntary Appeal against the part of the decision that was unfavorable to&#13;it. Management considers that this administrative proceeding is deemed as a contingent liability.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(b) The municipality of S&amp;#227;o Paulo, through&#13;law, revoked the services tax exemption which until them the company withheld and thereafter issued tax deficiency notices related&#13;to the sewage service and ancillary activities, in the updated amount of R$ 547,510 (R$ 501,060 as of December 31, 2016), which&#13;currently are subject-matter of Tax Foreclosures, deemed by the Management as contingent liabilities. SABESP filed a writ of mandamus&#13;against this revocation, which was rejected. Writs of prevention and actions for annulment were also filed, aiming the suspension&#13;of enforceability of credits and the annulment of tax deficiency notices, as it understands that notwithstanding the exemption&#13;revocation, the sewage activities and ancillary activities are not included in the list of activities subject to taxation by municipality.&#13;The appellate decision was favorable to the Company. The Municipality&amp;#8217;s special and extraordinary appeal is still pending.&#13;The Company&amp;#8217;s Management deemed the proceeding as contingent liability.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(c) The Federal Revenue Service rejected some&#13;offset requests made by the Company for the extinction of IRPJ/CSLL payable, using favorable amounts, arising from undue payments&#13;of IRPJ/CSLL, which were paid based on monthly estimates. The amount involved was adjusted through December 31, 2017 and is R$&#13;42,173 (R$ 62,039 as of December 31, 2016).&amp;#160; Management considered this administrative proceeding as a contingent liability.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(d) The Company&amp;#8217;s request for an authorization&#13;to offset taxes was rejected, overdue in the periods of July, August and September 2002 against the amount of IRPJ paid in excess&#13;in 1997 and 1998, due to inflation adjustment over the financial statements (Law 8,200/91), which was anticipated in 1996 due to&#13;an injunction, after excluded due discontinuance of proceeding and application of Provisional Measure 38/02. The Administrative&#13;Council of Tax Appeals rejected the credit from 1997. The amount involved was adjusted through December 31, 2017 and is estimated&#13;at R$ 51,374 (R$ 49,682 as of December 31, 2016). Management considered this administrative proceeding as a contingent liability.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(e) Some municipalities have filed several lawsuits&#13;against SABESP related to taxes and fines in general, which were accrued and deemed as contingent liabilities. As of December 31,&#13;2017, the restated amounts of such lawsuits were R$&amp;#160;40,123 (R$&amp;#160;39,495 as of December 31, 2016) and R$&amp;#160;582,168 (R$&amp;#160;466,407&#13;as of December 31, 2016), respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(f) In 2005, the Brazilian Federal Revenue Service&#13;partially rejected the Company&amp;#180;s request of offsetting tax credits related to the Corporate Income Tax (IRPJ) and the Social&#13;Contribution on Net Income (CSLL) in the amount of approximately R$ 56,118, and R$ 8,659, respectively, which relate to the period&#13;from January to April 2003, for which the Company offset prior year IRPJ and CSLL negative balances. The amounts not ratified by&#13;the authority of IRPJ and CSLL are R$ 11,164 and R$ 698, totaling R$ 11,862 million. As the company was granted a partial relief&#13;in this matter, it considered the restated amount of R$ 8,296 as of December 31, 2017 (R$ 8,010 as of December 31, 2017) as a contingent&#13;liability and accrued R$ 1,415 (R$ 1,366 as of December 31, 2016) pursuant to item 3.15.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(g) SABESP filed two writs of mandamus pleading&#13;the declaration of unconstitutional municipal laws that levy the collection of taxes deriving from the use of public areas in the&#13;water and sewage network installation for&amp;#160; the rendering of basic sanitation public utilities. The first writ of mandamus&#13;was judged groundless at the lower court and the Court of Justice of S&amp;#227;o Paulo, in the appeal's records, partially granted&#13;relief to recognize the impossibility of charging the monthly contribution, due to unconstitutionality, deeming as valid the need&#13;of security and other requirements to issue the Statement of Use Permit&amp;#8211; TPU, however, this decision had no effect since&#13;the rules, subject-matter of the first writ of mandamus were revoked.&amp;#160; The second writ of mandamus was granted partial relief&#13;to prohibit the enforceability of public price and the security for the use of public areas deriving from the municipal laws.&amp;#160;&#13;The municipality&amp;#8217;s appeal, which was filed as special and extraordinary appeals, was rejected and is pending judgment. At&#13;the same time, the S&amp;#227;o Paulo State Appellate Court suspended the lawsuit until a final pronouncement regarding Federal Supreme&#13;Court&amp;#8217;s general repercussion matter no. 261 on the Fee &amp;#8211; Occupation &amp;#8211; Light Pole &amp;#8211; Electricity. Management&#13;considered it as a contingent liability, but was not able to estimate the amount involved, given the specificities of the lawsuit.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(v)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Labor claims&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is a party to labor lawsuits, involving&#13;issues such as overtime, shift schedule, health hazard premium and hazardous duty premium, prior notice, change of function, salary&#13;equalization, service outsourcing and other. Part of the amount involved is in provisional or final execution at various court&#13;levels. The R$ 143,800 increase in lawsuits deemed as contingent liabilities is mainly due to the new lawsuits filed and updates&#13;on lawsuits in progress.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"&gt;&lt;b&gt;(vi)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Environmental claims&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;These refer to several administrative proceedings&#13;and lawsuits filed by government entities, including Companhia de Tecnologia de Saneamento Ambiental &amp;#8211; Cetesb and the Public&#13;Prosecution Office of the State of S&amp;#227;o Paulo, that aim affirmative and negative covenants and penalty is estimated due to&#13;failure to comply in addition to the imposition of indemnity due to environmental damages allegedly caused by the Company. The&#13;amounts accrued represent the best estimate of the Company at this moment, however, may differ from the amount to be disbursed&#13;as indemnity to alleged damages, in view of the current stage of referred proceedings. The R$ 561,400 increase in lawsuits deemed&#13;as contingent liabilities is mainly due to the new lawsuits filed and updates on lawsuits in progress.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Among the main lawsuits the Company is involved,&#13;there are public civil actions the subject-matters of which are: a) sentence SABESP to restrain itself from discharging or releasing&#13;sewage without due treatment; b) invest in the water and sewage treatment system of the municipality, under the penalty of paying&#13;a fine; c) payment of indemnity due to environmental damages, amongst others.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Other concession-related&#13;legal proceedings&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is party in concessions-related&#13;proceedings, where it challenges damage-related issues to recover the right of operating water supply and sewage collection services&#13;in few municipalities or the right to continue operating said services.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amount of intangible assets&#13;related to the municipalities mentioned in the lawsuits mentioned below (except for item &amp;#8220;h&amp;#8221;) totaled R$ 28,417&#13;as of December 31, 2017 (R$ 28,273 as of December 31, 2016), of which R$ 24,071 (items &amp;#8220;c&amp;#8221; to &amp;#8220;g&amp;#8221;)&#13;reclassified to indemnities receivable in noncurrent assets, and estimated losses in the full amount of the claim were&#13;recorded (see Note 14 (b)). All municipalities mentioned below are not operated by the Company. When a municipality is&#13;awarded a final an unappealable favorable sentence, allowing it to repossess sanitation service assets and operations, the&#13;Brazilian legislation provides for the indemnity of the Company&amp;#8217;s investments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(a) Cajobi filed an action to recover&#13;possession against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets;&#13;the likelihood of the Company resuming operations is remote. As of February 18, 2018, the appeal filed in the Appellate Court was&#13;denied. Meanwhile, SABESP has filed a motion against the municipality of Cajobi aiming at the enumeration and appraisal of the&#13;concession assets, which is in the forensic accounting stage and will support the subsequent filing of an action for damages;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(b) Macatuba filed an action to recover&#13;possession against SABESP, which was granted relief; the likelihood of the Company resuming operations is remote. Meanwhile, SABESP&#13;has filed an appeal requesting the payment by the municipality of indemnity related to non-amortized reversible assets. The action&#13;is in the forensic accounting stage.&amp;#160; In this same action, the municipality of Macatuba counterclaimed because it believes&#13;that SABESP earned, through the collection of tariffs, more than the amount invested in the water and sewage system, requesting&#13;that the Company be sentenced to pay an indemnity to be calculated by forensic experts, which is deemed as a contingent liability;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(c) The Company filed a repossession&#13;action against the municipality of &amp;#193;lvares Florence, which was deemed groundless in an unappealable judgment. SABESP also&#13;filed an action for damages, requiring the payment related to non-amortized reversible assets. The Court sentenced the municipality&#13;to comply with the terms of the agreement. The municipality then filed motion and the appeal is pending judgment;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(d) Emba&amp;#250;ba  was granted &#13;relief after filling a repossession action against SABESP to maintain the municipality in the&#13;possession of water and sewage assets and was issued a final and unappealable judgment.&amp;#160; The indemnity action was&#13;judged groundless in first instance and upheld by the Court of Justice. SABESP filed a motion that is still pending&#13;judgment;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(e) Ara&amp;#231;oiaba da Serra filed&#13;a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage&#13;assets and was issued a final and unappealable judgment.&amp;#160; SABESP filed an indemnity action, which is in progress, in the forensic&#13;expert stage;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(f) Itapira filed a repossession&#13;action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets, which&#13;was issued final and unappealable decision.&amp;#160; SABESP filed an indemnity action, which is pending judgment;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(g) Tuiuti, through an action, obtained&#13;the right to continue operating water and sewage services. However, in a counter-claim, the municipality was sentenced to pay an&#13;indemnity, as a final decision that became an execution object by SABESP. As of December 7, 2016, an official communication was&#13;issued requesting the payment of the award;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;(h) Mau&amp;#225; is a defendant in a&#13;lawsuit filed by SABESP in 1996, in order to receive indemnification for its investments during the period of the concession agreement.&#13;The court found for the plaintiff and the decision was executed. The lawsuit is currently pending payment through registered warranties.&#13;The assets object of indemnification total R$&amp;#160;85,918; estimated losses in the full amount were recorded.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Environmental&#13; lawsuits with settlements made in 2017&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the Company entered into several legal&#13;and administrative agreements totaling R$ 41,133. Of this amount, R$ 19,077 is related to the construction and R$ 22,056 to environmental&#13;indemnifications, recorded under &amp;#8220;other liabilities&amp;#8221;. The accumulated balance as of December 31, 2017, corresponding&#13;to environmental indemnifications, totaled R$ 43,014 (R$ 20,626 as of December 31, 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(f) &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Guarantee&#13;insurance for escrow deposit&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company contracts guarantee insurance&#13;for escrow deposit, which was renewed as of May 25, 2017, in the amount of R$ 500 million. Such insurance will be used  to&#13;settle legal claims instead of  have immediate cash disbursement by the Company, such insurance is used until the&#13;conclusion of these proceedings limited to up to five years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017, the Company used R$ 101,192 of the&#13;total contracted amount (R$ 134,377 in 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfProvisionsExplanatory>
    <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Health&#13;benefit plan&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The health benefit plan is managed by Sabesprev&#13;and consists of optional, free choice, health plans sponsored by contributions of SABESP and the active participants, as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Company: 7.7% (December 31, 2016 - 7.3%) on average, of gross payroll;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Participating employees: 3.21% of base salary and premiums, equivalent to 2.8% of payroll, on average.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Pension&#13;plan benefits&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 60%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Funded plan &amp;#8211; G1 (i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Present value of defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,319,841&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,465,721&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Fair value of the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,931,380)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,712,551)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net liabilities recognized for defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;388,461&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;753,170&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Unfunded plan &amp;#8211; G0 (iii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Present value of defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,543,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net liabilities recognized for defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,543,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Liability as per statement of financial position &amp;#8211; pension obligations (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2,932,338&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;3,265,250&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In spite of the decrease in interest rate in&#13;the year, the decrease of actuarial liability was mainly due to the commencement of payments by the Company and Participants as well as reduction of benefits to Retired Beneficiaries&#13;in 2017 to reduce the deficit.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pursuant to    IAS19, the Company&#13;recognizes (gains)/losses, due to changes in assumptions under equity, as valuation adjustments to equity, as shown below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains/(losses) on obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;305,511&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;357,046&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Gains/(losses) on financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,083&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total gains/(losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;357,594&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;409,129&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax and social contribution - G1 Plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(121,582)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(121,582)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Valuation adjustments to equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;236,012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;287,547&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains/(losses) on obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(541,783)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(241,711)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(783,494)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Gains/(losses) on financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;192,458&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;192,458&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total gains/(losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(349,325)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(241,711)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(591,036)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax and social contribution - G1 Plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,770&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,770&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Valuation adjustments to equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(230,555)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(241,711)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(472,266)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 52%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains/(losses) on obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;228,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,224)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;203,967&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Gains/(losses) on financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(136,389)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(136,389)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total gains/(losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;91,802&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,224)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;67,578&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax and social contribution - G1 Plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(31,212)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(31,212)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Valuation adjustments to equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;60,590&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,224)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;b&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;G1 Plan&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company sponsors a defined benefit pension&#13;plan for its employees (&amp;#34;G1 Plan&amp;#34;), which is managed by Sabesprev, receives similar contributions established in a plan&#13;of subsidy of actuarial study of Sabesprev, as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 35.7pt; text-align: justify; text-indent: -17.85pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;0.99% of the portion of the salary of participation up to 20 salaries; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 35.7pt; text-align: justify; text-indent: -17.85pt"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;8.39% of the surplus, if any, of the portion of the salary of participation over 20 salaries.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;As of December 31, 2017, SABESP had a net actuarial liability of&#13;R$ 388,461 (R$ 753,170 as of December 31, 2016) representing the difference between the present value of the Company's defined&#13;benefit obligations to the participating employees, retired employees, and pensioners; the fair value of the plan&amp;#8217;s assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,465,721&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,252,204&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Current service cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,582&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,845&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Interest cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,227&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial (gains)/losses recorded as other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(305,511)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;541,783&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Effect of the plan migration &amp;#8211; early reduction/curtailment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(525,992)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Benefits paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(118,360)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(123,346)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, end of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,319,841&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,465,721&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Below,&#13;the change of fair value of the plan during the year:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fair value of the&#13;    plan&amp;#8217;s assets, beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,712,551&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,586,930&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected&#13;    return on the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;183,689&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;201,779&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected&#13;    Company&amp;#8217;s contributions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;48,742&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;23,046&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected&#13;    participants&amp;#8217; contributions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;52,675&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;23,525&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Benefits&#13;    paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(118,360)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(123,347)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    gains/(losses) recorded as other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;52,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;192,458&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Effect&#13;    of the plan migration &amp;#8211; early reduction/curtailment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(191,840)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fair&#13;    value of the plan&amp;#8217;s assets, end of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,931,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,712,551&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(Deficit)/Surplus&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(388,461)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(753,170)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amounts recognized in the year are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current service expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(35,093)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,562&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;23,303&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest cost rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;260,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;285,227&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;287,334&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected return on&#13;    the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(183,689)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(201,778)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(205,981)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 12pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;41,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;97,011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;104,656&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;2017, the expenses related to defined pension plan amounting to R$35,156, R$1,864 and R$619 (R$60,263, R$7,982 and R$24,557 in&#13;2016 and R$68,412, R$8,838 and R$22,902 in 2015), were recorded in operating costs, selling and administrative expenses, respectively.&amp;#160;&#13;The amount of R$3,988 was capitalized in assets (R$4,209 in 2016 and R$4,504 in 2015).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Estimated expenses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 23%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Service cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,228&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest cost rates&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;213,201&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Participants contribution&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(37,659)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net profitability on financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(179,449)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expense to be recognized by the employer&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,321&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Actuarial&#13;assumptions:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 64%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discount rate &amp;#8211;&#13;    actual rate (NTN-B) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5.35%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5.74%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7.23% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inflation rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.96%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.87%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6.49% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected rate of&#13;    return on assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9.52%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10.89%&#13; 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   &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;number of active participants as of December 31, 2017 was 4,317 (4,547 as of December 31, 2016), and of inactive participants&#13;was 6,978 (6,896 as of December 31, 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The benefit to be paid of G1 pension plan, expected&#13;for 2018 is R$&amp;#160;165,307.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The contributions of the Company and participants&#13;of Plan G1 in 2017 were R$&amp;#160;48,742 (R$&amp;#160;24,288 in 2016) and R$&amp;#160;52,047 (R$&amp;#160;21,895 in 2016), respectively. Of this&#13;amount, the Company and the participants&amp;#8217; payments corresponding to the actuarial deficit of the G1 funded plan in 2017,&#13;totaled R$&amp;#160;35,931 and R$&amp;#160;38,668, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Sensitivity analysis of the defined benefit pension plan as of December 31, 2017 regarding the changes in the main assumptions&#13;are&lt;/b&gt;:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 34%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Plan &amp;#8211; G1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Change in assumption&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impact on present value of the defined benefit obligations &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Discount rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;257,172&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;309,440&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Wage increase rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;33,484&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;29,143&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Life expectation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1 year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;40,729&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1 year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;41,838&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Plan&amp;#8217;s assets&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The plan investment policies and strategies&#13;are aim at getting consistent returns and reduce the risks associated to the utilization of financial assets available on the Capital&#13;Markets through diversification, considering factors, such as the liquidity needs and the long-term nature of the plan liability,&#13;types and availability of financial instruments in the local and international markets, general economic conditions and forecasts&#13;as well as requirements under the law. The plan's asset allocation management strategies are determined with the support of reports&#13;and analysis prepared by Sabesprev and independent financial advisors:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 45%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 5%; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160; NTNBs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,064,935&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;997,027&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160; NTNCs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;146,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;141,405&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160; NTNFs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,803&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Government bonds in own portfolio&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,211,430&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,144,235&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 12pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed income fund quotas &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,352&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;95,854&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Private credit investment fund quotas &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(c)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;135,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;139,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,902&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,940&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total fixed income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,611,138&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,383,694&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Equities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Stocks investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(d)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;195,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;180,721&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,903&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,467&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total equities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,362&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;196,188&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Structured investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Equity investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(e)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;86,193&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;76,680&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Real estate investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(f)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,170&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,428&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Multimarket investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(g)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;31,195&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total structured investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;113,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;126,303&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(h)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,517&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,366 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Fair value of the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,931,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,712,551 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(a) Fixed income: it is&#13;composed of government bonds issued by the National Treasury, between 2024 and 2055. These instruments are indexed by NTN-b indexed&#13;by IPCA (Extended Consumer Price Index) and&amp;#160; NTN-c indexed by IGPM (General Market Price Index).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(b) Fixed Income Fund&#13;Quotas: investment funds that seek return on fixed income assets and shall have&amp;#160;&amp;#160; at least, 80% of the portfolio in directly&#13;related assets, summed up via derivatives to the risk factor.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(c) Private Credit Investment&#13;Fund Quotas: funds that seek return by means of the acquisition of operations representing corporate debts or disseminated receivables&#13;portfolios (rights or bonds), originated and sold by several assignors who anticipate funds and have receivables from several business&#13;activities as guarantee.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(d) Equities: equity fund&#13;composed of Brazilian companies&amp;#8217; stocks listed at B3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(e) Equity Investment&#13;Fund Quotas: it is composed of a closed-ended investment fund. The assets under its management are destined to the acquisition&#13;of stocks, debentures, warrants or other securities convertible or swappable into shares issued by companies trading in stock exchanges&#13;or not.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(f) Real Estate Investment&#13;Fund Quotas: Funds investing in real estate projects (commercial buildings, shopping centers, hospitals, etc.). The return on capital&#13;invested occurs by sharing the Fund&amp;#8217;s proceeds or sale of its quotas in the Fund.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(g) Multimarket Investment&#13;Fund Quotas: Investment funds that use several investment strategies available in the capital markets in order to obtain return&#13;higher than the CDI.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;(h) Other: Investment&#13;fund quotas in global companies&amp;#8217; stocks, mostly US companies, borrowings, real estate, etc., reducing operational and contingent&#13;liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Restrictions with respect to asset portfolio&#13;investments, in the case of federal government securities:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;i) papers securitized by the National&#13;Treasury will not be permitted;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;ii) derivative instruments must be&#13;used for hedge.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;Restrictions with respect to asset&#13;portfolio investments, in the case of variable-income securities for internal management, are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;i) day-trade operations will not be&#13;permitted;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;ii) sale of uncovered share is prohibited;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;iii) swap operations without guarantee&#13;are&amp;#160; prohibited&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify"&gt;iv) leverage will not be permitted,&#13;i.e., operations with derivatives representing leverage of&amp;#160; asset or selling&amp;#160; short, such operations cannot result in&#13;losses higher than&amp;#160;&amp;#160; invested amounts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, Sabesprev had in its&#13;investment portfolio debentures issued by the Company in the amount of R$ 3,899 (R$ 3,937 as of December 31, 2016). The real estate&#13;held in the portfolio is not used by the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The assets&amp;#8217; consolidated profitability&#13;came to 12.02% in 2017, exceeding its actuarial target of 7.68%. in 2016, profitability came to 15.99%, exceeding the actuarial&#13;target of 12.44%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Concerning Fixed Income, the strategies focused&#13;on government bonds prevailed. Said bonds appreciated given the above-mentioned expectation of approval of structural reforms.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Concerning Equities, following the same dynamics,&#13;shares of Brazilian companies traded on the B3 appreciated, anticipating expected profit growth arising from a possible economic&#13;recovery. In 2017, the return of main Brazilian stock index, the Ibovespa, recorded 26.86%, against 38.94% in 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Structured Investments depreciated slightly&#13;due to investments in Private Equity Funds, which require initial investments before generating the expected returns from the sale&#13;of the investees after development and appreciation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;b&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Private pension plan benefits &amp;#8211; Defined contribution&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, Sabesprev Mais plan,&#13;based on defined contribution, had 9,328 active and assisted participants (9,453 as of December 31, 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;With respect to the Sabesprev Mais plan,&#13;the contributions from the sponsor represent 100% over the total basic contribution from the participants. In 2017, expenses&#13;related to the obligation of defined contribution, totaling R$ 12,034, R$ 1,744 and R$ 3,245, were allocated to operating&#13;costs, selling expenses and administrative expenses.&amp;#160; The amount of R$ 2,197 was capitalized in assets. In August 2016,&#13;the Company concluded the migration process initiated in 2010 and paid R$ 30,891, corresponding to a non-recurring&#13;contribution and incentive to participants who migrated, and R$ 7,214, corresponding to the previous balance, related to the&#13;migration that began in 2010.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has made contributions in the amount&#13;of R$ 19,220 in 2017 (R$ 10,750 as of December 31, 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"&gt;&lt;b&gt;(iii)&amp;#160;&amp;#160;&amp;#160; G0 Plan&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pursuant to Law 4,819/58, employees who&#13;started providing services prior to May 1974 and were retired as an employee of the Company acquired a legal right to receive&#13;supplemental pension payments, which rights are referred as &amp;#34;Plan G0&amp;#34;. The Company pays these supplemental benefits&#13;on behalf of the State Government and makes claims for reimbursements from the State Government, which are recorded as&#13;accounts receivable from related parties, limited to the amounts that will be reimbursed by the State Government. As of&#13;December 31, 2017, the Company recorded a defined benefit obligation for Plan G0 of R$ 2,543,877 (R$ 2,512,080 as of December&#13;31, 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 66%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,166,942&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Current interest expense and service costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;262,873&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;282,117&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial (gains)/losses recorded as other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(51,535)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;241,711&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Benefits paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(179,541)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(178,690)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, end of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,543,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts recognized in the income statement&#13;are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Current interest expense and service costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;262,873&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;282,117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;248,054&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Amount received from GESP (undisputed amount)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(95,191)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(96,709)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(87,232)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,682&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;185,408&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,822&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2017 and 2016, the expenses related to the&#13;defined benefit obligation under Plan G0 were recorded in administrative expenses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font-size: 8pt"&gt;Estimated expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest cost rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Expense to be recognized&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The main actuarial assumptions used:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Discount rate &amp;#8211; actual rate (NTN-B) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.30% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.71% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.25% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Inflation rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.96% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.87% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.49% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Future salary increase&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.04% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.97% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.62% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The number of active participants of Plan -&#13;Go as of December 31, 2017 was 10 (13 as of December 31, 2016). The number of beneficiaries, retirees and survivors as of December&#13;31, 2017 was 2,294 (2,200 as of December 31, 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The benefit payable from the Go pension plan&#13;expected for 2018 is R$ 186,991.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;The sensitivity analysis of defined benefit&#13;pension plan as of December 31, 2017 to the changes in the main assumptions is:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 28%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Plan &amp;#8211; G0&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 30%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Changes in assumption&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 42%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impact on present value of the defined benefit obligations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Discount rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;227,083&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;267,435&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Wages growth rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;273,937&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;235,976&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Life expectation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1 year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;73,736&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1 year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;74,033&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Profit&#13;sharing&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has a profit sharing program in&#13;accordance with an agreement with labor union and SABESP. The period covered represents the Company fiscal year, commence in January&#13;to December. The limit of the profit sharing is one month salary for each employee, depending on performance goals reached.&amp;#160;&#13;As of December 31, 2017, the Program&amp;#8217;s balance payable was recorded under &amp;#8220;salaries, payroll charges and social contributions&amp;#8221;&#13;in the amount of R$ 94,352 (R$ 83,687 as at December 31, 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
    <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic&#13;and diluted&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Basic&#13;earnings per share is calculated by dividing the equity attributable to Company&amp;#8217;s owners by the weighted average number&#13;of outstanding common shares during the year.&amp;#160; The Company does not have potentially dilutive common shares outstanding or&#13;debts convertible into common shares.&amp;#160; Accordingly, basic and diluted earnings per share are equal.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Earnings&#13;    attributable to Company&amp;#8217;s owners&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,519,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,947,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;536,279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Weighted&#13;    average number of common shares issued&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;683,509,869&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;683,509,869&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;683,509,869&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Basic&#13;    and diluted earnings per share (reais per share)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.31&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.78&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
    <ifrs-full:DisclosureOfRevenueExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&#13;Revenue from sanitation services:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Metropolitan&#13;    region of S&amp;#227;o Paulo&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,636,926&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,749,694&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,021,949&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regional&#13;    Systems &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,586,820&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,372,538&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,924,876&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,223,746&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,122,232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,946,825&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&#13;Reconciliation between gross operating  income and net operating income:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 57%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue&#13;    from sanitation services (i) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,223,746&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,122,232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,946,825&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction&#13;    revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,336,716&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Sales&#13;    tax&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(757,619)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(756,901)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(571,972)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regulation,&#13;    Control and Oversight Fee (TRCF)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,771)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,608,233&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,098,208&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,711,569&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt"&gt;(i)&#13;Includes the amount of R$&amp;#160;8,771 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
    <ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has agreements to manage and maintain&#13;its activities, as well as agreements to build new projects aiming at achieving the objectives proposed in its target plan. Below,&#13;the main committed amounts as of December 31, 2017:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 25%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;1 year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;1-3 years&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;3-5 years&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0; text-align: center"&gt;&lt;b&gt;More than&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0; text-align: center"&gt;&lt;b&gt;5 years&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Contractual obligations &amp;#8211; Expenses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,459,864&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,151,641&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;381,119&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,216,835&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,209,459&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Contractual obligations &amp;#8211; Investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,779,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,121,493&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,031,762&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,970,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,902,644&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,239,184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,273,134&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,412,881&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,186,904&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,112,103&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The main commitment refers to S&amp;#227;o Louren&amp;#231;o&#13;PPP. See Note 14 (g).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfCommitmentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Functional&#13;and reporting currency&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Items included in the financial statements are&#13;measured using the currency of the primary economic environment in which the company operates (&amp;#34;the functional currency&amp;#34;).&#13;The financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial&#13;information has been stated in reais and rounded to the next thousand, except where otherwise indicated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Foreign&#13;currency translation&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Foreign currency-denominated transactions are&#13;translated into Brazilian reais using the exchange rates prevailing at the transaction dates. Statement of financial position accounts&#13;are translated by the exchange rate prevailing at reporting date.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Exchange gains and losses resulting from the&#13;settlement of these transactions and the translation of foreign currency-denominated cash assets and liabilities are recognized&#13;in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in&#13;progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described&#13;in Note 3.12.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
    <SBS:DescriptionOfAccountingPolicyForPresentValueAdjustmentExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Current and noncurrent financial assets and&#13;liabilities are adjusted to present value based on discount rate at current market rate as of the transaction date, when the effects&#13;are relevant.&lt;/p&gt;</SBS:DescriptionOfAccountingPolicyForPresentValueAdjustmentExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company uses the tax benefits of&#13;distributing dividends as interest on capital, as permitted by Brazilian Law.&amp;#160; This distribution of dividend is&#13;accounted for in accordance with Brazilian Law 9,249/95 for tax deductibility purposes, limited to the daily pro rata&#13;fluctuation of the Long-term Interest Rate (TJLP). The benefit attributed to the shareholders is recognized in the current&#13;liability against Equity, based on its by-laws. Dividends and interest on capital over the minimum established in the by-laws&#13;are recognized when approved by the shareholders in the shareholders&amp;#8217; meeting, except for taxes incurring in the&#13;distribution of interest on capital. The tax benefit of the interest on capital  are accrued in the income statement of the&#13;year, under the same recognition basis of expenses with interest on capital.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory>
    <SBS:DescriptionOfAccountingPolicyForOtherCurrentAndNoncurrentAssetsAndLiabilitiesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Other assets are stated at cost of acquisition,&#13;net of any impairment loss, where applicable.&amp;#160; The amounts recognized as other liabilities are stated at known or estimated&#13;amounts, including, where applicable, related charges and inflation adjustments.&lt;/p&gt;</SBS:DescriptionOfAccountingPolicyForOtherCurrentAndNoncurrentAssetsAndLiabilitiesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Lease agreements are classified as finance lease&#13;when property, risks and rewards inherent to the ownership of asset to the lessee are transferred.&amp;#160; Other leases are classified&#13;as operational lease, recognized as expenses in the income statement on a straight-line basis during the lease term.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Finance lease agreements are measured based&#13;on the lower amount between the present value of minimum mandatory payments of the agreement or the fair value of asset on the&#13;start date the lease agreement.&amp;#160; The amounts payable deriving from considerations of finance lease agreements are impacted&#13;by financial expenses and amortization of finance lease payables so that to obtain a constant interest rate.&amp;#160; The corresponding&#13;lessor&amp;#8217;s liability is recorded as current and noncurrent debt.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial revenue is primarily comprised of&#13;interest, inflation adjustments and exchange rate changes resulting from financial investments, escrow deposits and negotiations&#13;with customer to pay by installments, using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial expenses are primarily comprised of&#13;interest, inflation adjustments and exchange rate changes on borrowings and financing, provisions, public-private partnership and&#13;program contract commitments. These financial income and expenses are calculated using the effective interest rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Inflation adjustments and exchange gains and&#13;losses derive from the collection or payment to third parties, as contractually required by law or court decision, and recognized&#13;on an accrual basis &lt;i&gt;pro rata temporis&lt;/i&gt;. Inflation adjustments included in the agreements are not considered embedded derivatives,&#13;since they are deemed as inflation adjustment rates for the Company&amp;#8217;s economic scenario.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory>
    <SBS:DescriptionOfAccountingPolicyForPensionObligationsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Defined&#13;benefit&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company makes contributions to defined benefit&#13;plans on a contractual basis and sponsored thereby, managed by Funda&amp;#231;&amp;#227;o Sabesp de Seguridade Social (&amp;#8220;Sabesprev&amp;#8221;),&#13;a supplementary private pension closely-held entity.&amp;#160; The regular contributions comprise the net administrative expenses and&#13;are recognized in the income statement for the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Liabilities from defined benefit pension plan&#13;obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair&#13;value of the plan&amp;#8217;s assets.&amp;#160; The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent&#13;actuaries, using the projected unit credit method.&amp;#160; The estimated future cash outflows is discounted to its present value,&#13;using the interest rates of Government bonds with maturities that approximate the maturity of the related liability.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Referring to actuarial gains and losses deriving&#13;from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive&#13;income (OCI), so that the plan's net assets or liabilities are recognized in the statement of financial position in order to reflect&#13;the full amount of plan&amp;#8217;s deficit or surplus.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The expenses related to pension plan are recognized&#13;in profit and loss of the year as operating cost, selling expenses or administrative expenses, according to employee&amp;#8217;s allocation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In an event where a curtailment relates to only&#13;some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate&#13;share of the past service cost and actuarial gains and losses.&amp;#160; The proportionate share is determined on the basis of the&#13;present value of the obligations before and after the curtailment or settlement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b) &amp;#160;&amp;#160;&amp;#160;&amp;#160; Defined contribution&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company makes contributions to defined contribution&#13;plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held&#13;entity that provides post-employment benefits to its employees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;A defined contribution plan is a pension plan&#13;according to which the Company makes fixed contributions to a separate entity.&amp;#160; The Company has no obligation of making contributions&#13;if the fund has no sufficient funds to pay to all employees the benefits related to employee&amp;#8217;s services in current and previous&#13;period.&lt;/p&gt;</SBS:DescriptionOfAccountingPolicyForPensionObligationsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Income taxes expenses comprise current and deferred&#13;income tax and social contributions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Current tax&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The provision for income tax and social contribution&#13;is based on the taxable income for the year.&amp;#160; The income tax was accrued at rate 15%, plus 10% surtax on taxable income exceeding&#13;R$ 240.&amp;#160; The social contribution was accrued at rate 9% over adjusted net income. Taxable income differs from net income (profit&#13;presented in the income statement), because it excludes income and expenses taxable or deductible in other years, and excludes&#13;items not permanently taxable or not deductible. Income tax and social contribution are accrued based on legislation in place in&#13;the end of the year. Management periodically evaluates and measures the positions taken in the income tax return with respect to&#13;situations in which applicable tax regulations are subject to interpretation. It establishes provisions where appropriate on the&#13;basis of amounts expected to be paid to the tax authorities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Deferred tax&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred income tax is recognized, using the&#13;liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in&#13;the financial statements, according to IAS 12. However, the deferred income tax is not accounted for if it arises from&#13;initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor&#13;taxable profit nor loss, except for business combinations.&amp;#160; Deferred income tax is determined using tax rates (and laws) effective&#13;at the end of the reporting period and expected to apply when the related deferred income tax asset is realized or the deferred&#13;income tax liability is settled.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred income tax and social contribution&#13;assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences&#13;can be utilized and tax losses can be carryforward.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred taxes assets and liabilities are offset&#13;when there is a legally enforceable right of offsetting current tax assets against current tax liabilities and when deferred income&#13;tax assets and liabilities are related to income taxes levied by same tax authority over the tax entity.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Costs related to ongoing environmental programs&#13;are expensed in the income statement, when there is any indication of an event. Ongoing programs are designed to minimize the environmental&#13;impact of the operations and to manage the environmental risks inherent to the Company's activities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Provisions related to claims are recognized&#13;when: i) the Company has a present (legal or constructive) obligation as a result of past event; ii) it is probable that an outflow&#13;of resources that comprise economic benefits will be required to settle the obligation; and iii) the amount can be reliably estimated.&amp;#160;&#13;Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by&#13;considering the class of obligations as a whole.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Provisions are measured at the present value&#13;of the disbursements expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments&#13;of the time value of money and the risks specific to the obligation.&amp;#160; The increase in the provision due to passage of time&#13;is recognized as interest expense.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For financial statement presentation purposes,&#13;the provision is stated net of the related escrow deposits based on the legal right to offset.&amp;#160; The bases and the nature of&#13;the provisions for civil, tax, labor and environmental risks are described in Note 19.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Escrow deposits not linked to related liabilities&#13;are recorded in noncurrent assets. Escrow deposits are adjusted for inflation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Contingent assets are not recognized in the&#13;statements of financial position.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <SBS:DescriptionOfAccountingPolicyForProfitSharingExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The profit sharing plan for its employees is&#13;based on operational and financial targets of the Company as a whole.&amp;#160; The Company recognizes a provision when it is contractually&#13;required or when there is a practice in the past that created a constructive obligation.&amp;#160; The accrual for profit sharing is&#13;recorded on the accrual basis period as operating cost, selling and administrative expenses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</SBS:DescriptionOfAccountingPolicyForProfitSharingExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Salaries, vacations and the 13th salary and&#13;additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on the accrual&#13;basis.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Borrowing costs attributable to acquisition,&#13;construction or production of an asset, which, necessarily, requires a substantial time period to be ready for use or sale are&#13;capitalized as part of the cost of these assets.&amp;#160; Other borrowing costs are recognized as expenses in the period they are&#13;incurred.&amp;#160; Borrowing costs are interest rates and other charges incurred by the Company related to loans, including exchange&#13;variation, as described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The capitalization occurs during the period&#13;in which the asset has been built, considering the weighted average rate of loans effective on the capitalization date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For foreign currency-denominated loans or financing,&#13;the Company analyzes them as if they were contracted in local currency, restricting the capitalization of interest and/or exchange&#13;variation by the amount that would be capitalized if these were contracted in the domestic market in similar lines of credit and&#13;loans.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Borrowings are initially recognized at fair&#13;value, upon receipt of funds, net of transaction costs.&amp;#160; Subsequently, borrowings are stated at amortized cost, as presented&#13;in Note 16.&amp;#160; Borrowings and financing are classified as current liabilities unless the Company has an unconditional right&#13;to defer settlement of the liability for at least 12 months after the end of the reporting period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Nonconvertible bonds issued by the Company are&#13;recognized in a similar manner to borrowings.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;Accounts&#13;payable to contractors and suppliers are obligations to pay for goods or services purchased from suppliers in the ordinary course&#13;of business and are classified as current liabilities if the payment is due in the period up to one year. Otherwise, the accounts&#13;payable are presented as noncurrent liabilities and are initially measured at fair value, which generally correspond to the bill&#13;and subsequently at amortized cost.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property, plant and equipment, intangibles and&#13;other noncurrent assets with definite useful lives, are yearly reviewed for impairment whenever events or changes in circumstances&#13;indicate that the carrying amount may not be recoverable.&amp;#160; The Company does not record assets with indefinite useful life&#13;and assessed that there are no indications of impairment losses, mainly supported by Law 11,445/07, which ensures that basic sanitation&#13;public utilities will have assured its economic and financial sustainability through tariffs or via indemnity.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The investment properties are recorded at the&#13;acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method&#13;at rates that consider the estimated useful life of assets.&amp;#160; Expenditures related to repairs and maintenance are recorded&#13;in the income statement when incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company also maintains few assets for undetermined&#13;use in the future, i.e., it is not defined if the Company will use these assets in the operation or sell them in the short term&#13;during the ordinary course of business.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Inventories of supplies for consumption&#13;and maintenance of the water and sewage systems are stated at the lower of average cost of acquisition or net realizable&#13;value, and are classified in current assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Trade receivables are amounts due from customers&#13;for services performed in the ordinary course of business.&amp;#160; These are classified as current assets, except when maturity exceeds&#13;12 months after the end of the reporting period.&amp;#160; In these cases, they are presented as noncurrent assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company establishes an allowance for doubtful&#13;accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses. The analysis&#13;is carried out based on objective accounts receivable data, past receipts and existing guarantees and it does not expect to incur&#13;additional significant losses.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Revenue from sanitation services&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from sanitation services are recognized&#13;as the water is consumed and services are provided.&amp;#160; Revenues, including the revenues unbilled, are recognized at the fair&#13;value of the consideration received or receivable for the sale of those services. Revenue is shown net of value-added tax and fees,&#13;rebates and discounts.&amp;#160; Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed&#13;until the end of the each period and are recorded as trade receivables based on monthly estimates of the completed services.&amp;#160;&#13;Concerning revenues of wholesale municipal governments, which do not pay the full invoice, the Company establishes an allowance&#13;for doubtful accounts upon invoicing in revenue reduction account.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes revenue when: i) products&#13;are delivered or services are rendered; ii) the amount of revenue can be reliably measured, iii) it is probable that future economic&#13;benefits will flow to the Company and iv) it is probable that the amounts will be collected.&amp;#160; The amount of revenue is not&#13;considered to be reliably measurable until all conditions relating to the sale have been satisfied.&amp;#160; Amounts in dispute are&#13;recognized as revenue when collected.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Construction revenue&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from concession construction&#13;contracts is recognized in accordance with IFRIC 12 (Service Concession Arrangements) and IAS 11&#13;(Construction Contracts), using the percentage-of-completion method, provided that the applicable conditions for application&#13;are fulfilled.&amp;#160; The percentage of completion is calculated from the ratio of the actual costs incurred on the balance&#13;sheet date to the planned total costs (cost-to-cost method).&amp;#160; Revenue from cost plus contracts is recognized by&#13;reference to the construction costs incurred during the period plus a fee earned.&amp;#160; The fee represents the additional&#13;margin related to the work performed by the Company in relation to such construction contracts and it is added construction&#13;costs, resulting in the construction revenue.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Financial Asset - Classification&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company classifies its financial&#13;assets according to the following categories: measured at fair value through profit or loss, borrowings and receivables,&#13;held-to-maturity and available for sale.&amp;#160; The classification depends on the purpose for which the financial assets were&#13;acquired.&amp;#160; Management determines the classification of the financial assets at inception. As of December 31, 2017and 2016,&#13;the Company did not have financial assets classified under the fair value through profit or loss, held-to-maturity and&#13;available-for-sale financial instruments category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Borrowings and receivables&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;These comprise receivables, which&#13;are non-derivative financial assets with fixed or determinable payments, not quoted in an active market.&amp;#160; Borrowings and receivables&#13;are presented in current assets, except for those with maturity of more than 12 months after the reporting date (these are classified&#13;as noncurrent assets).&amp;#160; The Company's borrowings and receivables include cash and cash equivalents, restrict cash, balances&#13;of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency &amp;#8211;&#13;ANA.&amp;#160; Borrowings and receivables are recorded at fair value and subsequently at amortized cost, under the effective interest&#13;rate method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Financial Liabilities - Classification&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company classifies its financial liabilities&#13;into the following categories: measured at fair value through profit or loss and other liabilities.&amp;#160; Classification depends&#13;on the purpose to which the financial liabilities were assumed.&amp;#160; As of December 31, 2017 and 2016, the Company did not have&#13;liabilities classified into the &amp;#8220;fair value through profit or loss&amp;#8221; category.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Other liabilities&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;This category comprises balances&#13;payable to contractors and suppliers, borrowings and financing, services payable, balances payable from public-private partnership&#13;(PPP), and program contract commitments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;The effective interest rate method&#13;is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period.&amp;#160;&#13;The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue&#13;costs) throughout the financial liability&amp;#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition&#13;of the net carrying amount.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Cash and cash equivalents include cash in hand,&#13;bank deposits, overdraft accounts and other short-term highly liquid investments with original maturities less than three months&#13;as of the investment date, with an insignificant risk of changing value.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
    <SBS:SummaryOfNewAccountingStandardsAmendmentsAndInterpretationsAdoptedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 23%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 30%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impact&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IAS 12  &amp;#8211; Recognition of Deferred Income Tax for Unrealized Losses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Describes about the treatment of temporary differences.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt"&gt;The application of this amendment did not impact the disclosures&#13;        or amounts recognized in the annual financial statements.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IAS 7  &amp;#8211; Disclosure Initiatives &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Describes about disclosures that enable users to measure the changes in liabilities related to financing activities.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt"&gt;The application of these amendments did not impact the disclosures&#13;        or amounts recognized in the annual financial statements.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Annual improvements to IFRSs: 2015-2017 cycle&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IFRS 12 &amp;#8211; Disclosure of interests in other entities &amp;#8211; clarification on the standard&amp;#8217;s scope.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt"&gt;The application of this amendment did not impact the disclosures&#13;        or amounts recognized in the annual financial statements.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfNewAccountingStandardsAmendmentsAndInterpretationsAdoptedTableTextBlock>
    <SBS:SummaryOfExposureToExchangeRiskTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;R$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;R$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowings and financing &amp;#8211; US$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,200,786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,972,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,241,963&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,047,682&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowings and financing &amp;#8211; Yen&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;57,575,271&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,692,713&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,643,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,609,419&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges from borrowings and financing &amp;#8211; US$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,628&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,114&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges from borrowings and financing &amp;#8211; Yen&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,834&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,769&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total exposure&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;5,702,375&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,692,984&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing cost &amp;#8211; US$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(26,454)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(29,650)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing cost &amp;#8211; Yen&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,100)&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,971)&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total foreign currency-denominated borrowings (Note 16)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,672,821&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,660,363&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SBS:SummaryOfExposureToExchangeRiskTableTextBlock>
    <SBS:SummaryOfBorrowingAndFinancingVariableInterestRateTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 30%; padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 37%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;TR&lt;sup&gt;(i)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,574,564&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,535,030&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;CDI&lt;sup&gt;(ii)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,144,391&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,082,228&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;TJLP&lt;sup&gt;(iii)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,354,987&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,326,631&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;IPCA&lt;sup&gt;(iv)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,699,747&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,697,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;LIBOR&lt;sup&gt;(v)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,814,399&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,906,999&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;125,172&lt;/font&gt;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;142,644&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,713,260&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,690,984&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(i) TR &amp;#8211; Interest Benchmark Rate&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(ii) CDI &amp;#8211; (Certificado de Dep&amp;#243;sito&#13;Interbanc&amp;#225;rio), an interbank deposit certificate&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(iii) TJLP &amp;#8211; (Taxa de Juros a Longo Prazo),&#13;a long-term interest rate index&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(iv) IPCA &amp;#8211; (&amp;#205;ndice Nacional de Pre&amp;#231;os&#13;ao Consumidor Amplo), a consumer price index&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(v) LIBOR &amp;#8211; London Interbank Offered Rate&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</SBS:SummaryOfBorrowingAndFinancingVariableInterestRateTableTextBlock>
    <ifrs-full:DisclosureOfCreditRiskExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash at bank and short-term bank deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;AA+(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,222,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,850,220&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;AAA(bra)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,978&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,068&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;549&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,283,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,886,221&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*) This category includes current accounts&#13;and investment funds in banks whose balances were not significant.&lt;/p&gt;</ifrs-full:DisclosureOfCreditRiskExplanatory>
    <ifrs-full:DisclosureOfLiquidityRiskExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 30%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2023 onwards&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;As of December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Borrowings and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,221,645&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,321,046&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,648,021&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,134,162&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,077,914&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,534,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,937,415&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Accounts payables to suppliers and contractors&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344,947&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344,947&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Services payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;408,275&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;408,275&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Public-Private Partnership &amp;#8211; PPP (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;185,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;368,156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,148,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,807,392&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Program contract commitments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;128,820&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;92,505&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,639&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,779&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,981&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;269,753&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*)The Company also considered future commitments&#13;(construction not yet performed) still not recognized in the financial statements related to S&amp;#227;o Louren&amp;#231;o PPP, due to&#13;the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment&#13;through an agreement signed by the parties.&lt;/p&gt;</ifrs-full:DisclosureOfLiquidityRiskExplanatory>
    <SBS:SummaryOfCapitalManagementTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total borrowings and financing (Note 16)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;(-) Cash and cash equivalents (Note 7)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,283,047)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,886,221)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,817,919&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,077,922&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,513,009&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,419,211&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,330,928&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,497,133&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Leverage ratio&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfCapitalManagementTableTextBlock>
    <ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,283,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,283,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,886,221&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,886,221&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Restricted cash&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,822&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,822&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,078&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,078&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Trade receivables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Water National Agency &amp;#8211; ANA &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;70,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;70,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,221&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,221&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Other receivables &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,369&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,369&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory>
    <SBS:SummaryOfFinancialLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Borrowings and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,967,909&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;460,054&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Program contract commitments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;239,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;239,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,093&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,093&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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   &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,520,849&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Government entities:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Municipal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;532,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;520,950&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,547&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,414&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Agreements (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,614&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;279,449&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;821,481&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;803,813&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Wholesale customers &amp;#8211; Municipal governments: (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Guarulhos&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;760,598&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;778,106&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Mau&amp;#225;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;530,830&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;467,775&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Mogi das Cruzes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,670&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,527&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Santo Andr&amp;#233;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,048,832&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;946,045&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;S&amp;#227;o Caetano do Sul&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,604&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,371&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Diadema &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;222,671&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;222,671&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Total wholesale customers &amp;#8211; Municipal governments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,568,205&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,419,495&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Unbilled supply&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;580,006&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;481,389&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,538,703&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,225,546&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,650,198)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,514,240)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Total &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,672,595&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,557,472&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Noncurrent &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;215,910&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;153,834&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,888,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,711,306&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SBS:SummaryOfFinancialPositionTableTextBlock>
    <SBS:SummaryOfAgingOfTradeReceivablesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 38%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 31%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 31%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,471,668&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,337,503&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Past-due:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Up to 30 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;287,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;263,157&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 31 to 60 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,179&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;148,927&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 61 to 90 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;73,989&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;53,268&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 91 to 120 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,477&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;109,138&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 121 to 180 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;105,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;124,001&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;From 181 to 360 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;147,699&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;203,837&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Over 360 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,281,566&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,985,715&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total past-due&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,067,035&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,888,043&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,538,703&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,225,546&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SBS:SummaryOfAgingOfTradeReceivablesTableTextBlock>
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padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Profit (loss) for the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&lt;b&gt;(*)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&lt;b&gt;(*)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Sesamm&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,262&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,198&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,313&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(643)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,471&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,040)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,772&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,371&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#193;guas de Castilho&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,858&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,706&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,449&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;219&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;933&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;631&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;773&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Saneaqua Mairinque&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,480&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,090&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,560&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;390&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(153)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;723&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,145&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Attend Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,249&lt;/font&gt;&lt;/td&gt;&#13; 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background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Paulista Geradora de Energia&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,469&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,509&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(22)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(40)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(114)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Company&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&lt;b&gt;distributed&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td colspan="4" style="padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Equity in the earnings of subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest percentage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&lt;b&gt;(*)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;(*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Sesamm&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,135&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,391&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(231)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;975&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,096&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,190&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#193;guas de Andradina &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,818&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,849&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;240&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,341&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(612)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;532&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;711&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#193;guas de Castilho&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,465&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;66&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;280&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Saneaqua Mairinque&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,298&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,227&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(46)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;217&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Attend Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,326&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,766&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;596&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;378&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,388&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Aquapolo Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,170&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(26)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,239)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Paulista Geradora de Energia&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(10)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(29)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,344&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,509&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(231)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,473&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(713)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,740&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,597&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;Other investments&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;587&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;Overall total&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,932&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;31,096&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</SBS:SummaryOfInvesteesFinancialStatementsAndEquityInterestTableTextBlock>
    <SBS:SummaryOfInvestmentPropertiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 33%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Write-offs and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Investment properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(244)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(72)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,652&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(244)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(72)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,652&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 22%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Transfers&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Write-offs and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Reversal of estimated losses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Investment properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(124)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(106)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(124)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(106)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,968&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 21%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;2014&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Transfers&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Write-offs and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;&amp;#160;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Investment properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,039&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,182&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,859)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(405)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,039&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,182&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,859)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(405)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,957&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;</SBS:SummaryOfInvestmentPropertiesTableTextBlock>
    <SBS:SummaryOfFinancialPositionDetailsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 38%; padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible right&#13;    arising from:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements &amp;#8211;&#13;    equity value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,893,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,751,682)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,141,614&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,222,543&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,739,588)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,482,955&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements &amp;#8211;&#13;    economic value &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,068,402&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(634,465)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,433,937&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,925,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(543,709)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,381,652&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program contracts&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,653,292&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,058,226)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,595,066&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,209,367&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,633,346)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,576,021&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program contracts&#13;    &amp;#8211; commitments &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,113,160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(202,785)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;910,375&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;991,848&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(168,632)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;823,216&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Services contracts&#13;    &amp;#8211; S&amp;#227;o Paulo&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,388,751&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,471,736)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,917,015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;17,457,658&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,904,951)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,552,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Software license&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;688,712&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(220,587)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;468,125&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;575,494&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(145,257)&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;430,237&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;42,805,613&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,339,481)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;33,466,132&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;39,382,271&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,135,483)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,246,788&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SBS:SummaryOfFinancialPositionDetailsTableTextBlock>
    <SBS:SumamryOfChangesInIntangibleAssetsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 21%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Additions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Contract&#13;    renewal&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reversal&#13;    of estimated losses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Transfers&#13;    (i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Write-offs&#13;    and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 11%; padding-bottom: 1pt; 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padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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   &lt;td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements&#13;    &amp;#8211; equity value&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,287,630&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;391,545&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,587)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,335)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(6,233)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(180,079)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,482,955&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements&#13;    &amp;#8211; economic value&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,353,020&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(33,076)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;823,216&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13; 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   &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements&#13;    &amp;#8211; equity value&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,369,271&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;574,421&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(463,362)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;747&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(324)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,303)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(188,820)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,287,630&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements&#13;    &amp;#8211; economic value&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,281,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;140,732&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(17)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(139)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(68,816)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,353,020&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program&#13;    contracts &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,379,153&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;663,399&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;463,362&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(752)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,045)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(210,001)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,288,575&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program&#13;    contracts &amp;#8211; commitments&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;702,909&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;177,424&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(29,803)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;850,530&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Services&#13;    contracts &amp;#8211; S&amp;#227;o Paulo &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,986,386&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,900,218&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;18,879&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,997)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(30,321)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(503,148)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,367,017&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Software&#13;    license &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;260,547&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;148,248&lt;/font&gt;&lt;/td&gt;&#13; 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    <SBS:SummaryOfLiabilitiesAssumedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: top; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: top; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 13%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&#13;    liabilities &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Noncurrent&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Noncurrent&#13;    liabilities &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Alto Tiet&amp;#234;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;35,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;282,501&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;317,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;309,858&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;341,756&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;S&amp;#227;o Louren&amp;#231;o&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;24,924&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,728,908&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,753,832&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,907,662&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,907,662&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;60,007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,011,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,071,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,217,520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,249,418&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SBS:SummaryOfLiabilitiesAssumedTableTextBlock>
    <SBS:SummaryOfPropertyPlantAndEquipmentTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 22%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,507&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,507&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,494&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,494&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Buildings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;79,013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(36,653)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;42,360&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;77,548&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(34,286)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;43,262&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;330,753&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(226,950)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;103,803&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;338,696&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(189,556)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;149,140&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transportation&#13;    equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,862&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,182)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,680&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,141&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(6,610)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,531&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture&#13;    and fixtures &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;24,430&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(12,614)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;23,633&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,647)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,986&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,122&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(238)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;884&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,181&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(211)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;970&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;538,687&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(283,637)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;255,050&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;544,693&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(242,310)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;302,383&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SBS:SummaryOfPropertyPlantAndEquipmentTableTextBlock>
    <SBS:SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 22%; padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Additions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Transfers&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Write-offs&#13;    and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,494&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;92,507&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Buildings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.65pt; 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margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</SBS:SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock>
    <SBS:SummaryOfBorrowingsAndFinancingOutstandingTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&amp;#160;Borrowings and financing outstanding balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 50%; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Financial institution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; 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text-align: right"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Local currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13; 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padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;78,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,154,599&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,233,086&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;59,199&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,088,160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,147,359&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Brazilian Development Bank - BNDES BAIXADA SANTISTA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,782&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,782&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; 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   &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,367&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,526&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,893&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,341&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,659&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13; 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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;101,855&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,605&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,605&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total in local currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; 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width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;b&gt;Borrowings and financing outstanding balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 45%; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Financial institution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Noncurrent&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Noncurrent&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Inter-American Development Bank - BID 713&amp;#160; (US$ 25,097 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,794&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,794&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Inter-American Development Bank - BID 1212&amp;#160; &amp;#8211; US$ 82,225 thousand (US$ 92,503 thousand in December 2015)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;238,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;272,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,499&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;267,979&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;301,478&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Inter-American Development Bank - BID 2202 &amp;#8211; US$ 444,871 thousand (US$ 438,071 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,757&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,375,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,457,115&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;75,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,339,803&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,414,946&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;International Bank of Reconstruction and Development -BIRD &amp;#8211; US$ 91,286 thousand &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;(US$ 79,946 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;301,665&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;301,665&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,224&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,224&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Deutsche Bank &amp;#8211; US$ 150,000 thousand (US$ 150,000 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;248,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;242,343&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;490,443&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;480,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;480,244&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Eurobonds &amp;#8211; US$ 350,000 thousand (US$ 350,000 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,137,395&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,137,395&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 15 &amp;#8211; &amp;#165; 13,829,160 thousand (&amp;#165; 14,981,590 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,881&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;372,696&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;406,577&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,175&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;386,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;418,286&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 18 &amp;#8211; &amp;#165; 12,433,920 thousand (&amp;#165; 13,470,080 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;334,849&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;365,312&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;28,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;346,889&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;375,819&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 17 &amp;#8211; &amp;#165; 1,534,959 thousand (&amp;#165; 1,596,251 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,507&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;41,835&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;44,342&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,205&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;42,675&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,880&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;JICA 19 &amp;#8211; &amp;#165; 29,777,232 thousand (&amp;#165; 27,596,009 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;873,383&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;873,383&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;768,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;768,463&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;BID 1983AB &amp;#8211; US$ 82,404 thousand (US$ 106,346 thousand in December 2016)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;79,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189,990&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;269,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;78,030&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;263,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;341,951&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Interest and charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,462&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,462&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,883&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,883&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total in foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;547,371&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,125,450&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,672,821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;366,659&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,293,704&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,660,363&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total borrowings and financing&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,746,755&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,354,211&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,246,567&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,717,576&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfBorrowingsAndFinancingOutstandingTableTextBlock>
    <SBS:SummaryOfBorrowingsTermsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Local currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Guarantees&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 26%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Annual interest rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Inflation adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;TJLP +1.92% (Series 1 and 3) and 9.53% (Series 2) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;12&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;TR + 9.5% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;14&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;TJLP +1.92% (Series 1 and 3) and 9.19% (Series 2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;15&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 0.99% (Series 1) and 6.2% (Series 2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;17&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI +0.75 (Series 1) and 4.5% (Series 2) and4.75% (Series 3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2 and 3)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;18&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;TJLP 1.92 % (Series 1 and 3) and 8.25% (Series 2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPCA (Series 2)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;19&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 0.80% to 1.08%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;20&lt;sup&gt;th&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 3.80%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;21&lt;sup&gt;st&lt;/sup&gt; issue debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 0.60% and CDI+ 0.90%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2018/2038&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5% to 9.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;TR&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; padding-left: 10.7pt; text-indent: -10.7pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES BAIXADA SANTISTA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.5%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES PAC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.15%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES PAC II 9751&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2027&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.72%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES PAC II 9752&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2027&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.72%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES ONDA LIMPA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.92%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES TIET&amp;#202; III&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.66%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank - BNDES 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.5%+TJLP &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.73% to 10.12% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;IPC&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Own funds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2018/2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12% (Presidente Prudente) and TJLP + 1.66% (FINEP)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;TR&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Foreign currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Guarantees&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 23%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Annual interest rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Exchange rate changes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Inter-American Development Bank - BID 1212&amp;#160; &amp;#8211; US$ 82,225 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2025&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.74% (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Inter-American Development Bank - BID 2202 - US$ 444,871 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.33% (*)&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;International Bank for Reconstruction and Development - BIRD US$ 91.286 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2034&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.71% (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Deutsche Bank US$ 150,000 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Libor+4.50%(*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;Eurobonds &amp;#8211; US$ 350,000 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.25%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 15 &amp;#8211; &amp;#165; 13,829,160 thousand &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.8% and 2.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 18 &amp;#8211; &amp;#165; 12,433,920 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.8% and 2.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 17&amp;#8211; &amp;#165; 1,534,959 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2035&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.2% and 0.01% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;JICA 19&amp;#8211; &amp;#165; 29,777,232 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Government&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.7% and 0.01% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Yen&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 4.8pt"&gt;&lt;font style="font-size: 8pt"&gt;BID 1983AB &amp;#8211; US$ 82,404 thousand&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Libor + 1.88% to 2.38% (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;US$&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*)Rates comprising LIBOR + contractually defined&#13;spread.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;</SBS:SummaryOfBorrowingsTermsTableTextBlock>
    <SBS:SummaryOfBorrowingsPaymentScheduleTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 26%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2024 to 2038&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;LOCAL CURRENCY&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;901,480&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,022,262&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;576,364&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;375,660&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;354,807&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;159,790&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;97,223&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,487,586&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;78,487&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,516&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;71,998&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;75,721&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;79,743&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;71,768&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;785,853&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,233,086&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;BNDES&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;98,523&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;112,594&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;88,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;451,101&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,033,058&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Leasing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,573&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,766&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;34,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38,056&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40,775&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;361,920&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,617&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,370&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,943&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; 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   &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;101,855&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;TOTAL IN LOCAL CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,199,384&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,238,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;778,583&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;582,913&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;567,995&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;362,038&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,698,724&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,428,145&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;FOREIGN CURRENCY&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;BIRD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,056&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,113&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;211,160&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;490,443&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Eurobonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,155,331&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;JICA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;66,851&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,051,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,689,614&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;BID 1983AB&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;79,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,526&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,526&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,446&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,446&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,046&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;269,191&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest and charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,462&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,462&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;TOTAL IN FOREIGN CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;547,371&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;540,855&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,463,899&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;275,488&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;275,488&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;272,090&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,297,630&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,672,821&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Overall Total&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,746,755&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,779,363&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,242,482&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;858,401&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;843,483&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;634,128&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,996,354&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,100,966&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SBS:SummaryOfBorrowingsPaymentScheduleTableTextBlock>
    <SBS:SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 65%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Agent&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 5%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(in millions of reais (*))&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,487&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Brazilian Development Bank &amp;#8211; BNDES&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,576&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Inter-American Development Bank &amp;#8211; BID&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;436&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Japan International Cooperation Agency &amp;#8211; JICA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;3,781&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*)Brazilian Central Bank&amp;#8217;s exchange rate&#13;as of December 31, 2017 (US$&amp;#160;1.00 = R$&amp;#160;3.3080; &amp;#165;&amp;#160;1.00 = R$&amp;#160;0.02940).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</SBS:SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock>
    <SBS:SummaryOfCurrentTaxAssetsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Recoverable taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Income tax and social contribution&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;270,614&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,365&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Withholding income tax (IRRF) on financial investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,606&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,057&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other federal taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,365&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,961&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other municipal taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;250&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;276,585&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;42,633&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfCurrentTaxAssetsTableTextBlock>
    <SBS:SummaryOfCurrentTaxLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Taxes and contributions payable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Cofins and Pasep&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;74,034&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49,132&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;INSS (Social Security contribution)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,365&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,376&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;IRRF (withholding income tax)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,204&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62,771&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,362&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,478&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;183,965&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;168,757&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfCurrentTaxLiabilitiesTableTextBlock>
    <SBS:SummaryOfDeferredTaxesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;482,863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;524,129&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1 Plan &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Pension obligations - G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;165,503&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,922&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Donations of underlying asset on concession agreements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,112&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,317&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Credit losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,063&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;266,757&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,562&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,247&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,054,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Temporary difference on concession of intangible asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(460,177)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(492,341)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Capitalization of borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(415,379)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(374,512)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Profit on supply to governmental entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(76,705)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,365)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1 Plan &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,538)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(88,947)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(91,790)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,111)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(15,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,090,857)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets&#13;    (liabilities), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,754)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfDeferredTaxesTableTextBlock>
    <SBS:SummaryOfRealizationOfDeferredTaxesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized within 12 months&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;221,999&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;314,725&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized after one year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;832,104&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;937,691&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,054,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized within 12 months&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;(51,520)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;(143,428)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;to be realized after one year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,039,337)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(922,643)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,090,857)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax asset (liabilities)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,754)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfRealizationOfDeferredTaxesTableTextBlock>
    <SBS:SummaryOfChangesInDeferredTaxesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;Net &lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;change &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;524,129&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(41,266)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;482,863&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(85,044)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Pension obligations - G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,922&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,419)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;165,503&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Donations of underlying asset on concession agreements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,317&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,205)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,112&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Credit losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;266,757&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(67,694)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,063&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;315&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,562&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(198,313)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,054,103&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Temporary difference on concession of intangible asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(492,341)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(460,177)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Capitalization of borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(374,512)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(40,867)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(415,379)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Profit on supply to governmental entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,365)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,660&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(76,705)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,538)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,538)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(91,790)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,843&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(88,947)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(15,063)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(13,111)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,786)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,090,857)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets (liabilities), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(223,099)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36,754)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 49%; padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;Net &lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"&gt;&lt;b&gt;change &lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;480,378&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,751&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;524,129&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,044&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Pension obligations - G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;256,808&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(88,886)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,922&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Donations of underlying asset on concession agreements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;53,206&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;57,317&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Credit losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;213,171&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;53,586&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;266,757&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Tax losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,829&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(58,829)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,697&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;151,247&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,183,942&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68,474&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,252,416&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Deferred income tax liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Temporary difference on concession of intangible asset&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(524,495)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,154&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(492,341)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Capitalization of borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(309,648)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(64,864)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(374,512)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Profit on supply to governmental entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(81,055)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,310)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,365)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gain/loss &amp;#8211; G1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(33,726)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;33,726&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(94,921)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(91,790)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,855)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,208)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(15,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,055,700)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(10,371)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,066,071)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 2.4pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax asset, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;128,242&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;58,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,345&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;        31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;        31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;        31, &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening balance &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;186,345&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;128,242&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;209,478&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net change in the year:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;- corresponding entry to the income statement&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(101,517)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(60,667)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(50,024)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;- corresponding entry to valuation adjustments&#13;    to equity (Note 20 (b))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(121,582)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;118,770&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(31,212)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total net change&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(223,099)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;58,103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(81,236)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing balance &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(36,754)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;186,345&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;128,242&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;</SBS:SummaryOfChangesInDeferredTaxesTableTextBlock>
    <SBS:SummaryOfLawsuitsAndProceedingsThatResultedInProvisionsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 33%"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 1pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 1pt 0"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Escrow deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Escrow deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;438,619&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(56,301)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;382,318&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;572,210&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(97,171)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;475,039&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(259,608)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;72,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(251,510)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;81,157&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,544&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(16,227)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;98,317&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;131,286&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,652)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,634&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;77,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,507)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;71,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,986)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;66,912&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;299,842&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6,741)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;293,101&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,413&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,202)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;282,211&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,446&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,446&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;150,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(962)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;149,122&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,422,588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(344,384)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,078,204&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,541,558&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,173,075&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;607,959&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;607,959&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;730,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;730,334&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Noncurrent&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;814,629&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(344,384)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;470,245&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;811,224&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;442,741&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfLawsuitsAndProceedingsThatResultedInProvisionsTableTextBlock>
    <SBS:SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 54%; padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;219,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;306,500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,430,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,422,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;733,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;709,400&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,291,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,143,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;677,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;533,600&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,879,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,317,600&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,231,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,432,100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock>
    <SBS:SummaryOfPensionPlanBenefitsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 60%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Funded plan &amp;#8211; G1 (i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Present value of defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,319,841&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,465,721&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Fair value of the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,931,380)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,712,551)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net liabilities recognized for defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;388,461&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;753,170&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Unfunded plan &amp;#8211; G0 (iii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Present value of defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,543,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Net liabilities recognized for defined benefit obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,543,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Liability as per statement of financial position &amp;#8211; pension obligations (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2,932,338&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;3,265,250&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfPensionPlanBenefitsTableTextBlock>
    <SBS:SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains/(losses) on obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;305,511&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;357,046&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Gains/(losses) on financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,083&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total gains/(losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;357,594&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;409,129&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax and social contribution - G1 Plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(121,582)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(121,582)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Valuation adjustments to equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;236,012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;287,547&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Gains/(losses) on financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;192,458&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;192,458&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total gains/(losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(349,325)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(241,711)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(591,036)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(472,266)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 52%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0 Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(136,389)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(136,389)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total gains/(losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;91,802&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,224)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;67,578&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax and social contribution - G1 Plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(31,212)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(31,212)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Valuation adjustments to equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;60,590&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(24,224)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</SBS:SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock>
    <SBS:SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,465,721&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,252,204&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Current service cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,582&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,845&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Interest cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,227&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial (gains)/losses recorded as other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(305,511)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;541,783&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Effect of the plan migration &amp;#8211; early reduction/curtailment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(525,992)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Benefits paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(118,360)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(123,346)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, end of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,319,841&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,465,721&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock>
    <SBS:SummaryOfFairValueOfBenefitPlanTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Fair value of the plan&amp;#8217;s assets, beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,712,551&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,586,930&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Expected return on the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;183,689&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;201,779&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Expected Company&amp;#8217;s&#13;    contributions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;48,742&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,046&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Expected participants&amp;#8217; contributions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,675&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,525&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Benefits paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(118,360)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(123,347)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains/(losses) recorded as other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;52,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;192,458&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Effect of the plan migration &amp;#8211; early reduction/curtailment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(191,840)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Fair value of the plan&amp;#8217;s assets, end of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,931,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,712,551&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify; text-indent: 7.1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;(Deficit)/Surplus&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(388,461)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(753,170)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfFairValueOfBenefitPlanTableTextBlock>
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    <SBS:SummaryOfPlanAssetsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 45%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 5%; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160; NTNBs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,064,935&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;997,027&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160; NTNCs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;146,495&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;141,405&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160; NTNFs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,803&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Government bonds in own portfolio&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,211,430&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,144,235&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 12pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed income fund quotas &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,352&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;95,854&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Private credit investment fund quotas &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(c)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;135,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;139,665&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,902&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,940&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total fixed income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,611,138&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,383,694&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Equities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Stocks investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(d)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;195,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;180,721&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,903&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,467&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total equities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,362&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;196,188&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Structured investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Equity investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(e)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;86,193&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;76,680&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Real estate investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(f)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,170&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,428&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Multimarket investment fund quotas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(g)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;31,195&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total structured investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;113,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;126,303&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(h)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,517&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,366 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Fair value of the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,931,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,712,551 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfPlanAssetsTableTextBlock>
    <SBS:SummaryOfDefinedBenefitObligationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 66%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,166,942&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Current interest expense and service costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;262,873&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;282,117&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial (gains)/losses recorded as other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(51,535)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;241,711&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; text-indent: 7.1pt"&gt;&lt;font style="font-size: 8pt"&gt;Benefits paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(179,541)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(178,690)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Defined benefit obligation, end of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,543,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,512,080&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfDefinedBenefitObligationTableTextBlock>
    <SBS:SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font-size: 8pt"&gt;Estimated expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest cost rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Expense to be recognized&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;232,248&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock>
    <SBS:SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 28%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Plan &amp;#8211; G0&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 30%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Changes in assumption&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 42%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impact on present value of the defined benefit obligations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Discount rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;227,083&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;267,435&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Wages growth rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;273,937&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1.0% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;235,976&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Life expectation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of 1 year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Increase of R$&amp;#160;73,736&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of 1 year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Decrease of R$&amp;#160;74,033&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock>
    <SBS:SummaryOfSubscribedAndPaidinCapitalTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;%&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;%&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;State Department of Finance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;343,524,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;50,26%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;343,524,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;50.26%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Companhia&#13;    Brasileira de Liquida&amp;#231;&amp;#227;o e Cust&amp;#243;dia (**)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;201,026,895&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,41%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;206,955,305&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30.28%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;    Bank of New York ADR Department&amp;#160;&amp;#160; (equivalent in shares) (*) (**)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;136,790,413&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,01%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;132,401,813&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19.37%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,168,276&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0,32%&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;628,466&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.09%&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;683,509,869&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100,00%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;683,509,869&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100.00%&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;(*)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;each ADR corresponds to 1 share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;(**)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;custodians&amp;#160;&lt;/p&gt;</SBS:SummaryOfSubscribedAndPaidinCapitalTableTextBlock>
    <SBS:SummaryOfOtherComprehensiveLossTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance as of December 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(165,085)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(660,563)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(825,648)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains/(losses) for the year (Note 20 (b))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;236,012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;287,547&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance as of December 31, 2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;70,927&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(609,028)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(538,101)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfOtherComprehensiveLossTableTextBlock>
    <SBS:SummaryOfInsuranceCoverageTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 80%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Coverage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Specified risks &amp;#8211; fire&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,007,219&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Engineering risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,043,368&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Guarantee insurance for escrow deposit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Traditional guarantee insurance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Civil liability&amp;#8211; D&amp;#38;O (Directors and Officers)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Civil liability &amp;#8211; works&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,530&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Domestic and international transportation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;448&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Civil liability &amp;#8211; operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,140,279&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfInsuranceCoverageTableTextBlock>
    <SBS:SummaryOfCommitmentsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 25%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;1 year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;1-3 years&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;3-5 years&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0; text-align: center"&gt;&lt;b&gt;More than&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0; text-align: center"&gt;&lt;b&gt;5 years&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Contractual obligations &amp;#8211; Expenses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,459,864&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,151,641&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;381,119&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,216,835&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,209,459&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Contractual obligations &amp;#8211; Investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,779,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,121,493&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,031,762&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,970,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,902,644&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,239,184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,273,134&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,412,881&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,186,904&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,112,103&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfCommitmentsTableTextBlock>
    <SBS:SummaryOfTariffRevisionTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="width: 67%; border: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Final Regulatory Remuneration Base&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;R$ 38.4 billion&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;WACC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.11%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Factor X&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.9287%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;P0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;R$ 3.8207/m&lt;sup&gt;3&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Tariff Repositioning Index (IRT)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.7744%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfTariffRevisionTableTextBlock>
    <ifrs-full:DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements contextRef="From2017-01-01to2017-12-31_custom_StandardOneMember">&lt;p style="margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Standard: Amendments to IAS 12  &amp;#8211; Recognition of Deferred Income Tax for Unrealized Losses&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Description:&amp;#160;Describes about&#13;the treatment of temporary differences.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Impact: The application of this&#13;amendment did not impact the disclosures or amounts recognized in the annual financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;/p&gt;</ifrs-full:DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements>
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    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">538687000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">544693000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2017-12-31_ifrs-full_LandMember" unitRef="BRL" decimals="-3">92507000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2016-12-31_ifrs-full_LandMember" unitRef="BRL" decimals="-3">92494000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2017-12-31_ifrs-full_BuildingsMember" unitRef="BRL" decimals="-3">79013000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2016-12-31_ifrs-full_BuildingsMember" unitRef="BRL" decimals="-3">77548000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2017-12-31_ifrs-full_OfficeEquipmentMember" unitRef="BRL" decimals="-3">330753000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2016-12-31_ifrs-full_OfficeEquipmentMember" unitRef="BRL" decimals="-3">338696000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2017-12-31_custom_TransportEquipmentMember" unitRef="BRL" decimals="-3">10862000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2016-12-31_custom_TransportEquipmentMember" unitRef="BRL" decimals="-3">11141000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2017-12-31_ifrs-full_FixturesAndFittingsMember" unitRef="BRL" decimals="-3">24430000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2016-12-31_ifrs-full_FixturesAndFittingsMember" unitRef="BRL" decimals="-3">23633000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2017-12-31_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="BRL" decimals="-3">1122000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets contextRef="AsOf2016-12-31_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="BRL" decimals="-3">1181000</ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31">13.6%</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31">10.9%</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2015-01-01to2015-12-31">11.5%</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianFederalSavingsBankMember">TR</SBS:BorrowingsInflationAdjustment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TenthIssueDebenturesMember">IPCA (Series 2)</SBS:BorrowingsInflationAdjustment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FourteenthIssueDebenturesMember">IPCA (Series 2)</SBS:BorrowingsInflationAdjustment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FifteenthIssueDebenturesMember">IPCA (Series 2)</SBS:BorrowingsInflationAdjustment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_SeventeenthIssueDebenturesMember">IPCA (Series 2 and 3)</SBS:BorrowingsInflationAdjustment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_EighteenthIssueDebenturesMember">IPCA (Series 2)</SBS:BorrowingsInflationAdjustment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_LeasesMember">IPC</SBS:BorrowingsInflationAdjustment>
    <SBS:BorrowingsInflationAdjustment contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_OtherMember">TR</SBS:BorrowingsInflationAdjustment>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianFederalSavingsBankMember">5% to 9.5%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_DeutscheBankMember">Libor+4.50%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_EurobondsMember">6.25%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember">Libor + 1.88% to 2.38% </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TenthIssueDebenturesMember">TJLP +1.92% (Series 1 and 3) and 9.53% (Series 2) </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwelfthMember">&#160;TR + 9.5% </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FourteenthIssueDebenturesMember">TJLP +1.92% (Series 1 and 3) and 9.19% (Series 2)</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FifteenthIssueDebenturesMember">CDI + 0.99% (Series 1) and 6.2% (Series 2)</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_SeventeenthIssueDebenturesMember">CDI +0.75 (Series 1) and 4.5% (Series 2) and4.75% (Series 3)</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_EighteenthIssueDebenturesMember">TJLP 1.92 % (Series 1 and 3) and 8.25% (Series 2)</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_NineteenthIssueDebenturesMember">CDI + 0.80% to 1.08%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwentiethIssueDebenturesMember">CDI + 3.80%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwentyFirstIssueDebenturesMember">CDI + 0.60% and CDI+ 0.90%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember">2.5%+TJLP </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACMember">2.15%+TJLP </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACII9751Member">1.72%+TJLP </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACII9752Member">1.72%+TJLP </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESONDALIMPAMember">1.92%+TJLP </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESTIETEIIIMember">1.66%+TJLP </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDES2015Member">2.5%+TJLP </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_LeasesMember">7.73% to 10.12% </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_OtherMember">12% (Presidente Prudente) and TJLP + 1.66% (FINEP)</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID1212Member">2.74%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID2202Member">2.33% </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InternationalBankForReconstructionAndDevelopmentBIRDMember">1.71%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA15Member">1.8% and 2.5%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA18Member">1.8% and 2.5%</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA17Member">1.2% and 0.01% </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA19Member">1.7% and 0.01% </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianFederalSavingsBankMember">2018/2038</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_DeutscheBankMember">2019</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_EurobondsMember">2020</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember">2023</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TenthIssueDebenturesMember">2020</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwelfthMember">2025</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FourteenthIssueDebenturesMember">2022</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FifteenthIssueDebenturesMember">2019</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_SeventeenthIssueDebenturesMember">2023</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_EighteenthIssueDebenturesMember">2024</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_NineteenthIssueDebenturesMember">2017</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwentiethIssueDebenturesMember">2019</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwentyFirstIssueDebenturesMember">2022</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember">2019</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACMember">2023</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACII9751Member">2027</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACII9752Member">2027</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESONDALIMPAMember">2025</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESTIETEIIIMember">2028</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDES2015Member">2035</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_LeasesMember">2035</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_OtherMember">2018/2025</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID1212Member">2025</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID2202Member">2035</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InternationalBankForReconstructionAndDevelopmentBIRDMember">2034</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA15Member">2029</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA18Member">2029</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA17Member">2035</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA19Member">2037</ifrs-full:BorrowingsMaturity>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianFederalSavingsBankMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_DeutscheBankMember">-</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_EurobondsMember">-&#160;</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember">-&#160;</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TenthIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwelfthMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FourteenthIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_FifteenthIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_SeventeenthIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_EighteenthIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_NineteenthIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwentiethIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_TwentyFirstIssueDebenturesMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACII9751Member">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESPACII9752Member">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESONDALIMPAMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDESTIETEIIIMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianDevelopmentBankBNDES2015Member">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_OtherMember">Own funds</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID1212Member">Government</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID2202Member">Government</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InternationalBankForReconstructionAndDevelopmentBIRDMember">Government</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA15Member">Government</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA18Member">Government</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA17Member">Government</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsGuarantees contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICA19Member">Government</SBS:BorrowingsGuarantees>
    <SBS:BorrowingsExchangeRateChanges contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_DeutscheBankMember">US$</SBS:BorrowingsExchangeRateChanges>
    <SBS:BorrowingsExchangeRateChanges contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_EurobondsMember">US$</SBS:BorrowingsExchangeRateChanges>
    <SBS:BorrowingsExchangeRateChanges contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember">US$</SBS:BorrowingsExchangeRateChanges>
    <SBS:BorrowingsExchangeRateChanges contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID1212Member">US$</SBS:BorrowingsExchangeRateChanges>
    <SBS:BorrowingsExchangeRateChanges contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InterAmericanDevelopmentBankBID2202Member">US$</SBS:BorrowingsExchangeRateChanges>
    <SBS:BorrowingsExchangeRateChanges contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_InternationalBankForReconstructionAndDevelopmentBIRDMember">US$</SBS:BorrowingsExchangeRateChanges>
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    <SBS:AccruedInterestOnBorrowings contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember" unitRef="BRL" decimals="-3">6858000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember" unitRef="BRL" decimals="-3">137001000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_DebenturesMember" unitRef="BRL" decimals="-3">214245000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_BrazilianFederalSavingsBankMember" unitRef="BRL" decimals="-3">63813000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_BNDESMember" unitRef="BRL" decimals="-3">38172000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_LeasingMember" unitRef="BRL" decimals="-3">0</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_OtherBorrowingsMember" unitRef="BRL" decimals="-3">1149000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember" unitRef="BRL" decimals="-3">317379000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_BIDMember" unitRef="BRL" decimals="-3">21792000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_BIRDMember" unitRef="BRL" decimals="-3">1916000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_DeutscheBankMember" unitRef="BRL" decimals="-3">2042000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_EurobondsMember" unitRef="BRL" decimals="-3">69002000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_JICAMember" unitRef="BRL" decimals="-3">30791000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember" unitRef="BRL" decimals="-3">6548000</SBS:AccruedInterestOnBorrowings>
    <SBS:AccruedInterestOnBorrowings contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember" unitRef="BRL" decimals="-3">132091000</SBS:AccruedInterestOnBorrowings>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">233341000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31" unitRef="BRL" decimals="-3">295828000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_DebenturesMember" unitRef="BRL" decimals="-3">103215000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BrazilianFederalSavingsBankMember" unitRef="BRL" decimals="-3">17826000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_BNDESMember" unitRef="BRL" decimals="-3">48294000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_LeasingMember" unitRef="BRL" decimals="-3">0</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember_custom_OtherBorrowingsMember" unitRef="BRL" decimals="-3">31000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_LocalCurrencyMember" unitRef="BRL" decimals="-3">169366000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BIDMember" unitRef="BRL" decimals="-3">16803000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BIRDMember" unitRef="BRL" decimals="-3">888000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_DeutscheBankMember" unitRef="BRL" decimals="-3">11925000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_EurobondsMember" unitRef="BRL" decimals="-3">29529000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_JICAMember" unitRef="BRL" decimals="-3">1115000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember" unitRef="BRL" decimals="-3">3715000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2017-01-01to2017-12-31_custom_ForeignCurrencyMember" unitRef="BRL" decimals="-3">63975000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_DebenturesMember" unitRef="BRL" decimals="-3">154814000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_BrazilianFederalSavingsBankMember" unitRef="BRL" decimals="-3">26291000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_BNDESMember" unitRef="BRL" decimals="-3">33768000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_LeasingMember" unitRef="BRL" decimals="-3">0</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember_custom_OtherBorrowingsMember" unitRef="BRL" decimals="-3">81000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_LocalCurrencyMember" unitRef="BRL" decimals="-3">214954000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_BIDMember" unitRef="BRL" decimals="-3">20100000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_BIRDMember" unitRef="BRL" decimals="-3">597000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_DeutscheBankMember" unitRef="BRL" decimals="-3">2804000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_EurobondsMember" unitRef="BRL" decimals="-3">50239000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_JICAMember" unitRef="BRL" decimals="-3">2362000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember_custom_BID1983ABMember" unitRef="BRL" decimals="-3">4772000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized contextRef="From2016-01-01to2016-12-31_custom_ForeignCurrencyMember" unitRef="BRL" decimals="-3">80874000</SBS:BorrowingsProvisionForInterestRatesAndFeesCapitalized>
    <ifrs-full:DeferredTaxLiabilityAsset contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">-36754000</ifrs-full:DeferredTaxLiabilityAsset>
    <ifrs-full:DeferredTaxLiabilityAsset contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">186345000</ifrs-full:DeferredTaxLiabilityAsset>
    <ifrs-full:DeferredTaxLiabilityAsset contextRef="AsOf2015-12-31" unitRef="BRL" decimals="-3">128242000</ifrs-full:DeferredTaxLiabilityAsset>
    <ifrs-full:DeferredTaxLiabilityAsset contextRef="AsOf2014-12-31" unitRef="BRL" decimals="-3">209478000</ifrs-full:DeferredTaxLiabilityAsset>
    <SBS:ProvisionsNet contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">1078204000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">1173075000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2017-12-31_custom_CustomerClaimsMember" unitRef="BRL" decimals="-3">382318000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2016-12-31_custom_CustomerClaimsMember" unitRef="BRL" decimals="-3">475039000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2017-12-31_custom_SupplierClaimsMember" unitRef="BRL" decimals="-3">72429000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2016-12-31_custom_SupplierClaimsMember" unitRef="BRL" decimals="-3">81157000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2017-12-31_custom_OtherCivilClaimsMember" unitRef="BRL" decimals="-3">98317000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2016-12-31_custom_OtherCivilClaimsMember" unitRef="BRL" decimals="-3">118364000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2017-12-31_custom_TaxClaimsMember" unitRef="BRL" decimals="-3">71593000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2016-12-31_custom_TaxClaimsMember" unitRef="BRL" decimals="-3">66912000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2017-12-31_custom_LaborClaimsMember" unitRef="BRL" decimals="-3">293101000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2016-12-31_custom_LaborClaimsMember" unitRef="BRL" decimals="-3">282211000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2017-12-31_custom_EnvironmentalClaimsMember" unitRef="BRL" decimals="-3">160446000</SBS:ProvisionsNet>
    <SBS:ProvisionsNet contextRef="AsOf2016-12-31_custom_EnvironmentalClaimsMember" unitRef="BRL" decimals="-3">149122000</SBS:ProvisionsNet>
    <SBS:EnvironmentalIndemnifications contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">43014000</SBS:EnvironmentalIndemnifications>
    <SBS:EnvironmentalIndemnifications contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">20626000</SBS:EnvironmentalIndemnifications>
    <SBS:GuaranteeInsuranceForEscrowDeposit contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">101192000</SBS:GuaranteeInsuranceForEscrowDeposit>
    <SBS:GuaranteeInsuranceForEscrowDeposit contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">134377000</SBS:GuaranteeInsuranceForEscrowDeposit>
    <SBS:EstimateOfContributionsExpectedToBePaidToPlanByParticipants contextRef="From2018-01-01to2018-12-31" unitRef="BRL" decimals="-3">-37659000</SBS:EstimateOfContributionsExpectedToBePaidToPlanByParticipants>
    <SBS:NetProfitabilityOnFinancialAssets contextRef="From2018-01-01to2018-12-31" unitRef="BRL" decimals="-3">-179449000</SBS:NetProfitabilityOnFinancialAssets>
    <SBS:ExpenseToBeRecognizedByEmployer contextRef="From2018-01-01to2018-12-31_custom_UnfundedPlanMember" unitRef="BRL" decimals="-3">232248000</SBS:ExpenseToBeRecognizedByEmployer>
    <ifrs-full:NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits contextRef="From2017-01-01to2017-12-31" unitRef="Participants" decimals="INF">4317</ifrs-full:NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits>
    <ifrs-full:NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits contextRef="From2016-01-01to2016-12-31" unitRef="Participants" decimals="INF">4547</ifrs-full:NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits>
    <SBS:NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits contextRef="From2017-01-01to2017-12-31" unitRef="Participants" decimals="INF">6978</SBS:NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits>
    <SBS:NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits contextRef="From2016-01-01to2016-12-31" unitRef="Participants" decimals="INF">6896</SBS:NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_FundedPlanMember_custom_DiscountRateMember_custom_IncreaseOfOnePercentMember">Decrease of R$ 257,172</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_FundedPlanMember_custom_DiscountRateMember_custom_DecreaseOfOnePercentMember">Increase of R$ 309,440</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_FundedPlanMember_custom_WageIncreaseRateMember_custom_IncreaseOfOnePercentMember">Increase of R$ 33,484</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_FundedPlanMember_custom_WageIncreaseRateMember_custom_DecreaseOfOnePercentMember">Decrease of R$ 29,143</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_UnfundedPlanMember_custom_DiscountRateMember_custom_IncreaseOfOnePercentMember">Decrease of R$ 227,083</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_UnfundedPlanMember_custom_DiscountRateMember_custom_DecreaseOfOnePercentMember">Increase of R$ 267,435</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_UnfundedPlanMember_custom_WageGrowthRateMember_custom_DecreaseOfOnePercentMember">Decrease of R$ 235,976</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_UnfundedPlanMember_custom_WageGrowthRateMember_custom_IncreaseOfOnePercentMember">Increase of R$ 273,937</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_LifeExpectationMember_custom_IncreaseOfYearMember">Increase of R$ 40,729</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_LifeExpectationMember_custom_DecreaseOfYearMember">Decrease of R$ 41,838</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_LifeExpectationMember_custom_IncreaseOfYear1Member">Increase of R$ 73,736</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:ImpactOnPresentValueOfDefinedBenefitObligations contextRef="From2017-01-01to2017-12-31_custom_LifeExpectationMember_custom_DecreaseOfYear1Member">Decrease of R$ 74,033</SBS:ImpactOnPresentValueOfDefinedBenefitObligations>
    <SBS:AmountReceivedFromGESP contextRef="From2017-01-01to2017-12-31_custom_UnfundedPlanMember" unitRef="BRL" decimals="-3">-95191000</SBS:AmountReceivedFromGESP>
    <SBS:AmountReceivedFromGESP contextRef="From2016-01-01to2016-12-31_custom_UnfundedPlanMember" unitRef="BRL" decimals="-3">-96709000</SBS:AmountReceivedFromGESP>
    <SBS:AmountReceivedFromGESP contextRef="From2015-01-01to2015-12-31_custom_UnfundedPlanMember" unitRef="BRL" decimals="-3">-87232000</SBS:AmountReceivedFromGESP>
    <SBS:ServicesPayable contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">408275000</SBS:ServicesPayable>
    <SBS:ServicesPayable contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">460054000</SBS:ServicesPayable>
    <ifrs-full:ContractLiabilities contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">15112103000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractLiabilities contextRef="AsOf2017-12-31_custom_OneYearMember" unitRef="BRL" decimals="-3">3239184000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractLiabilities contextRef="AsOf2017-12-31_custom_OneToThreeYearsMember" unitRef="BRL" decimals="-3">3273134000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractLiabilities contextRef="AsOf2017-12-31_custom_ThreeToFiveYearsMember" unitRef="BRL" decimals="-3">1412881000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractLiabilities contextRef="AsOf2017-12-31_custom_MoreThanFiveYearsMember" unitRef="BRL" decimals="-3">7186904000</ifrs-full:ContractLiabilities>
    <SBS:ContractLiabilitiesInvestments contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">10902644000</SBS:ContractLiabilitiesInvestments>
    <SBS:ContractLiabilitiesInvestments contextRef="AsOf2017-12-31_custom_OneYearMember" unitRef="BRL" decimals="-3">1779320000</SBS:ContractLiabilitiesInvestments>
    <SBS:ContractLiabilitiesInvestments contextRef="AsOf2017-12-31_custom_OneToThreeYearsMember" unitRef="BRL" decimals="-3">2121493000</SBS:ContractLiabilitiesInvestments>
    <SBS:ContractLiabilitiesInvestments contextRef="AsOf2017-12-31_custom_ThreeToFiveYearsMember" unitRef="BRL" decimals="-3">1031762000</SBS:ContractLiabilitiesInvestments>
    <SBS:ContractLiabilitiesInvestments contextRef="AsOf2017-12-31_custom_MoreThanFiveYearsMember" unitRef="BRL" decimals="-3">5970069000</SBS:ContractLiabilitiesInvestments>
    <SBS:ContractLiabilitiesExpenses contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">4209459000</SBS:ContractLiabilitiesExpenses>
    <SBS:ContractLiabilitiesExpenses contextRef="AsOf2017-12-31_custom_OneYearMember" unitRef="BRL" decimals="-3">1459864000</SBS:ContractLiabilitiesExpenses>
    <SBS:ContractLiabilitiesExpenses contextRef="AsOf2017-12-31_custom_OneToThreeYearsMember" unitRef="BRL" decimals="-3">1151641000</SBS:ContractLiabilitiesExpenses>
    <SBS:ContractLiabilitiesExpenses contextRef="AsOf2017-12-31_custom_ThreeToFiveYearsMember" unitRef="BRL" decimals="-3">381119000</SBS:ContractLiabilitiesExpenses>
    <SBS:ContractLiabilitiesExpenses contextRef="AsOf2017-12-31_custom_MoreThanFiveYearsMember" unitRef="BRL" decimals="-3">1216835000</SBS:ContractLiabilitiesExpenses>
    <SBS:CarryingAmountOfIntangibleAssetsNotTemporarilyOperated contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">4345000</SBS:CarryingAmountOfIntangibleAssetsNotTemporarilyOperated>
    <SBS:CarryingAmountOfIntangibleAssetsNotTemporarilyOperated contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">4345000</SBS:CarryingAmountOfIntangibleAssetsNotTemporarilyOperated>
    <SBS:GrossRevenueConcentratedInMunicipalityOfSaoPaulo contextRef="From2017-01-01to2017-12-31" unitRef="Percent" decimals="INF">0.5538</SBS:GrossRevenueConcentratedInMunicipalityOfSaoPaulo>
    <SBS:GrossRevenueConcentratedInMunicipalityOfSaoPaulo contextRef="From2016-01-01to2016-12-31" unitRef="Percent" decimals="INF">0.5546</SBS:GrossRevenueConcentratedInMunicipalityOfSaoPaulo>
    <SBS:GrossRevenueConcentratedInMunicipalityOfSaoPaulo contextRef="From2015-01-01to2015-12-31" unitRef="Percent" decimals="INF">.5179</SBS:GrossRevenueConcentratedInMunicipalityOfSaoPaulo>
    <SBS:IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo contextRef="From2017-01-01to2017-12-31" unitRef="Percent" decimals="INF">0.4692</SBS:IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo>
    <SBS:IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo contextRef="From2016-01-01to2016-12-31" unitRef="Percent" decimals="INF">0.4657</SBS:IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo>
    <SBS:TariffRepositioningIndex contextRef="From2017-01-01to2017-12-31" unitRef="Percent" decimals="INF">.047744</SBS:TariffRepositioningIndex>
    <SBS:FinalMaximumAverageTariff contextRef="From2017-01-01to2017-12-31">R$ 3.8207/m3</SBS:FinalMaximumAverageTariff>
    <SBS:FactorX contextRef="From2017-01-01to2017-12-31" unitRef="Percent" decimals="INF">.009287</SBS:FactorX>
    <SBS:WeightedAverageCostOfCapital contextRef="From2017-01-01to2017-12-31" unitRef="Percent" decimals="INF">.0811</SBS:WeightedAverageCostOfCapital>
    <SBS:FinalRegulatoryRemunerationBase contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">38400000000</SBS:FinalRegulatoryRemunerationBase>
    <SBS:ProvisionFromSaoPauloAgreement contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">0</SBS:ProvisionFromSaoPauloAgreement>
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    <SBS:DisclosureOfOperationsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Companhia&#13;de Saneamento B&amp;#225;sico do Estado de S&amp;#227;o Paulo (&amp;#34;SABESP&amp;#34; or the &amp;#34;Company&amp;#34;) is a mixed-capital company headquartered&#13;in S&amp;#227;o Paulo, at Rua Costa Carvalho, 300, CEP 05429-900, controlled by the S&amp;#227;o Paulo State Government. The Company is&#13;engaged in the provision of basic and environmental sanitation services in the State of S&amp;#227;o Paulo, as well as it supplies&#13;treated water and sewage services on a wholesale basis.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;addition to providing basic sanitation services in the State of S&amp;#227;o Paulo, SABESP may performs these activities in other&#13;states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. SABESP aims to be&#13;a world reference in the provision of sanitation services, in a sustainable, competitive and innovative manner, with a focus on&#13;customers.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the Company operated water and sewage services in 368 municipalities of the State of S&amp;#227;o Paulo. Most&#13;of these municipalities operations are based on 30-year concession, program and services contracts.&amp;#160; The Company has two&#13;partial contracts with the municipality of Mogi das Cruzes, however, since most of municipality is serviced by wholesale, it was&#13;not included in the 368 municipalities. As of December 31, 2017, the Company had 370 contracts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;SABESP&#13;is not temporarily operating in the municipalities of Macatuba and Cajobi due to judicial orders. The lawsuits are in progress&#13;and the carrying amount of these municipalities&amp;#8217; intangible assets was R$4,345 as of December 31, 2017 (R$4,345 as of December&#13;31, 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, 51 concession agreements (54 as of December 31, 2016) had expired and are being negotiated. From 2018 to&#13;2030, 32 concession agreements will expire. Management believes that concession agreements expired and not yet renewed will result&#13;in new contracts, disregarding the risk of discontinuity in the provision of municipal water supply and sewage services. By December&#13;31, 2017, 287 program and services contracts were signed (281 contracts as of December 31, 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the carrying amount of the underlying assets used in the 51 concessions of the municipalities under negotiation&#13;totaled R$6,205,337, accounting for 18.54% of the total of intangible assets, and the related gross revenue for the year ended&#13;December 31, 2017 totaled R$1,577,787, accounting for 10,26% of the total of gross revenue.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#8217;s operations are concentrated in the municipality of S&amp;#227;o Paulo, which represents 55.38% of the gross revenues&#13;as of December 31, 2017 (55.46% as of December 31, 2016 and 51.79% as of December 31, 2015) and 46.92% of intangible assets (46.57%&#13;on December 31, 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;June 23, 2010, the State of S&amp;#227;o Paulo, the Municipality of S&amp;#227;o Paulo, the Company and the regulatory agency &amp;#8220;Sanitation&#13;and Energy Regulatory Agency &amp;#8211; ARSESP&amp;#8221; signed an agreement to share the responsibility for water supply and sewage&#13;services to the Municipality of S&amp;#227;o Paulo based on a 30-year concession agreement. This agreement is extendable for another&#13;30 years, pursuant to the law.&amp;#160; This agreement sets forth SABESP as the exclusive service provider and designates ARSESP&#13;as regulator, establishing prices, controlling and monitoring services. On the same date, the State of S&amp;#227;o Paulo, the Municipality&#13;of S&amp;#227;o Paulo and SABESP signed the &amp;#8220;Public service provision agreement of water supply and sewage services&amp;#8221;,&#13;a 30-year concession agreement which is extendable for another 30 years. This agreement involves the following activities:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;i.&#13;protection of the sources of water in collaboration with other agencies of the State and the City;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ii.&#13;capture, transport and treatment of water;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;iii.&#13;collect, transport, treatment and final dispose of&amp;#160; sanitary sewage; and&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;iv.&#13;adoption of other actions of basic and environmental sanitation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company operates under an authorization by public deed in some municipalities in the Santos coast region and in the Ribeira Valley,&#13;where the Company started to operate after the merger of the companies that formed it. In September 2015, the Company entered&#13;into a water supply and sewage public utility services agreement with the municipality&amp;#160; of Santos; the gross revenue calculated&#13;in the year ended December 31, 2017 totaled R$&amp;#160;294.658 (R$280,689 as of December 31, 2016 and R$269,530 as of December 31,&#13;2015) and the intangible asset was R$310,577 in the year ended December 31, 2017 (R$303,540 as of December 31, 2016).&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Article&#13;58 of Law 11,445/07 determines that precarious and overdue concessions, as well as those effective for an undetermined period&#13;of time, including those that do not have an instrument formalizing them, will be valid until December 31, 2010. However, Article&#13;2 of Law 12,693 of July 24, 2012, which amended Article 7&amp;#176;-A of Law 11,578, of November 26, 2007, allowed the provision of&#13;public basic sanitation services to be executed until December 31, 2016. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#8217;s Management understands that in the municipalities where the concession agreements were not yet renewed, the operation&#13;is governed by Laws 8,987/95 and 11,445/07, including those municipalities served without an agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Public&#13;deeds are valid and governed by the Brazilian Civil Code.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company's shares have been listed in the Novo Mercado (New Market) segment of B3 under the ticker symbol SBSP3 since April 2002&#13;and on the New York Stock Exchange (NYSE) as American Depositary Receipts (&amp;#8220;ADRs&amp;#8221;) Level III, under the SBS code,&#13;since May 2002.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Since&#13;2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, &amp;#193;guas&#13;de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, &amp;#193;guas de Castilho, Attend Ambiental and Paulista Geradora de Energia.&#13;Although SABESP has no majority interest in the capital stock of these companies, the shareholders&amp;#8217; agreements provide for&#13;the power of veto and casting vote in certain issues jointly with associates, indicating the shared control in the management&#13;of investees.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of March 3, 2018, the Jaguari-Atibainha interconnection was inaugurated; this interconnection will allow the transfer of an average&#13;annual outflow of 5.13 cubic meters per second (m&amp;#179;/s) and a maximum outflow of 8.5 m&amp;#179;/s from the Para&amp;#237;ba do Sul&#13;Basin to the Cantareira System. Expected to be inaugurated in April 2018, the S&amp;#227;o Louren&amp;#231;o Production System will expand&#13;water production and capacity by 6.4 m&amp;#179;/s. After construction is completed, the Company will have nine large production systems&#13;available to supply the S&amp;#227;o Paulo Metropolitan Region. These two important works aim at expand water security in the S&amp;#227;o&#13;Paulo Metropolitan Region.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Management&#13;expects that with the normalization of rainfall, the generation of operating cash and the credit lines available for investment,&#13;the Company will have sufficient funds to meet its commitments and not compromise its necessary investments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Corporate&#13;reorganization&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of May 12, 2017, the Board of the State Privatization Program approved:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 72.55pt; text-align: justify; text-indent: -51.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the conducting of studies for SABESP&amp;#8217;s Capitalization&#13;(as defined below);&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 72.55pt; text-align: justify; text-indent: -51.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the hiring, by SABESP, of the International Finance&#13;Corporation, which is associated with the World Bank;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(iii)&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the execution of an agreement between SABESP and&#13;the State Government through the Water Resources and Sanitation Department and the Treasury Department, in order to define the&#13;scope of the contract and control the relationship between the parties, including a proportional expense reimbursement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;proposed Capitalization provides for the creation of a corporation to directly control SABESP through the transfer of the shares&#13;held by the State of S&amp;#227;o Paulo to the capital stock of the new corporation. The State of S&amp;#227;o Paulo will continue holding&#13;a sufficient number of shares to ensure SABESP&amp;#8217;s control, as provided for in law. The objective of the Capitalization is&#13;to overcome a situation that restricts investments designed to preserve the expansion of activities to ensure the universalization&#13;of basic sanitation services offered by the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Capitalization may provide for the admission of institutional investors to contribute financial resources to the capital stock&#13;of the new company, strengthening SABESP&amp;#8217;s corporate governance and business efficiency in order to promote and accelerate&#13;the universalization of sanitation services in the State of S&amp;#227;o Paulo.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; September 15, 2017, Law 16,525 was sanctioned, enacted and published; it provides for the corporate&#13;reorganization of Companhia de Saneamento B&amp;#225;sico de S&amp;#227;o Paulo - SABESP and sets forth other provisions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;main provisions of the Law are:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The Executive branch is authorized to establish a corporation, governed by Federal Law 6,404/76, to hold basic sanitation and&#13;other assets, whose exploration relates to its main purpose (&amp;#34;Parent Company&amp;#34;);&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The objective of the Parent Company is, among others:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 106.95pt; text-align: justify; text-indent: -78.6pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(i)&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Control SABESP;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(ii)&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Hold the ownership, manage and explore assets&#13;of any nature, aiming the universalization and efficiency of basic sanitation services in the State of S&amp;#227;o Paulo;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(iii)&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Structure and implement funding operations to&#13;strengthen its ability to execute strategies and initiatives in the basic sanitation sector;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(iv)&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Assist the State of S&amp;#227;o Paulo and other federal&#13;entities in the implementation of public policies in the basic sanitation sector;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(v)&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Explore other business opportunities related to&#13;the basic sanitation sector inside and outside the State of S&amp;#227;o Paulo, supported by SABESP;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"&gt;(vi)&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Use legally appropriate contractual and corporate&#13;arrangements to fulfill its corporate purpose, including the creation of wholly-owned subsidiaries, formation of consortia and&#13;holding interests in other public or private companies, provided that approved by the Board of Directors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The Government will hold ownership of most of the common shares of the Parent Company; other shareholders may also hold minority&#13;interests in the Parent Company;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;Private shareholders will be allowed in the Parent Company in order to contribute capital, add value to the business and strengthen&#13;the Company&amp;#8217;s and the Parent Company&amp;#8217;s corporate governance, provided that they do not restrict the capacity of the&#13;S&amp;#227;o Paulo State Government to guide them in the attainment of the public interest that justified their creation;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The S&amp;#227;o Paulo State Government is authorized to pay-in its interest in the Parent Company&amp;#8217;s capital through the transfer&#13;of the shares it holds in SABESP;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The Parent Company and SABESP may acquire shares from other state-owned or private companies that have potential synergy with&#13;SABESP&amp;#8217;s activities;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The Parent Company may increase SABESP&amp;#8217;s capital to pay-in in cash or with assets, inclusive by holding a tender offer in&#13;the capital market; and&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The S&amp;#227;o Paulo State Government is authorized to sell or encumber the Parent Company&amp;#8217;s shares or its respective subscription&#13;rights, provided that the ownership of most of the common shares is maintained;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The State Government may waive its preemptive right to subscribe to shares in future capital increases of the Parent Company,&#13;in order to enable contributions from new shareholders without losing its the control;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;The S&amp;#227;o Paulo State Government will mandatorily allocate at least 30% of the proceeds from the sale of the Parent Company&amp;#8217;s&#13;shares to investments in basic sanitation projects;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&#13;A management agreement will be entered into by the S&amp;#227;o Paulo State Government, the Parent Company and SABESP to strengthen&#13;the companies&amp;#8217; administrative and financial efficiency;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;execution of the management agreement will be preceded by the assumption of SABESP&amp;#8217;s control by the Parent Company and will&#13;establish performance targets related to the reduction of water losses and the universalization of basic sanitation services provided&#13;by SABESP;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The management agreement will also provide for&#13;the increase in the companies&amp;#8217; managerial autonomy regarding:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 113.9pt; text-align: justify; text-indent: -99.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;the definition of a personnel policy;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 113.9pt; text-align: justify; text-indent: -99.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;procedures for bids and the contracting of suppliers and service providers;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 113.9pt; text-align: justify; text-indent: -99.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;cash management, treasury operations, bank payments of salaries and suppliers; 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    <ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The financial statements of the Company have&#13;been prepared in accordance with the International Financial Reporting Standards &amp;#8211; IFRS as issued by the International Accounting&#13;Standards Board &amp;#8211; IASB. All material information related to the financial statements, and this information alone, is being&#13;disclosed and corresponds to the information used by the Company&amp;#8217;s Management in its administration&lt;font style="font-family: Georgia, Times, Serif"&gt;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The financial statements have been prepared&#13;under the historical cost except for certain financial instruments measured at fair value when required by the standards.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The preparation of financial statements in conformity&#13;with IFRS requires the use of certain critical accounting estimates.&amp;#160; It also requires Management to exercise its judgment&#13;in the process of applying the Company's accounting policies.&amp;#160; The areas involving a higher degree to judgment or complexity,&#13;or areas where assumptions and estimates are significant to the financial statements are described in Note &lt;font style="font-family: Georgia, Times, Serif"&gt;6.&#13;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Operating segments are determined in a manner&#13;consistent with the internal reporting to the Company&amp;#8217;s chief operating decision maker (&amp;#8220;CODM&amp;#8221;), which, in the&#13;case of SABESP, is the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Consequently, the Company determined that it&#13;has one operating segment (sanitation services).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The accounting policies used to determine segment&#13;information are the same as those used to prepare the Company&amp;#8217;s financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The measure of the segment&amp;#8217;s profit or&#13;loss is  operating income before other operating expenses, net and equity accounting, which excludes construction revenue and&#13;related costs.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The CODM analyzes asset and liability information&#13;on a consolidated basis. Consequently, the Company does not disclose segment information on assets and liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Substantially all of the Company&amp;#8217;s noncurrent&#13;assets and revenue generated from customers are located in S&amp;#227;o Paulo State. Consequently, financial information is not disclosed&#13;by geographic area.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues from water and sewage services&#13;are recognized on accrual basis for PASEP and Cofins, calculated at the rates of 1.65% and 7.60%, respectively.&amp;#160;Taxes&#13;levied on billed amounts to public entities are due when bills are received.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition, revenues from sanitation&#13;services  are also subject to the Regulatory, Control and Inspection Fee (TRCF - Taxa de Regula&amp;#231;&amp;#227;o, Controle e&#13;Fiscaliza&amp;#231;&amp;#227;o), whose taxable event is the performance of regulation, control and monitoring activities by ARSESP,&#13;calculated at 0.50% of the annual revenue directly generated by the service provided less taxes levied on the service.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The taxes related to PASEP and Cofins&#13;incident on amounts invoiced to public entities are due when invoices  are received.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As these taxes are calculated by the non-cumulativeness&#13;regime and presented net of tax credits, as deductions from gross revenues.&amp;#160; Debts measured on &amp;#8220;other operating income&amp;#8221;&#13;are presented as deductions from the respective operating income or expense.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Intangibles are stated at acquisition cost and/or&#13;construction of the underlying assets, including construction margin, interest and other finance charges capitalized during the&#13;construction period, in this case, for the qualifying assets.&amp;#160; Qualifying assets are assets that, necessarily, take a substantial&#13;period to get ready for its intended use or sale.&amp;#160; The Company considers that substantial period means a period greater than&#13;12 months.&amp;#160; This period was established by considering the completion period of the majority of its constructions, which is&#13;greater than 12 months, which corresponds to one fiscal year of SABESP.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The intangible has its amortization initiated&#13;when the intangible assets are available for use in location and the necessary condition when this asset becomes operational.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;br /&gt;&#13;&amp;#160;The amortization of intangible assets reflects the period over the expected future economic benefits generated by the intangible&#13;asset are consumed by the Company and can be the period of the contract or the useful life of the asset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amortization of the intangible assets is&#13;discontinued when the asset is totally consumed or it is disposed of, whatever occurs first.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Donations in assets, received from third parties&#13;and governmental entities to allow the Company to render water  and sewage services are not recorded in the Company&amp;#8217;s&#13;financial statements, since these assets are controlled by the concession grantor.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial resources received as donations for&#13;the construction of infrastructure are recorded under &amp;#8220;Other operating income&amp;#8221;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Concession arrangements/program&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company operates concession agreements including&#13;the rendering of basic sanitation, environmental, water supply and sewage services signed with the concession grantor.&amp;#160; The&#13;infrastructure used by SABESP subject to service concession arrangements is considered to be controlled by the concession grantor&#13;when:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them,&#13;and at what price;&amp;#160; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The grantor controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;SABESP's rights over infrastructure operated&#13;under concession arrangements is accounted for as an intangible asset as SABESP has the right to charge for use of the infrastructure&#13;assets, and users (consumers) have the primary responsibility to pay SABESP for the services.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of construction and other work&#13;on the infrastructure is recognized as revenue, as its fair value, when the infrastructure is built, provided that this work is&#13;expected to generate future economic benefits.&amp;#160; The accounting policy to recognize construction revenue is described in Note&#13;3.3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;br /&gt;&#13;Intangible assets related to Concession agreements and Program contracts, when there is no right to receive the residual value&#13;of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract, or the useful&#13;life of the underlying asset, whichever occurs first.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Investments made and not recovered through rendering&#13;of services, when there is  right to receive the  residual value of the assets at the end of the contract, must&#13;be indemnified by the concession grantor, (1) with cash or cash equivalents or also, in general (2) with the contract extension.&amp;#160;&#13;These investments are amortized by the useful life of asset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The details referring to amortization of&#13;intangible  arising from concession arrangements/programs are described in Note 14 (d).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Law 11,445/07 indicates, whenever possible,&#13;that basic sanitation public utilities will have the economic and financial sustainability ensured through the remuneration due&#13;to service collection, preferably as tariffs and other public prices, which may be established for each service or both jointly.&#13;&amp;#160;Therefore, investments made and not recovered through services rendered, within original term of the contract, are recorded&#13;as intangible assets and amortized by the useful life of the asset, taking into consideration a solid track record of concession&#13;renewal and, therefore, the continuity of services.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;Software licenses&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Software licensing is capitalized based on the&#13;acquisition costs and other implementation costs.&amp;#160; Amortizations are recorded according to the useful lives and the expenses&#13;associated with maintaining these are recognized as expenses when incurred.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property, plant and equipment comprise&#13;mainly administrative facilities not composing the assets, subject-matter of the concession agreements.&amp;#160; Those assets&#13;are stated at historical acquisition or construction cost less depreciation, net of impairment charge, when necessary.&amp;#160;&#13;Interest, other finance charges and inflationary effects deriving from financing effectively applied to construction in&#13;progress are recorded as cost of respective property, plant and equipment, in this case, for the qualifying&#13;assets. Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale.&#13;The Company considers that substantial period means a period greater than 12 months. This period was established by&#13;considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to&#13;one fiscal year of SABESP.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subsequent costs included in the existing asset's&#13;carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated&#13;with the item will flow to the Company and the cost of the item can be measured reliably.&amp;#160; Repairs and maintenance are charged&#13;to the income statement during the financial period in which they were incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Depreciation is calculated using the straight-line&#13;method to allocate their cost and is described in Note 15(c).&amp;#160; Lands are not depreciated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Residual values and the useful life of assets&#13;are revised and adjusted, where applicable, at the end of each year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Gain and losses on disposals are determined&#13;by the difference between the proceeds with the carrying amount and are recognized within other operating income (expenses) in&#13;the income statement.&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <SBS:SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 42%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt/130% Times New Roman, Times, Serif"&gt;Balance&#13;    at beginning of the year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,514,240&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,307,793&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,164,288&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Private sector /government&#13;    entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;75,973&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;144,217&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;103,231&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Recoveries &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(133,730)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(241,109)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(177,993)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Wholesale customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;193,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;331,295&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;283,113&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net additions for&#13;    the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;135,958&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;234,403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;208,351&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Write-offs of accounts&#13;    receivable during the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(27,956)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(64,846)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Balance at end of&#13;    the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,650,198&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,514,240&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,307,793&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock>
    <SBS:SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 46%"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation&#13;        of estimated losses&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;of&#13;        income&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Write-offs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(171,729)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(177,492)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(63,076)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(Losses)/reversal&#13;    with state entities - related parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;21,510&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,292)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,999)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Losses with private&#13;    sector / government entities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(75,973)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(144,217)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(103,231)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(Losses)/reversal&#13;    with wholesale customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,781&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,596)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,107)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Recoveries&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;133,730&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;241,109&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;177,993&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amount recorded as&#13;    selling expenses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(82,681)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(90,488)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,420)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock>
    <SBS:SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;SPE&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Principal disbursed amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Attend Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,277&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SELIC + 3.5 % a.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Aquapolo Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,629&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,209&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,838&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 1.2% a.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Aquapolo Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,502&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,502&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;CDI + 1.2% a.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;50,617&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The loan agreement with SPE Attend&amp;#160; Ambiental&amp;#160; S/A&amp;#160; matures&amp;#160; within&amp;#160; 180&amp;#160; days,&amp;#160; from&amp;#160;&#13;the&amp;#160; date when&amp;#160; the respective amount is available in the borrower&amp;#8217;s account, renewable for the same period.&amp;#160;&#13;The credit has been overdue since May 11, 2015 and is subject to contractual default charges (inflation adjustment considering&#13;the IGP-M variation, 2% fine and default interest of 1% p.m.). The agreement has been renegotiated between the parties.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The R$ 5,629 loan agreement originally expired on April 30, 2016. As of February 10, 2016, an amendment to the agreement changed&#13;the payment schedule for four annual installments, the first of which maturing on December 30, 2018 and the last on December 30,&#13;2021; and&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt"&gt;(iii)&amp;#160;&amp;#160;&#13;The loan agreement totaling R$ 19,000 originally expired on April 30, 2015, was extended to October 30, 2015 and on November 25,&#13;2015 a new amendment changed the payment schedule for three annual installments, the first of which maturing on December 30, 2021&#13;and the last on December 30, 2023.&lt;/p&gt;</SBS:SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock>
    <SBS:SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 23%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Accounts receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Current:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Sanitation services (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;118,441&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;134,005&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Allowance for losses (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,114)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(56,624)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Reimbursement for retirement and pension benefits paid (G0):&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - monthly flow (payments) (ii) and (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,968&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,696&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 5.65pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2008 (ii) and (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,099&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;56,512&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2015 (vii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,379&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,816&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#8220;Se Liga na Rede&amp;#8221; program (l)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,148&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;180,773&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;202,553&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Noncurrent:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Agreement for the installment payment of sanitation services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; Reimbursement for retirement and pension benefits paid (G0):&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2008 (ii) and (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,838&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; &amp;#160;&amp;#160; - GESP Agreement &amp;#8211; 2015 (vii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;611,762&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;650,318&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total noncurrent&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;634,387&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;669,156&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total receivables from shareholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;815,160&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;871,709&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Sanitation services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;105,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;77,381&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Reimbursement of additional retirement and pension benefits (G0)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;709,208&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;788,180&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#8220;Se Liga na Rede&amp;#8221; program (l)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,148&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;815,160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;871,709&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Interest on capital payable to related parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;300,717&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;351,788&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other (g)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,367&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,853&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue from sanitation services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;462,989&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;445,726&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;357,512&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Payments received from related parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; 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   &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;55,046&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;29,529&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,158,642&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;JICA&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,617,215&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;63,909&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(287)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;82,563&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,525&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(28,652)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(65,702)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;27,602&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,115&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,700,448&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;BID 1983AB&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;343,588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(82)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,609&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,931)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(75,610)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,858&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,323&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;270,470&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;TOTAL IN FOREIGN CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,660,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;196,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,586)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;96,303&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;45,590&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(199,398)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(330,592)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;137,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;63,975&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,657&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,672,821&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Overall Total &lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,012,315&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,743)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;24,693&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;159,087&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;49,517&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(676,087)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,098,558)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;426,781&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;233,341&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,477&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,100,966&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Funding&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Borrowings costs&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Lease &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Monetary variation and exchange rate changes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Inflation adjustment / update  incorporated interest - Capitalized&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Interest&#13;    and fees paid&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accrued interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Provision for interest  and fees - Capitalized&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Borrowings costs- expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;i&gt;LOCAL CURRENCY&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,203,127&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,241)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;105,385&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(375,027)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(663,468)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;214,245&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;154,814&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,077&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,641,912&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Brazilian Federal Savings Bank&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,067,464&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;113,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,619&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,405&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(89,896)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(52,315)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;63,813&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,291&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,150,691&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;BNDES&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; 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line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,922,256&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(334,915)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(128,283)&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,756,969&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;188,755&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(468)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(259,455)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,771&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(33,799)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(73,854)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,791&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,362&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,617,215&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;BID 1983AB&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;505,306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(236)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(78,910)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,923)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(83,247)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,548&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,772&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,278&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;343,588&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;TOTAL IN FOREIGN CURRENCY&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,617,824&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;831,301&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(13,690)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,090,465)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;45,154&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(218,310)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(727,916)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;132,091&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;80,874&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,660,363&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Overall Total &lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,121,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,267,697&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(17,173)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;32,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(969,430)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;51,559&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(739,944)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,535,312)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;449,470&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;295,828&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,737&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,964,143&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;</SBS:SummaryOfChangesInBorrowingsTableTextBlock>
    <SBS:SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 44%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 2.85pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit&#13;    before income taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,503,614&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,129,054&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;587,529&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Statutory&#13;    rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Estimated&#13;    expense at statutory rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,191,229)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,403,878)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(199,760)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    benefit of interest on equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;245,444&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;245,637&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;56,172&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Permanent&#13;    differences&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&#13;    income tax and social contribution&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(882,787)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,121,289)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,226)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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    <SBS:PermanentDifferencesGESPAgreement contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">0</SBS:PermanentDifferencesGESPAgreement>
    <SBS:PermanentDifferencesGESPAgreement contextRef="From2016-01-01to2016-12-31" unitRef="BRL" decimals="-3">0</SBS:PermanentDifferencesGESPAgreement>
    <SBS:PermanentDifferencesGESPAgreement contextRef="From2015-01-01to2015-12-31" unitRef="BRL" decimals="-3">151465000</SBS:PermanentDifferencesGESPAgreement>
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text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Use of the accrual&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Amounts not used&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;(reversal)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;572,210&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;44,805&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(138,466)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(66,572)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;438,619&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,017&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(29,089)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,823)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,354&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45,657&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(344,384)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,173,075&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;128,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;148,336&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(250,862)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(120,792)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,078,204&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 24%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Additional provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest and inflation adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Use of the accrual&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Amounts not used&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;(reversal)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,061&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;109,540&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;95,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(87,334)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(106,516)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;572,210&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;296,660&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,885&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;43,679&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(20,018)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(539)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;332,667&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;124,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,638&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,940&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(8,080)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(26,045)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;131,286&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62,812&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,716&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,265&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,621)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(23,274)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;69,898&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;283,991&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,408&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,419&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(37,072)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(42,333)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;285,413&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;83,520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68,485&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;23,508&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(25,429)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;150,084&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,412,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;283,672&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;226,270&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(157,125)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(224,136)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,541,558&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Escrow deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(330,663)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(38,269)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(27,153)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,601&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;18,001&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(368,483)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,082,214&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;245,403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;199,117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(147,524)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(206,135)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,173,075&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 24%; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Additional provisions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Interest and inflation adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Use of the accrual&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;Amounts not used&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;(reversal)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Customer claims (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;638,637&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;34,868&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;96,735&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(92,203)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(116,976)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;561,061&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Supplier claims&amp;#160; (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;260,854&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,062&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,837)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,562)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;296,660&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other civil claims (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;126,403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,643&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(12,778)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(22,457)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;124,833&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Tax claims (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;55,554&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,501&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(266)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,534)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62,812&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Labor claims (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;235,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;114,499&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(23,431)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(69,774)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;283,991&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Environmental claims (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;226,404&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,072&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(8,081)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(168,122)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;83,520&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Subtotal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,543,318&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;188,024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;208,556&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(142,596)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(384,425)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,412,877&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Escrow deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(322,971)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(16,892)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(21,791)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,061&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,930&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(330,663)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,220,347&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;171,132&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,765&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(116,535)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(379,495)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,082,214&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;</SBS:SummaryOfChangesInProvisionsTableTextBlock>
    <SBS:SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current service expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(35,093)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,562&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;23,303&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest cost rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;260,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;285,227&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;287,334&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected return on&#13;    the plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(183,689)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(201,778)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(205,981)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 12pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;41,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;97,011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;104,656&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock>
    <SBS:SummaryOfActuarialAssumptionsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 64%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discount rate &amp;#8211;&#13;    actual rate (NTN-B) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5.35%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5.74%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7.23% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inflation rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.96%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.87%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6.49% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected rate of&#13;    return on assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9.52%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10.89%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14.19% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Future salary increase&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6.04%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6.97%&#13;    p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8.62% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfActuarialAssumptionsTableTextBlock>
    <SBS:SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Current interest expense and service costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;262,873&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;282,117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;248,054&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Amount received from GESP (undisputed amount)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(95,191)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(96,709)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(87,232)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167,682&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;185,408&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;160,822&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock>
    <SBS:SummaryOfMainActuarialAssumptionsUsedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Discount rate &amp;#8211; actual rate (NTN-B) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.30% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.71% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.25% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Inflation rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.96% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.87% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.49% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Future salary increase&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.04% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6.97% p.a.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.62% p.a.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;AT-2000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfMainActuarialAssumptionsUsedTableTextBlock>
    <SBS:SummaryOfDistributionOfEarningsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,519,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,947,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;536,279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-) Legal reserve&#13;    - 5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;125,965&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;147,355&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,814&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,393,345&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,799,743&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;509,465&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Minimum&#13;    mandatory dividend &amp;#8211; 25% (R$0.87539, R$1.0240 and R$0.1863 as of December 31, 2017, 2016 and 2015 per share and per&#13;    ADS)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;598,336&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;699,936&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;127,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfDistributionOfEarningsTableTextBlock>
    <SBS:SummaryOfAllocationOfProfitTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(+)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit&#13;    for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,519,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,947,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;536,279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Legal reserve &amp;#8211; 5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;125,965&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;147,355&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,814&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Minimum&#13;    mandatory dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;598,336&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;699,936&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;127,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Additional proposed dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;105,543&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;123,557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,527&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&#13;    reserve recorded&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1.689.466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1.976.250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;359.572&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfAllocationOfProfitTableTextBlock>
    <SBS:SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Earnings&#13;    attributable to Company&amp;#8217;s owners&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,519,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,947,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;536,279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Weighted&#13;    average number of common shares issued&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;683,509,869&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;683,509,869&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;683,509,869&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Basic&#13;    and diluted earnings per share (reais per share)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.31&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.78&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock>
    <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;2016, the Company started to provide water connections only to customers (residential, commercial and industrial) who also requested&#13;a connection to the sewage system. Prior to that, the Company offered water connections even if the customer did not request a&#13;sewage connection.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;objective of this measure, which has been applied to all municipalities operated by SABESP, is to reduce the pollution caused&#13;by the disposal of sewage in streams, rivers, beaches and phreatic zones, and to expand the benefits to the environment and the&#13;health of the population.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;decision to offer water connections only to customers who also connect to the sewage system was taken by the main operating decision&#13;maker, which in the case of SABESP is the Board of Executive Officers, since it believes that the Company must provide sanitation&#13;services rather than individual water and sewage services only.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;This&#13;structural change in the business has also changed the focus on decision making. In this way, the analysis of the activities was&#13;carried out on a consolidated basis, i.e., the Company has only one operating segment &amp;#8211; sanitation &amp;#8211; rather than the&#13;previously presented segments, water and sewage, as shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Result&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sanitation&#13;    (i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation&#13;    to the financial statements (ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    as per financial statements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross operating revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,223,746&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,374,623&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross sales deductions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(766,390)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(766,390)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net operating revenue&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,457,356&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,608,233&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs, selling and&#13;    administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,566,104)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,080,542)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,646,646)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations&#13;    before other operating expenses, net and equity accounting &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,891,252&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,961,587&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income&#13;    / (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(5,679)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,760&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial result,&#13;    net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(458,054)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations&#13;    before taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,503,614&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation and&#13;    amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,301,897&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,301,897&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(i)&#13;See note 31 for further information about non-cash items, other than depreciation and amortization that impact segment results,&#13;and for additionals to long-lived asset information;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Georgia, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(ii)&#13;Construction revenue and related costs not reported to the CODM.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sanitation&#13;    (i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation&#13;    to the financial statements (ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    as per financial statements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross operating revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,122,232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,855,109&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross sales deductions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(756,901)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(756,901)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net operating revenue&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,365,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,098,208&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs, selling and&#13;    administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,026,699)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,651,364)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,678,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations&#13;    before other operating expenses, net and equity accounting &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,338,632&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;81,513&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,420,145&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income&#13;    / (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,722&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,740&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial result,&#13;    net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;699,447&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations&#13;    before taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,129,054&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation and&#13;    amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,146,626&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,146,626&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(i)&#13;See note 31 for further information about non-cash items, other than depreciation and amortization that impact segment results,&#13;and for additionals to long-lived asset information;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(ii)&#13;Construction revenue and related costs not reported to the CODM.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Restated)&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sanitation&#13;    (i) &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation&#13;    to the financial statements (ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    as per financial statements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross operating revenue&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,946,825&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,336,716&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,283,541&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross sales deductions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(571,972)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(571,972)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net operating revenue&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,374,853&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,336,716&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,711,569&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs, selling and&#13;    administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(5,550,122)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,263,808)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,813,930)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations&#13;    before other operating expenses, net and equity accounting &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,824,731&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;72,908&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,897,639&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income&#13;    / (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;143,755&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,597&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial result,&#13;    net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,456,462)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations&#13;    before taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;587,529&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation and&#13;    amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,074,032&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,074,032&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(i)&#13;See note 31 for further information about non-cash items, other than depreciation and amortization that impact segment results,&#13;and for additionals to long-lived asset information;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(ii)&#13;Construction revenue and related costs not reported to the CODM.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;impacts on gross operating income and costs are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross revenue from&#13;    construction recognized under IFRIC 12&amp;#160; (a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,336,716&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction costs&#13;    recognized under IFRIC 12 (a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,080,542)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,651,364)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,263,808)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;81,513&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;72,908&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt"&gt;(a)&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue from concession construction contracts&#13;is recognized in accordance with IAS 11 - Construction Contracts, using the percentage-of-completion method. See Note 13 (f&lt;font style="letter-spacing: -0.05pt"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOperatingSegmentsExplanatory>
    <SBS:SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&lt;tr style="vertical-align: bottom"&gt;&lt;td style="width: 61%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross revenue from&#13;    construction recognized under IFRIC 12&amp;#160; (a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,336,716&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction costs&#13;    recognized under IFRIC 12 (a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,080,542)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,651,364)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,263,808)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;81,513&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;72,908&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt"&gt;(a)&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue from concession construction contracts&#13;is recognized in accordance with IAS 11 - Construction Contracts, using the percentage-of-completion method. See Note 13 (f&lt;font style="letter-spacing: -0.05pt"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;</SBS:SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock>
    <SBS:SummaryOfOperatingRevenueTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 61%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Metropolitan&#13;    region of S&amp;#227;o Paulo&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,636,926&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,749,694&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,021,949&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regional&#13;    Systems &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,586,820&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,372,538&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,924,876&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,223,746&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,122,232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,946,825&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfOperatingRevenueTableTextBlock>
    <SBS:SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&lt;tr style="vertical-align: bottom"&gt;&lt;td style="width: 57%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue&#13;    from sanitation services (i) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,223,746&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,122,232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,946,825&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction&#13;    revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,336,716&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Sales&#13;    tax&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(757,619)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(756,901)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(571,972)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regulation,&#13;    Control and Oversight Fee (TRCF)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,771)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,608,233&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,098,208&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,711,569&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt"&gt;(i)&#13;Includes the amount of R$&amp;#160;8,771 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP.&lt;/font&gt;&lt;/p&gt;</SBS:SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue>
    <ifrs-full:DisclosureOfExpensesByNatureExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 55%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Operating&#13;    costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Salaries, payroll charges and benefits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,841,571)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,718,199)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,503,383)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Pension obligations &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(48,381)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;131,469&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(75,247)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Construction costs (Note 24)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,080,542)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,651,364)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,263,808)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    General supplies&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(163,712)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(173,224)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(172,561)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Treatment supplies&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(287,592)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(279,150)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(269,294)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    Outsourced services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(857,063)&lt;/font&gt;&lt;/td&gt;&#13; 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    <SBS:SummaryOfExpensesByNatureTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 55%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(82,681)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(90,488)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,420)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,646,646)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,678,063)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,813,930)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfExpensesByNatureTableTextBlock>
    <ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 59%; padding-top: 2.4pt; padding-right: 2.85pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;    and charges on borrowings and financing &amp;#8211; local currency (i)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(289,780)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(317,379)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(326,315)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;    and charges on borrowings and financing &amp;#8211; foreign currency&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(119,100)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(113,268)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(127,352)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    financial expenses (ii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(97,533)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(86,372)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(149,902)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax over international remittance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(17,901)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(18,823)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(20,389)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inflation&#13;    adjustment on borrowings and financing (iii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(62,787)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(121,036)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(171,735)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inflation&#13;    adjustment on Sabesprev Mais deficit &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(891)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,529)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    inflation adjustments (iv)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(50,941)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(48,634)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(20,594)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;    and inflation adjustments on provisions (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(50,238)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(133,488)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(41,916)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    financial expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(688,280)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(839,891)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(859,732)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inflation&#13;    adjustment gains (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;89,010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;152,154&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;166,887&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    on short-term investments (vii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;195,992&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;209,376&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;170,551&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;    income (viii)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;57,166&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;99,068&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;44,358&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cofins&#13;    and Pasep &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(16,366)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(23,535)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,947)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;442&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,647&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;21,385&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    financial income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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   &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;    income (expenses), net before exchange rate changes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(362,036)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(391,181)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(464,498)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13; 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margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Interest expenses on loans and financing in local currency decreased mainly as a result of the variation of floating interest&#13;rates that remunerate these agreements. The main variations were in the average CDI and TJLP, of 9.9% and 7.0%, respectively,&#13;in 2017 (14.0% and 7.5%, respectively, in 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&#13;The variation in other financial expenses is mainly a result of the increase in expenses with the present value adjustment of&#13;long-term liabilities and funding costs related to loans and financing. In 2016, other financial expenses decreased, especially&#13;due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiet&amp;#234; &amp;#8211; CAB &amp;#8211; SPAT.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(iii)&amp;#160;&amp;#160;&#13;The monetary variation derives mainly from the lower variation of the IPCA in 2017, versus 2016 (2.95% and 6.29%, respectively).&#13;The exposures to this rate are shown in Note&amp;#160; 5.1 (d). In 2016, the inflation adjustment derives mainly from the lower variation&#13;of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(iv)&amp;#160;&#13;Expenses mainly related to inflation adjustments related to the commitments required by public-private partnerships, program contracts&#13;commitments and agreements. In 2016, the increase was essentially due to the restatement of liabilities related to the commitments&#13;required by public-private partnerships and leases.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(v)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The decrease arises from the decline in the rate practiced by the Court, from 7.39% in 2016 to 1.94% in 2017. In 2016, the variation&#13;was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the&#13;estimated probability of loss, arising from decisions that were unfavorable to the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(vi)&amp;#160;&amp;#160;&#13;The monetary variation gains decrease due to the lower restatement of the agreement entered into with the S&amp;#227;o Paulo State&#13;Government (GESP) in 2017 and the reduction in the National Consumer Price Index (INPC), used to restate escrow deposits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Georgia, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(vii)&amp;#160;&#13;The decrease is a result of the decrease in the CDI rate, of 13.75% p.a. in 2016 and 6.89% p.a. in 2017. In 2016, the increase&#13;is due to the higher average balance of investments compared to 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(viii)&amp;#160;The&#13;R$&amp;#160;39,567 decrease in interest income arises mainly from the recognition of present value adjustment on new installment payment&#13;agreements entered into with customers in 2017. In 2016, the R$54,710 increase in interest income is essentially due to lower&#13;interest on installment agreements in 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;(ix)&amp;#160;&#13;The change in expenses mainly reflects the appreciation of the U.S. dollar and the Yen against the Real in 2017 (1.5% and 5.3%,&#13;respectively), compared to the depreciation presented in 2016 (16.5% and 13.9%, respectively). In 2016, the change in expenses&#13;mainly reflects the depreciation of the U.S. dollar against the real in 2016 (16.5% and 13.9%, respectively), compared to the&#13;appreciation presented in 2015 (47.0% and 45.9%, respectively).&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
    <SBS:SummaryOfFinancialIncomeExpensesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 59%; padding-top: 2.4pt; padding-right: 2.85pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;    and inflation adjustments on provisions (v)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(50,238)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(133,488)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(41,916)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    financial expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(688,280)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(839,891)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(859,732)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inflation&#13;    adjustment gains (vi)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;89,010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;152,154&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;166,887&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    on short-term investments (vii)&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;442&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,647&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;21,385&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    financial income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; 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   &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;    income (expenses), net before exchange rate changes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(362,036)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(391,181)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(464,498)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    exchange gains (losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exchange&#13;    rate changes on borrowings and financing (ix)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(96,300)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; 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   &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(96,018)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,090,628&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,991,964)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;    income (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(458,054)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;699,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,456,462)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Interest expenses on loans and financing in local currency decreased mainly as a result of the variation of floating interest&#13;rates that remunerate these agreements. The main variations were in the average CDI and TJLP, of 9.9% and 7.0%, respectively,&#13;in 2017 (14.0% and 7.5%, respectively, in 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&#13;The variation in other financial expenses is mainly a result of the increase in expenses with the present value adjustment of&#13;long-term liabilities and funding costs related to loans and financing. In 2016, other financial expenses decreased, especially&#13;due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiet&amp;#234; &amp;#8211; CAB &amp;#8211; SPAT.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(iii)&amp;#160;&amp;#160;&#13;The monetary variation derives mainly from the lower variation of the IPCA in 2017, versus 2016 (2.95% and 6.29%, respectively).&#13;The exposures to this rate are shown in Note&amp;#160; 5.1 (d). In 2016, the inflation adjustment derives mainly from the lower variation&#13;of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(iv)&amp;#160;&#13;Expenses mainly related to inflation adjustments related to the commitments required by public-private partnerships, program contracts&#13;commitments and agreements. In 2016, the increase was essentially due to the restatement of liabilities related to the commitments&#13;required by public-private partnerships and leases.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(v)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The decrease arises from the decline in the rate practiced by the Court, from 7.39% in 2016 to 1.94% in 2017. In 2016, the variation&#13;was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the&#13;estimated probability of loss, arising from decisions that were unfavorable to the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(vi)&amp;#160;&amp;#160;&#13;The monetary variation gains decrease due to the lower restatement of the agreement entered into with the S&amp;#227;o Paulo State&#13;Government (GESP) in 2017 and the reduction in the National Consumer Price Index (INPC), used to restate escrow deposits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Georgia, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(vii)&amp;#160;&#13;The decrease is a result of the decrease in the CDI rate, of 13.75% p.a. in 2016 and 6.89% p.a. in 2017. In 2016, the increase&#13;is due to the higher average balance of investments compared to 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(viii)&amp;#160;The&#13;R$&amp;#160;39,567 decrease in interest income arises mainly from the recognition of present value adjustment on new installment payment&#13;agreements entered into with customers in 2017. In 2016, the R$54,710 increase in interest income is essentially due to lower&#13;interest on installment agreements in 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;(ix)&amp;#160;&#13;The change in expenses mainly reflects the appreciation of the U.S. dollar and the Yen against the Real in 2017 (1.5% and 5.3%,&#13;respectively), compared to the depreciation presented in 2016 (16.5% and 13.9%, respectively). In 2016, the change in expenses&#13;mainly reflects the depreciation of the U.S. dollar against the real in 2016 (16.5% and 13.9%, respectively), compared to the&#13;appreciation presented in 2015 (47.0% and 45.9%, respectively).&lt;/font&gt;&lt;/p&gt;</SBS:SummaryOfFinancialIncomeExpensesTableTextBlock>
    <ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 54%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income,&#13;    net &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;75,410&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;62,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;190,840&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating expenses&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(81,089)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(57,848)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(47,085)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income&#13;    (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(5,679)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,722&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;143,755&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;operating income is comprised by sale of property, plant and equipment, sale of contracts awarded in public bids, right to sell&#13;electricity, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse water, PURA projects and&#13;services.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;operating expenses consist mainly of derecognition of concessions assets due to obsolescence, discontinued construction works,&#13;unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment and exceeding cost of&#13;electricity sold.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory>
    <SBS:SummaryOfOtherOperatingIncomeExpensesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 54%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income,&#13;    net &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;75,410&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;62,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;190,840&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating expenses&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(81,089)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(57,848)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(47,085)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income&#13;    (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(5,679)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,722&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;143,755&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfOtherOperatingIncomeExpensesTableTextBlock>
    <SBS:DisclosureOfSupplementalCashFlowInformationExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 67%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total additions to&#13;    intangible assets (Note 14 (b))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,490,298&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,855,831&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,604,442&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Items not affecting&#13;    cash (see breakdown below)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,532,518)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,747,664)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,207,090)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total additions to&#13;    intangible assets as per statement of cash flows&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,957,780&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,108,167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,397,352&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investments and financing&#13;    operations affecting intangible assets but not cash:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest capitalized&#13;    in the year (Note 14 (d))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;649,048&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;700,743&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;466,544&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Contractors payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;213,340&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;57,431&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(57,041)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program contract&#13;    commitments &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;95,126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,262&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;136,543&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Public Private Partnership&#13;    - S&amp;#227;o Louren&amp;#231;o PPP (Note 14 (g)) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;501,591&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;893,181&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;548,978&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Leases &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,078&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,534&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;36,877&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction margin&#13;    (Note 24)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;81,513&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;72,908&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,281&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,532,518&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,747,664&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,207,090&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:DisclosureOfSupplementalCashFlowInformationExplanatory>
    <SBS:SummaryOfSupplementalCashFlowInformationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 67%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total additions to&#13;    intangible assets (Note 14 (b))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,490,298&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,855,831&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,604,442&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Items not affecting&#13;    cash (see breakdown below)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,532,518)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,747,664)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,207,090)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total additions to&#13;    intangible assets as per statement of cash flows&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,957,780&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,108,167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,397,352&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investments and financing&#13;    operations affecting intangible assets but not cash:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest capitalized&#13;    in the year (Note 14 (d))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;649,048&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;700,743&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;466,544&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Contractors payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;213,340&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;57,431&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(57,041)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program contract&#13;    commitments &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;95,126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,262&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;136,543&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Public Private Partnership&#13;    - S&amp;#227;o Louren&amp;#231;o PPP (Note 14 (g)) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;501,591&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;893,181&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;548,978&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Leases &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,078&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,534&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;36,877&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction margin&#13;    (Note 24)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;81,513&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;72,908&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,281&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,532,518&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,747,664&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,207,090&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SBS:SummaryOfSupplementalCashFlowInformationTableTextBlock>
    <SBS:OtherInvestmentsAndFinancingOperations contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">0</SBS:OtherInvestmentsAndFinancingOperations>
    <SBS:OtherInvestmentsAndFinancingOperations contextRef="From2016-01-01to2016-12-31" unitRef="BRL" decimals="-3">0</SBS:OtherInvestmentsAndFinancingOperations>
    <SBS:OtherInvestmentsAndFinancingOperations contextRef="From2015-01-01to2015-12-31" unitRef="BRL" decimals="-3">2281000</SBS:OtherInvestmentsAndFinancingOperations>
    <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="From2017-01-01to2017-12-31">&lt;ul style="margin-top: 0in"&gt;&#13;&#13;&lt;li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Tariff&#13;revision&lt;/b&gt;&lt;/font&gt;&lt;/li&gt;&#13;&#13;&lt;/ul&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&#13;On January 16, 2018, the S&amp;#227;o Paulo State Sanitation and Energy Regulatory Agency (ARSESP) published Public Consultation Notice&#13;01/2018 (&amp;#34;Notice&amp;#34;), asking the public for opinions and inputs on the calculation methodology to be adopted in the final&#13;stage of SABESP&amp;#8217;s Second Ordinary Tariff Revision.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&#13;On January 19, 2018, ARSESP published Resolution 780, which includes the events calendar of the final stage of SABESP&amp;#8217;s&#13;2&lt;sup&gt;nd&lt;/sup&gt; Ordinary Tariff Revision.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Final Maximum Average Tariff (Final P0) will be disclosed by May 10, 2018, and applied pursuant to article 39 of Law 11,445/2007.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Differences&#13;in revenue arising from differences in the amounts authorized on October 10, 2017 (Preliminary P0) and the tariffs to be calculated&#13;at the final stage of the Second Ordinary Tariff Revision (Final P0) will be duly offset and applied to the water supply and sewage&#13;public utility service tariffs.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Additionally,&#13;ARSESP published Public Hearing Notice 01/2018, referring to Stage 2 of the schedule, which was held on January 29, 2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&#13;On February 21, 2018, ARSESP released the Business Plan, which is the object of SABESP&amp;#8217;s Second Ordinary Tariff Revision.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;As part of the Business Plan, on page 85, the Company highlights &amp;#8220;Table: CAPEX - Program disbursements&amp;#8221;, which totals&#13;R$ 13.9 billion (unaudited) for the 2017-2021 period, which is available to the market, and &amp;#8220;Table: CAPEX - Program constructions&amp;#8221;,&#13;which totals R$ 15.5 billion (unaudited) for the 2017-2021 period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&#13;On March 26, 2018, ARSESP disclosed Preliminary Technical Note NT.F-0004-2018 that included the Proposal for Calculation of the&#13;Maximum Average Tarif (P0) of SABESP&amp;#8217;s Second Ordinary Tariff Revision and Factor X: Final Stage.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 8.5pt; text-indent: -8.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Period for Consultation and Public Hearing 03/2018 is from March 27, 2018 to April 17, 2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="width: 67%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Final&#13;    Regulatory Remuneration Base&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    38.4 billion&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;WACC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8.11%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Factor&#13;    X&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.9287%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;P0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    3.8207/m&lt;sup&gt;3&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #D5EAEA"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tariff&#13;    Repositioning Index (IRT)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.7744%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;proposed Tariff Repositioning Index of 4.7744% should be applied on a straight line basis to the current tariff tables. &amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;ul style="margin-top: 0in"&gt;&#13;&#13;&lt;li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;22&lt;sup&gt;nd&#13;&lt;/sup&gt;Issue Debentures&lt;/b&gt;&lt;/font&gt;&lt;/li&gt;&#13;&#13;&lt;/ul&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;February 19, 2018, the Company conducted the 22&lt;sup&gt;th&lt;/sup&gt; Issue of unsecured non-convertible debentures, in the total amount&#13;of R$750,000, in three series, for tender offer, pursuant to CVM Rule 476. The first series, in the amount of R$100 million, maturing&#13;in 3 years and remuneration of CDI + 0.58% p.a., the second series, in the amount of R$400 million, maturing in 5 years and remuneration&#13;of CDI + 0.90% p.a., and the third series, in the amount of R$250 million, maturing in 7 years and remuneration of IPCA + 6.00%&#13;p.a.. Funds deriving from funding by means of the 22&lt;sup&gt;th&lt;/sup&gt; Issue of Debentures will be allocated to refinance the financial&#13;commitments and to recover the level of cash balances.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;ul style="margin-top: 0in"&gt;&#13;&#13;&lt;li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;SABESP&amp;#8217;s&#13;Corporate Reorganization&lt;/b&gt;&lt;/font&gt;&lt;/li&gt;&#13;&#13;&lt;/ul&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;March 11, 2018, the S&amp;#227;o Paulo State Government (&amp;#34;Government&amp;#34;) received a letter from a group of investors about the&#13;potential acquisition of part of the shares, which will be owned by the Government, to be issued by the Parent Company referred&#13;to in State Law 16,525/2017. The letter will be analyzed by the Board of the State Privatization Program (CDPED), which is in&#13;charge of deciding about the continuity and the conditions for the creation of the Parent Company and SABESP&amp;#8217;s corporate&#13;reorganization. The operation addressed at the letter will be structured to occur exclusively within the scope of the Parent Company,&#13;not affecting SABESP&amp;#8217;s control, which will remain with the Government in a manner consistent with the provisions of said&#13;state law. The investors&amp;#8217; identity and the content of the aforementioned letter will remain confidential, pursuant to the&#13;rules applicable to the administrative procedure established by CDPED for the purposes of the operation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;ul style="margin-top: 0in"&gt;&#13;&#13;&lt;li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;S&amp;#227;o&#13;Louren&amp;#231;o Production System&lt;/b&gt;&lt;/font&gt;&lt;/li&gt;&#13;&#13;&lt;/ul&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;April 3, 2018, Sabesp inaugurated the S&amp;#227;o Louren&amp;#231;o Production System that will increase treated water production capacity&#13;by approximately 6.4 m&amp;#179;/s.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
    <ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 25%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 28%"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Impact&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;IFRS 9 - Financial Instruments &lt;sup&gt;1&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company assessed the main aspects of this  and has concluded that will not have an impact on the classification and measurement of losses on its financial assets and financial liabilities or hedge accounting, given that it does not have any operation of this nature. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;IFRS 15 - Revenue from Contracts with Customers&lt;sup&gt;1&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;Establishes a single comprehensive framework to&#13;        determine if         and when         a revenue is recognized and how revenue is measured.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;IFRS 15 will supersede the current revenue recognition&#13;        guidance including IAS 18 Revenue, IAS 11  Construction Contracts and IFRIC 13 Interpretation A - Customer&#13;        Loyalty Programmes.&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company assessed the impacts on its customer contracts, including those with consumers with special billing characteristics, and concluded that the adoption of this standard will not have material impacts.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;IFRS 16 &amp;#8211; Leases&lt;sup&gt;2&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;Establishes a single model for the accounting of&#13;        leases         in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right to use the&#13;        leased asset and         a lease liability that represents his obligation to make lease payments. The lessor&amp;#8217;s&#13;        accounting remains similar to the current         standard, that is, the lessors continue to classify the leases as financial&#13;        or operating.&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt"&gt;IFRS 16 will supersede the current leases guidance including&#13;        IAS 17  Leases and IFRIC 4, SIC 15 and SIC 27 Determining Whether an Arrangement Contains a Lease.&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company is assessing the effects of recording operating leases in its financial statements and expects impacts which are currently under evaluation.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding: 1pt 2.85pt 2pt"&gt;&lt;font style="font-size: 8pt"&gt;Amendments to IFRS 2 &amp;#8211; Classification and measurement of share-based payment transactions &lt;sup&gt;2&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;Describe about modifications of settled options of shares.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"&gt;&lt;font style="font-size: 8pt"&gt;The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations>
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Although SABESP has no majority shares of its investees, the shareholders&amp;#8217; agreement provides for&#13;the power of veto in certain management issues, however, with no ability to use such power of veto in a way to affect returns over&#13;investments, indicating participating shared control (joint venture &amp;#8211; IFRS 11).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company holds interest valued by the equity&#13;accounting in the following investees:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Sesamm&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of August 15, 2008, the Company, together&#13;with GS Inima Brasil Ltda (&amp;#8220;GS Inima&amp;#8221;), successor of T&amp;#233;cnicas y Gestion Medioambiental S.A.U. (&amp;#8220;TGM&amp;#8221;)&#13;and GS Inima Environment S/A (currently OHL Medio Ambiente); and Estudos T&amp;#233;cnicos e Projetos ETEP Ltda. (&amp;#8220;ETEP&amp;#8221;),&#13;succeeded by ECS Opera&amp;#231;&amp;#245;es e Participa&amp;#231;&amp;#245;es Ltda (&amp;#8220;ECS&amp;#8221;), incorporated Sesamm &amp;#8211; Servi&amp;#231;os&#13;de Saneamento de Mogi Mirim S/A for a period of 30 years from the date the concession agreement with the municipality for the purpose&#13;of providing complementary services to the sewage diversion system and implementing and operating sewage treatment system in the&#13;municipality of Mogi Mirim, including the disposal of solid waste.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Sesamm's capital as of December 31, 2017, totaled&#13;R$ 19,532, and was represented by 19,532,409 registered common shares without a par value. SABESP holds a 36% interest, GS Inima&#13;57% and ECS 7%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The operations initiated in June 2012.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;&amp;#193;guas de Andradina&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of September 15, 2010, the Company, together&#13;with Companhia de &amp;#193;guas do Brasil &amp;#8211; Cab Ambiental, currently Igu&amp;#225; Saneamento S/A (&amp;#8220;Igu&amp;#225;&amp;#8221;), incorporated&#13;&amp;#193;guas de Andradina S.A., with indefinite term, for the purpose of providing water supply and sewage services to the municipality&#13;of Andradina.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the capital of &amp;#193;guas&#13;de Andradina totaled R$ 13,841, divided into 13,840,885 registered common shares without a par value. SABESP holds 30% of its equity&#13;interest and Igu&amp;#225; 70%.&amp;#160; The amount of R$ 12 is recorded under investee&amp;#8217;s equity, as advance for future capital&#13;increase.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of April 26, 2016, the Annual and Extraordinary&#13;Shareholders&amp;#8217; Meeting approved a capital increase in the amount of R$ 2,290 upon the issue of 2,289,796 new registered common&#13;shares with no par value, fully subscribed and paid-in, R$ 573 of which using the minimum mandatory dividends and R$ 1,717 corresponding&#13;to additional dividends, both arising from the profit recorded in 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In March 2017, the Company contributed R$&amp;#160;303&#13;in the investee. The amount is recorded in current assets, under &amp;#8220;Other receivables&amp;#8221; and will be reclassified into&#13;investments after the resolution and approval of the investee&amp;#8217;s shareholders at an Annual and Extraordinary Shareholders&amp;#8217;&#13;Meeting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company pledges as  guarantee 100% of&#13;its shares in &amp;#193;guas de Andradina.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The operations initiated in October 2010.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;&amp;#193;guas de Castilho&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of October 29, 2010, the Company, together&#13;with &amp;#193;guas do Brasil &amp;#8211; Cab Ambiental, currently Igu&amp;#225; Saneamento S/A (&amp;#8220;Igu&amp;#225;&amp;#8221;), incorporated &amp;#193;guas&#13;de Castilho, for the purpose of providing water supply and sewage services to the municipality of Castilho.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the company&amp;#8217;s&#13;capital was R$ 2,360, and was represented by 2,360,330 registered shares without a par value. SABESP holds a 30% interest and Igu&amp;#225;&#13;70%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of April 26, 2016, the Annual and Extraordinary&#13;Shareholders&amp;#8217; Meeting approved a capital increase in the amount of R$ 740 upon the issue of 740 new registered common shares&#13;with no par value, fully subscribed and paid-in, R$ 184 of which using the minimum mandatory dividends and R$ 556 corresponding&#13;to additional dividends, both arising from the profit recorded in 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company pledges as  guarantee 100% of&#13;its shares in &amp;#193;guas de Castilho.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The operations initiated in January 2011.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Saneaqua Mairinque&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of June 14, 2010, the Company, together with&#13;BRK Ambiental Participa&amp;#231;&amp;#245;es S/A (&amp;#8220;BRK&amp;#8221;) currently Odebrecht Utilities S/A, former Foz do Brasil S.A., incorporated&#13;Saneaqua Mairinque S/A, with indefinite term, for the purpose of exploring water supply and sewage services of the municipality&#13;of Mairinque.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the capital of Saneaqua&#13;Mairinque totaled R$ 2,000, and was represented by 2,000,000 registered common shares without a par value. SABESP holds a 30% interest&#13;and BRK 70%. The amount of R$&amp;#160;2,183 is recorded under the investee&amp;#8217;s noncurrent liabilities, as advance for future capital&#13;increase.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In January 2017, the Company contributed R$&amp;#160;505&#13;in the investee. The amount is recorded in current assets, under &amp;#8220;Other receivables&amp;#8221; and will be reclassified into&#13;investments after the resolution and approval of the investee&amp;#8217;s shareholders at an Annual and Extraordinary Shareholders&amp;#8217;&#13;Meeting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company pledges as  guarantee 100% of&#13;its shares in Saneaqua Mairinque.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The operations initiated in October 2010.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Attend Ambiental&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of August 23, 2010, SABESP, jointly with&#13;Companhia Estre Ambiental S.A. (&amp;#8220;Estre&amp;#8221;), incorporated Attend Ambiental S.A., for constructing and operating a pretreatment&#13;of non-domestic effluent station, sludge transportation and related services in the city of S&amp;#227;o Paulo as well as implement&#13;similar structures in other areas in Brazil and abroad.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the capital totaled&#13;R$ 13,400, and was represented by 13,400,000 registered common shares without a par value. SABESP holds a 45% interest and Estre&#13;55%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The operations initiated in December 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Aquapolo Ambiental S/A.&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of October 8, 2009, the Company, together&#13;with Odebrecht Utilities S/A, formerly Foz do Brasil S.A., incorporated Aquapolo Ambiental S.A., for the purpose of producing,&#13;providing and trading reused water for Quattor Qu&amp;#237;mica S.A., Quattor Petroqu&amp;#237;mica S.A., Quattor Participa&amp;#231;&amp;#245;es&#13;S.A. and other companies comprising the Petrochemical Complex.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the capital of Aquapolo&#13;totaled R$ 36,412, and was represented by 42,419,045 registered common shares without a par value. SABESP holds 49% of its equity&#13;interest. As of December 29, 2016, Odebrecht Utilities S/A transferred to Odebrecht Ambiental Participa&amp;#231;&amp;#245;es em Neg&amp;#243;cios&#13;Industriais S/A (&amp;#8220;OAPNI&amp;#8221;) all its shares and control and the latter now holds 51% of the shares.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company pledges as collateral 100% of its&#13;shares in Aquapolo Ambiental S/A.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The operations initiated in October 2012.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;u&gt;Paulista Geradora de Energia&lt;/u&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of April 13, 2015, the Company acquired shares&#13;from Empresa Paulista Geradora de Energia S/A - PGE, jointly&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; with Servtec Investimentos&#13;e Participa&amp;#231;&amp;#245;es Ltda (&amp;#34;Servtec) and Tecniplan Engenharia e Com&amp;#233;rcio Ltda (&amp;#34;Tecniplan&amp;#34;), which operational&#13;purpose is the implementation and commercial exploration of water potential in small hydroelectric power plants (PCHs), located&#13;at the Guara&amp;#250; and Vertedouro Cascata Water Treatment Stations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the capital of Paulista&#13;Geradora de Energia was R$ 8,679, represented by 8,679,040 registered common shares without a par value, in which SABESP holds&#13;a 25% interest, Servtec holds 37.5% and Tecniplan 37.5%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, operations had not&#13;initiated yet.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;Below is a summary of the investees&amp;#8217; financial&#13;information and SABESP&amp;#8217;s equity interest:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Company&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Equity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: top; padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Provisioned dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="4" style="vertical-align: bottom; padding-top: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Profit (loss) for the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&lt;b&gt;(*)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"&gt;&lt;b&gt;(*)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Sesamm&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,262&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;37,198&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,313&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(643)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,707&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Saneaqua Mairinque&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,298&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,227&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(46)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;217&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;344&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Attend Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,326&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,766&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;596&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(36)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;378&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,388&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;45%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Aquapolo Ambiental&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,170&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(26)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,239)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;49%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Paulista Geradora de Energia&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,117&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(6)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(10)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(29)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,344&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,509&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(231)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,473&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(713)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,740&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,597&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;Other investments&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;587&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;Overall total&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;36,932&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;31,096&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(*) Refer to changes in the equity of investees,&#13;as their financial statements for the year ended December 31, 2016 were disclosed after disclosure of the Company&amp;#8217;s financial&#13;statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory>
    <ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Statement of financial position details&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 38%; padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&#13;    amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible right&#13;    arising from:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements &amp;#8211;&#13;    equity value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,893,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,751,682)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,141,614&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,222,543&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,739,588)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,482,955&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements &amp;#8211;&#13;    economic value &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,068,402&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(634,465)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,433,937&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,925,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(543,709)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,381,652&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program contracts&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,653,292&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,058,226)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,595,066&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,209,367&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,633,346)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,576,021&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program contracts&#13;    &amp;#8211; commitments &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,113,160&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(202,785)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;910,375&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(18,346)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(13,848)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(586,037)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,917,015&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(72,025)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;468,125&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,246,788&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,490,298&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,374)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(24,412)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,250,548)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;33,466,132&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 21%; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Additions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Contract&#13;    renewal&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Estimated&#13;    losses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Transfers&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Write-offs&#13;    and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 11%; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; 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   &lt;td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements&#13;    &amp;#8211; equity value&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,287,630&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;391,545&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,587)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,335)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(6,233)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(180,079)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,482,955&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(110)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(77,563)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,381,652&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program&#13;    contracts &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,288,575&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;553,126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,587&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,360)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(5,571)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(267,359)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,576,021&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(33,076)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;823,216&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Services&#13;    contracts &amp;#8211; S&amp;#227;o Paulo &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,367,017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,697,724&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,495)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,696&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,894)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(514,341)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,552,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,198)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,572&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(14,808)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,110,235)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,246,788&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 21%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Additions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Contract&#13;    renewal&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reversal&#13;    of estimated losses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Transfers&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Write-offs&#13;    and disposals&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible&#13;    right arising from: &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements&#13;    &amp;#8211; equity value&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,369,271&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;574,421&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(463,362)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;747&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(324)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,303)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(188,820)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,287,630&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Agreements&#13;    &amp;#8211; economic value&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,281,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;140,732&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(17)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(139)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(68,816)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,353,020&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program&#13;    contracts &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,379,153&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;663,399&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;463,362&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,459&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(752)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,045)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(210,001)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,288,575&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Program&#13;    contracts &amp;#8211; commitments&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;702,909&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;177,424&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(29,803)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;850,530&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Services&#13;    contracts &amp;#8211; S&amp;#227;o Paulo &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,986,386&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,900,218&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;18,879&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,997)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(30,321)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(503,148)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,367,017&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="padding-top: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(41,941)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;366,854&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;25,979,526&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,604,442&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(i)&#13;As of December 31, 2017, the Company reclassified R$&amp;#160;24,071 corresponding to the intangible assets of &amp;#193;lvares Florence,&#13;Emba&amp;#250;ba, Ara&amp;#231;oiaba da Serra, Itapira and Tuiuti to indemnities receivable, in noncurrent assets, which have full allowance&#13;for losses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company started operations in the municipalities of Santa Branca in February 2017 and Pereiras in October. In the second quarter&#13;of 2017, it entered into a contract program with the municipalities of Santa Cruz do Rio Pardo and C&amp;#226;ndido Rodrigues. In&#13;the third quarter of 2017, the Company renewed a program contract with the municipality of Itaquaquecetuba and in the fourth quarter&#13;with the municipalities of Taubat&amp;#233; and Taciba; all these contracts are valid for 30 years.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Intangible arising from concession agreements&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company operates public service concession agreements for water supply and sewage services mostly based on agreements that set&#13;out rights and obligations relative to the exploration of assets related to the public service (See Note 3.8 (a)). A general obligation&#13;also exists to return the concession infrastructure to the concession grantor in good working condition at the end of the concession.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the Company operated in 368 municipalities in the State of S&amp;#227;o Paulo (366 as of December 31, 2016).&amp;#160;&#13;Most of these contracts have a 30-year concession period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;services provided by the Company are billed at a price regulated and controlled by S&amp;#227;o Paulo State Sanitation and Energy&#13;Regulatory Agency (ARSESP).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible&#13;rights arising on concession agreements include:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(i)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Concession agreements &amp;#8211; equity value&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;These&#13;refer to municipalities assumed until 2006, except for the municipalities assumed by economic value through assets valuation report&#13;prepared by independent experts.&amp;#160; The amortization of assets is calculated according to the straight-line method, which considers&#13;the assets useful life.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Concession agreements &amp;#8211; economic value&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;1999 through 2006, the negotiations for new concessions were conducted on the basis of the economic and financial result of the&#13;transaction, determined in a valuation report issued by independent appraisers.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amount determined in the related contract, after the transaction is closed with the municipal authorities, realized through the&#13;subscription of the Company's shares or in cash, is recorded as &amp;#34;concession agreements&amp;#34; and amortized over the period&#13;of the related concession (usually 30 years). As of December 31, 2017 and 2016 there were no amounts pending related to these&#13;payments to the municipalities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible&#13;assets are amortized on a straight line basis over the period of the concession agreements or for the useful lives of the underlying&#13;assets, whichever is shorter.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(iii)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Program contracts&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;These&#13;refer to the renewal of contracts previously referred to as concession agreements whose purpose is to provide sanitation services.&amp;#160;&#13;The amortization of the assets acquired until the dates of signatures of the program contracts is calculated according to the&#13;straight-line method, which considers the assets&amp;#8217; useful lives.&amp;#160; Assets acquired or built after the signature dates&#13;of program contracts are amortized during the contracted period (30 years) or during the useful lives of underlying assets, whichever&#13;is shorter.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(iv)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Program contracts - Commitments&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;After&#13;the enactment of the regulatory framework in 2007, renewals of concessions started to be made through of program contracts.&amp;#160;&#13;In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental&#13;actions.&amp;#160; The assets built and financial commitments assumed within the program contracts are recorded as intangible assets&#13;and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 and 2016, the amounts not yet disbursed were recorded under &amp;#8220;program contract commitments&amp;#8221;, in&#13;current liabilities, totaling R$&amp;#160;128,802 and R$&amp;#160;109,042, respectively, and in noncurrent liabilities, totaling R$&amp;#160;110,698&#13;and R$&amp;#160;69,051, respectively. In 2017, the annual rate of 8.06% (WACC) was applied to calculate the present value adjustment&#13;of these contracts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(v)&#13;Services agreement with the Municipality of S&amp;#227;o Paulo&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;June 23, 2010, the Company entered into an agreement with the State of S&amp;#227;o Paulo and the Municipality of S&amp;#227;o Paulo to&#13;regulate the provision of water and sewage services in the city of S&amp;#227;o Paulo for a 30-year period, which is extendable for&#13;an another 30-year period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Also&#13;on June 23, 2010, an agreement was signed between the state and municipal government, and SABESP and the Sanitation and Energy&#13;Regulatory Agency of the State of S&amp;#227;o Paulo (&amp;#8220;ARSESP&amp;#8221;) are the consenting and intervening parties, whose main&#13;aspects are the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1.&#13;The State and the Municipality of S&amp;#227;o Paulo grant to SABESP the right to explore the sanitation service in the capital of&#13;the State of S&amp;#227;o Paulo, which consists of the obligation to provide such service and charge the respective tariff for this&#13;service;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.&#13;The State and the Municipality sets forth ARSESP as the agency responsible for regulating the tariff, controlling and monitoring&#13;the services.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.&#13;The evaluation model of the contract was the discounted cash flow, which considered the financial and economic sustainability&#13;of SABESP&amp;#8217;s operations in the metropolitan region of S&amp;#227;o Paulo;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.&#13;All operating costs, taxes, investments and the opportunity cost of investors and the creditors of SABESP&amp;#8217;s were considered&#13;in the cash flow analysis;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5.&#13;The agreement provides for investments established in the agreement comply with the minimum of 13% of the gross revenue from the&#13;municipality of S&amp;#227;o Paulo, net of the taxes on revenues. Investment plans referring to SABESP&amp;#8217;s execution shall be&#13;compatible with the activities and programs foreseen in the state, municipal sanitation plans, and where applicable, the metropolitan&#13;plan. The investment plan is not definite and will be revised by Managing Committee every four years, especially as to investments&#13;to be made in the following period;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6.&#13;The payment related to the Municipal Fund of Environmental Sanitation and Infrastructure to be applied in the sanitation service&#13;within the municipality must be recovered through the tariffs charges.&amp;#160; Such payment represents 7.5% of the total revenue&#13;from the municipality of S&amp;#227;o Paulo, net of the taxes on revenue and delinquency in&amp;#160; the period, recognized in profit&#13;or loss, as operating&amp;#160; cost;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7.&#13;The opportunity cost of the investors and the creditors was established by the Weighted Average Cost of Capital (WACC) methodology.&#13;The WACC was the interest rate used to discount the cash flow of the operation; and&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8.&#13;The agreement considers the recovery of net assets in operation, preferably evaluated through equity valuation or carrying amount&#13;monetarily restated, as defined by ARSESP.&amp;#160; In addition, the agreement provides for the remuneration of investments to be&#13;made by SABESP, so that there is no residual value at the end of the agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Referring&#13;to the recovery through tariff, mentioned in item 6 above, of transfer to the Municipal Fund of Environmental Sanitation and Infrastructure,&#13;ARSESP issued in April 2013, the Resolution no. 413, postponing the application of Resolution no. 407 until the conclusion of&#13;the tariff revision process, the transfer to the bill of services of amounts referring to the municipal charges which were stipulated&#13;in Resolution no. 407. The postponement to apply Resolution no. 407 was due to a request by the S&amp;#227;o Paulo State Government&#13;to analyze, among other things, methods to reduce the impact on consumers.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of April 18, 2014, ARSESP Resolution no. 484 was published with the final results of SABESP&amp;#8217;s Tariff Revision, however,&#13;both the S&amp;#227;o Paulo Municipal Government, through Official Letter no. 1,309/14-SGM/GAB and the S&amp;#227;o Paulo State Government&#13;through a petition filed by the S&amp;#227;o Paulo State Office, through the Official Letter ATG/Official Letter n&lt;sup&gt;o&lt;/sup&gt; 092/14-CC,&#13;requested a postponement of the effects of ARSESP Resolution no. 413, published in the S&amp;#227;o Paulo State Official Gazette on&#13;March 20, 2013, until the conclusion of the revision of the Agreement entered into between the S&amp;#227;o Paulo Municipal Government,&#13;the S&amp;#227;o Paulo Statement Government and SABESP.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;By&#13;means of Resolution no. 488 of May 7, 2014, ARSESP maintained the suspension of the effectiveness of ARSESP Resolution no. 407,&#13;published on March 22, 2013, until the results obtained in the revision of the Agreement entered into by the S&amp;#227;o Paulo Municipal&#13;Government, the S&amp;#227;o Paulo State Government and SABESP postponing authorization for the transfer to the bill of the services&#13;related to the legally established municipal fees that, by force of the Program Agreements and Water Supply and Sewage Services&#13;Agreements, should be included in the Tariff Revision.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;agreement represents 55.38% of the total revenue of the Company as of December 31, 2017, and ensures the judicial and assets security,&#13;adequate return to shareholders and quality services to its customers.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;municipality of S&amp;#227;o Paulo and the Company did not conclude an agreement to equalize financial pending issues existing until&#13;the signature date of the Agreement related to the rendering of water supply and sewage services to the real properties of the&#13;municipality, and for that reason, the Company filed a suit to collect these accounts, which are accrued for losses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Capitalization of interest and other finance charges&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;2017, the Company capitalized interest and inflation adjustment, including related foreign currency exchange effects in concession&#13;intangible assets, totaling R$ 649,048, including the S&amp;#227;o Louren&amp;#231;o Production System and Leases (R$ 700,743 in 2016&#13;and R$ 466,544 in 2015) during the construction period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Construction margin&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company acts as a principal responsible to construct and install the infrastructure related to the concession, using own efforts&#13;or hiring outsourcing services, receiving the risks and benefits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;a consequence, the Company recognizes revenue from construction service corresponding to the cost of construction increased by&#13;gross margin. Generally, the constructions related to the concessions are performed by&amp;#160; third parties, in such case, the&#13;margin of the Company&amp;#160; is lower, normally, to cover eventual administration costs, and the responsibility of the primary&#13;risk. In 2017 and 2016 the margin was 2.3%.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Construction&#13;margin for 2017, 2016 and 2015 were R$ 70,335, R$ 81,513 and R$ 72,908, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(f)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Expropriations&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;a result of the construction of priority projects related to water and sewage systems, the Company was required to expropriate&#13;third-parties' properties, and the owners of these properties will be compensated either amicably or through courts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;costs of these expropriations are recorded as concession intangible assets after the transaction is concluded. In 2017, the total&#13;amount related to expropriations was R$ 19,576 (R$ 40,452 in 2016 and R$ 66,801 in 2015).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(g)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Public-Private Partnership - PPP&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;SABESP&#13;carries out operations related to the PPPs mentioned below. These operations and their respective obligations and guarantees are&#13;supported by agreements executed according to Law 11,079/04.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Alto&#13;Tiet&amp;#234; Production System&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company and the special purpose entity CAB-Sistema Produtor Alto Tiet&amp;#234; S/A, formed by Galv&amp;#227;o Engenharia S.A. and Companhia&#13;&amp;#193;guas do Brasil &amp;#8211; Cab Ambiental, signed in June 2008 the contract of public-private- partnership of Alto Tiet&amp;#234;&#13;production system.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;contract last 15 years which purpose is to expand the capacity of treated water of Taia&amp;#231;upeba from 10 thousand to 15 thousand&#13;of liters per second, whose operation began in October 2011.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 and 2016, the amounts recognized as intangible asset related to PPP were R$ 371,862 and R$ 382,103, respectively.&amp;#160;&#13;In 2017, a discount rate of 8.20% p.a. was used to calculate the adjustment to present value of the agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;a monthly basis, SABESP assigns funds from tariffs to the SPE CAB Sistema Produtor Alto Tiet&amp;#234; S/A, in the amount of R$ 10,012,&#13;corresponding to the monthly remuneration. This amount is annually adjusted by the IPC &amp;#8211; FIPE and is recorded in a restricted&#13;account, pursuant to the contractual operating proceeding.&amp;#160; Should SABESP comply with its monthly obligations with the SPE,&#13;the funds from the restricted account will be released.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;guarantee is effective since the beginning of the operation and will be valid until the conclusion, termination, intervention,&#13;annulment or caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or&#13;in the law applicable to administrative concessions, including in the event of bankruptcy or extinction of the SPE.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;S&amp;#227;o&#13;Louren&amp;#231;o Production System&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;SABESP&#13;and the special purpose entity Sistema Produtor S&amp;#227;o Louren&amp;#231;o S/A, composed of Constru&amp;#231;&amp;#245;es e Com&amp;#233;rcio&#13;Camargo Corr&amp;#234;a S/A and Construtora Andrade Gutierrez S/A, in August 2013 signed the public-private partnership agreements&#13;of the S&amp;#227;o Louren&amp;#231;o Production System.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;objective of the contract is: a) the construction of a water producing system, mainly consisting of a water pipeline connecting&#13;Ibi&amp;#250;na to Barueri, a water collection station in Ibi&amp;#250;na, a water treatment station in Vargem Grande Paulista and water&#13;reservoirs; and b) the provision of services for a 25-year term, aiming at rendering services to operate the dehydration system,&#13;drying and final disposal of sludge, maintenance and works of the S&amp;#227;o Louren&amp;#231;o Production System.&amp;#160; Works started&#13;in April 2014.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;work was inaugurated on April 3, 2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;estimated amount monetarily restated through December 31, 2017 is approximately R$ 7.9 billion. This amount was calculated considering&#13;the early startup mentioned above.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;After&#13;the beginning of the operations, every month SABESP will transfer to the SPE Sistema Produtor S&amp;#227;o Louren&amp;#231;o S/A funds&#13;from tariffs arising from the services provided, in the amount of R$ 24.4 million, equivalent to the monthly remuneration plus&#13;interest and charges.&amp;#160; The amount above will be annually restated by the IPC - FIPE and should be monthly recorded in a restricted&#13;account, in accordance with the operating procedures of the agreements.&amp;#160; Should SABESP perform its monthly obligations with&#13;the SPE, the funds from the restricted account will be released.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;guarantee will become effective as of the beginning of the system&amp;#8217;s appropriate operation, duly accepted by SABESP, valid&#13;until the occurrence of any of the following events, whichever occurs first:&amp;#160; (i) the original payment date of the last installment&#13;of interest / amortization of the principal taken out by the SPE to execute the works; (ii) the end, termination, intervention,&#13;annulment, caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in&#13;the law applicable to administrative concessions, including bankruptcy or extinction of the SPE.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 and 2016, the carrying amount recorded in the Company&amp;#8217;s intangible assets, related to this PPP, amounted&#13;to R$ 2,818,805 and R$ 1,951,538, respectively. Intangible assets are accounted for based on the physical evolution of the construction&#13;which, as of December 31, 2017, was approximately 89%, with a counter-entry in the Private Public Partnership (PPP) liabilities&#13;account. In 2017, a discount rate of 7.80% p.a. was used to calculate the adjustment to present value of the agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;obligations assumed by the Company as of December 31, 2017 and 2016 are shown in the table below, and the increase in intangible&#13;assets and liabilities was mainly due to the progress of PPP S&amp;#227;o Louren&amp;#231;o works in 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: top; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: top; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 13%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&#13;    liabilities &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Noncurrent&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Noncurrent&#13;    liabilities &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Alto Tiet&amp;#234;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;35,083&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;282,501&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;317,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;309,858&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;341,756&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;S&amp;#227;o Louren&amp;#231;o&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;24,924&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,728,908&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,753,832&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,907,662&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,907,662&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;60,007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,011,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,071,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,898&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,217,520&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,249,418&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(h)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Works in progress&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amount of R$ 10,387 million is recorded under intangible assets as works in progress as of December 31, 2017 (R$ 9,156 million&#13;as of December 31, 2016), and, in 2017, the major projects are located in the municipalities of S&amp;#227;o Paulo, Franca and Itanha&amp;#233;m,&#13;totaling R$ 6,497 million (including R$ 2,819 million from PPP S&amp;#227;o Louren&amp;#231;o), R$ 253 million and R$ 208 million, respectively&lt;font style="letter-spacing: -0.05pt"&gt;.&#13;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(i)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Amortization of intangible assets&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amortization average rate totaled 3.9% as of December 31, &lt;font style="letter-spacing: -0.05pt"&gt;2017, 2016 and 2015.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(j)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Software license of use&amp;#160;&amp;#160;&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt"&gt;The&#13;software license of use is capitalized based on the costs incurred to acquire software and make them ready for use. As of April&#13;10, 2017, the Company implemented the Integrated Business Management System (Enterprise Resource Planning &amp;#8211; SAP ERP), which&#13;includes the administrative/financial module. The implementation of the comercial module is in progress.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory>
    <ifrs-full:DisclosureOfOtherLiabilitiesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The services account records the balances payable,&#13;mainly from services received from third parties, such as supply of electric power, reading of hydrometers and delivery of water&#13;and sewage bills, cleaning, surveillance and security services, collection, legal counsel services, audit, marketing and advertising&#13;and consulting services, among others.&amp;#160; This account also includes the amounts payable &amp;#160; to the Municipal Fund of Environmental&#13;Sanitation and Infrastructure based on a percentage of the revenues from S&amp;#227;o Paulo local government (Note 14 (c) (v)).&amp;#160;&#13;The balances as of December 31, 2017 and 2016 were R$ 408,275 and R$ 460,054, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
    <ifrs-full:DisclosureOfIssuedCapitalExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Authorized capital&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is authorized to increase capital&#13;by up to R$ 15,000,000 (R$ 15,000,000 as of December 31, 2016), based on a Board of Directors' resolution, after submission to&#13;the Fiscal Council.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the event of capital increase, issue of convertible&#13;debentures and/or warrants by means of private subscription, shareholders will have preemptive right in the proportion of number&#13;of shares held, pursuant to Article 171 of Law 6,404/76.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Subscribed and paid-in capital&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subscribed and paid-in capital is represented&#13;by 683,509,869 registered, book-entry common shares without  par value as of December 31, 2016 and 2015, held as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 48%; padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;%&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;%&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;State Department of Finance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;343,524,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;50,26%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;343,524,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;50.26%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Companhia&#13;    Brasileira de Liquida&amp;#231;&amp;#227;o e Cust&amp;#243;dia (**)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;201,026,895&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,41%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;206,955,305&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30.28%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;    Bank of New York ADR Department&amp;#160;&amp;#160; (equivalent in shares) (*) (**)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;136,790,413&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,01%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;132,401,813&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19.37%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,168,276&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0,32%&lt;/font&gt;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;628,466&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.09%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;683,509,869&lt;/font&gt;&amp;#160;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100,00%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;683,509,869&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100.00%&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;(*)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;each ADR corresponds to 1 share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;(**)&#13;&amp;#160;&amp;#160;&amp;#160;&amp;#160;custodians&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(c)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Distribution of earnings&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Shareholders are entitled to a minimum mandatory&#13;dividend of 25% of the adjusted net income under Brazilian GAAP, calculated according to the Brazilian corporate law.&amp;#160; The&#13;dividends do not bear interest and the amounts not claimed within three years from the date of the Shareholders' Meeting that approved&#13;them mature in favor of the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 70%; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,519,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,947,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;536,279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-) Legal reserve&#13;    - 5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;125,965&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;147,355&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,814&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,393,345&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,799,743&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;509,465&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Minimum&#13;    mandatory dividend &amp;#8211; 25% (R$0.87539, R$1.0240 and R$0.1863 as of December 31, 2017, 2016 and 2015 per share and per&#13;    ADS)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;598,336&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;699,936&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;127,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On April 28, 2017, the Shareholders&amp;#8217; General&#13;Meeting approved the distribution of dividends as interest on capital amounting to R$ 123,557, for the 2016 fiscal year. Therefore,&#13;the amount of R$ 62,719 related to the surplus minimum mandatory dividends of 25%, set forth in the Bylaws, recorded in the 2016&#13;equity under &amp;#8220;Additional proposed dividends&amp;#8221; was transferred to current liabilities.&amp;#160; These amounts started being&#13;paid in June 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company proposed dividends as interest on&#13;capital in the amount of R$ 598,336 (R$ 699,936 in 2016) and additional proposed dividends in the amount of R$ 105,543 (R$ 123,557&#13;in 2016), totaling R$ 703,879 (R$ 823,493 in 2016), corresponding to R$ 1.0298 per common share (R$ 1.2048 in 2016), to be resolved&#13;on the Shareholders&amp;#8217; Meeting to be held on April 27, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company declared dividends payable as interest&#13;on capital in the amount of R$ 598,336 (R$ 699,936 in 2016), which considers the minimum dividend amount set forth in the Bylaws.&amp;#160;&#13;The amount exceeding the minimum mandatory dividend due in the year of R$ 105,543 (R$ 123,557 in 2016) was reclassified into equity&#13;to the &amp;#8220;Additional proposed dividends&amp;#8221; account, this amount includes the withholding income tax of R$ 52,004&lt;br /&gt;&#13;(R$ 60,838 in 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pursuant to CVM Resolution 207/1996, the Company&#13;imputed interest on capital to the minimum dividend by its net value of withholding income tax. The amount of R$ 52,004 (R$ 60,838&#13;in 2016) referring to the withholding income tax was recognized in current liabilities, in order to comply with tax liabilities&#13;related to the credit of interest on capital.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The interest on capital balance payable as of&#13;December 31, 2017, totaling R$ 598,612 (R$ 700,034 in 2016), refers to the amount of R$ 598,336 (R$ 699,936 in 2016) declared in&#13;2017, net of withholding income tax and R$ 276 declared in previous years (R$&amp;#160;98 in 2016).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(d)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Legal reserve&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Earnings reserve - legal reserve is a&#13;requirement for all Brazilian corporations and represents an allocation of retained earnings of 5% of annual net income&#13;determined based on Brazilian law, up to 20% of capital.&amp;#160; However, we are not required to make any allocations to our&#13;legal reserve in a year in which the legal reserve, when added to our other established capital and earnings reserves,&#13;exceeds 30% of our capital stock.&amp;#160; The amounts allocated to such reserve may only be used to increase our capital stock&#13;or to offset losses and are not available for the payment of dividends.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(e)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Investments reserve&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Earnings reserve - investments reserve is specifically&#13;formed by the portion corresponding to own funds assigned to the expansion of the water supply and sewage treatment systems, based&#13;on capital budget approved by the Management.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017 and 2016, the balance&#13;of investment reserve totaled R$ 6,939,296 and R$ 5,249,830, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pursuant to paragraph four of article 28 of&#13;the by-laws, the Board of Directors may propose to the Shareholders&amp;#8217; Meeting that the remaining balance of profit for the&#13;year, after deducting the legal reserve and minimum mandatory dividends, be allocated to an investment reserve that will comply&#13;with the following criteria:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt 48.2pt; text-align: justify; text-indent: -14.2pt"&gt;I-&amp;#160;&amp;#160;&#13;its balance, jointly with the balance of the other earnings reserves, except for reserves for contingencies and realizable profits,&#13;may not exceed the&amp;#160;&amp;#160; capital stock;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt 48.2pt; text-align: justify; text-indent: -14.2pt"&gt;II- the reserve&#13;is intended to guarantee the investment plan and its balance may be used:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt"&gt;a) to absorb&#13;losses, whenever necessary;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt"&gt;b) to distribute&#13;dividends, at any moment;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt"&gt;c) in share&#13;redemption, reimbursement or purchase transactions authorized by&amp;#160;&amp;#160;&amp;#160; law;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt"&gt;d) in incorporation&#13;to the capital stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(f) Allocation of profit for the year&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(+)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit&#13;    for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,519,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,947,098&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;536,279&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Legal reserve &amp;#8211; 5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;125,965&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;147,355&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,814&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Minimum&#13;    mandatory dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;598,336&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;699,936&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;127,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(-)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Additional proposed dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;105,543&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;123,557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,527&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&#13;    reserve recorded&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1.689.466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1.976.250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;359.572&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Management will send for approval at the&#13;Shareholders&amp;#8217; Meeting, a proposal to reallocate retained earnings the amount of R$1,689,466 to the Investment Reserve account,&#13;in order to meet the investment needs foreseen in the Capital Budget&lt;font style="font-family: Georgia, Times, Serif"&gt;. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(g)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Retained&#13;earnings&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Retained earnings (accumulated losses): the&#13;statutory balance of this account is zero as all retained earnings must be distributed or allocated to an earnings reserve.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;(h) &amp;#160;&amp;#160;&amp;#160;&amp;#160; Other comprehensive&#13;loss&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Gains and losses arising from changes in the&#13;actuarial assumptions are accounted for as equity valuation adjustments, net of income tax and social contribution effects. See&#13;Note 20 (b), the breakdown of amounts recorded in 2017 and 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;G0&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance as of December 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(165,085)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(660,563)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(825,648)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Actuarial gains/(losses) for the year (Note 20 (b))&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;236,012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;287,547&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance as of December 31, 2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;70,927&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(609,028)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(538,101)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfIssuedCapitalExplanatory>
    <ifrs-full:DisclosureOfInsuranceContractsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;The&#13;Company has insurance that covers fire and other damage to its assets and office buildings, and liabilities to third parties,&#13;among others. It also has civil liability insurance for the members of the Board of Directors and Board of Executive Officers&#13;(&amp;#8220;D&amp;#38;O insurance&amp;#8221;) and guarantee insurance for escrow deposit (as described in Note 19 (e)) and traditional&#13;guarantee insurance. The Company contracts insurance through bidding processes with the participation of the main Brazilian&#13;and international insurance companies that operate in Brazil. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="letter-spacing: -0.05pt"&gt;As of&#13;December 31, 2017, the Company&amp;#8217;s insurance coverage is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 80%; padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Coverage&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Specified risks &amp;#8211; fire&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,007,219&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Engineering risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,043,368&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Guarantee insurance for escrow deposit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Traditional guarantee insurance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Civil liability&amp;#8211; D&amp;#38;O (Directors and Officers)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Civil liability &amp;#8211; works&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;85,530&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Domestic and international transportation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;448&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Civil liability &amp;#8211; operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14&lt;/font&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,140,279&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfInsuranceContractsExplanatory>
    <SBS:ConcessionAgreementsExpired contextRef="From2017-01-01to2017-12-31">51</SBS:ConcessionAgreementsExpired>
    <SBS:ConcessionAgreementsExpired contextRef="From2016-01-01to2016-12-31">54</SBS:ConcessionAgreementsExpired>
    <SBS:ProgramAndServiceContractsSigned contextRef="From2017-01-01to2017-12-31">287</SBS:ProgramAndServiceContractsSigned>
    <SBS:ProgramAndServiceContractsSigned contextRef="From2016-01-01to2016-12-31">281</SBS:ProgramAndServiceContractsSigned>
    <SBS:GrossRevenueOfTheMunicipalitiesUnderNegotiation contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">1577787000</SBS:GrossRevenueOfTheMunicipalitiesUnderNegotiation>
    <SBS:RevenueFromAgreementOfSantos contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">294658000</SBS:RevenueFromAgreementOfSantos>
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    <SBS:RevenueFromAgreementOfSantos contextRef="From2015-01-01to2015-12-31" unitRef="BRL" decimals="-3">269530000</SBS:RevenueFromAgreementOfSantos>
    <SBS:IntangibleAssetsFromAgreementOfSantos contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">310577000</SBS:IntangibleAssetsFromAgreementOfSantos>
    <SBS:IntangibleAssetsFromAgreementOfSantos contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">303540000</SBS:IntangibleAssetsFromAgreementOfSantos>
    <SBS:EffectsOnProfitForTheYearBeforeTaxes contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">87133000</SBS:EffectsOnProfitForTheYearBeforeTaxes>
    <SBS:EffectsOnProfitForTheYearBeforeTaxes contextRef="From2016-01-01to2016-12-31" unitRef="BRL" decimals="-3">86910000</SBS:EffectsOnProfitForTheYearBeforeTaxes>
    <SBS:EffectsOnResultsBeforeTaxes contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">570238000</SBS:EffectsOnResultsBeforeTaxes>
    <SBS:EffectsOnResultsBeforeTaxes contextRef="From2016-01-01to2016-12-31" unitRef="BRL" decimals="-3">569298000</SBS:EffectsOnResultsBeforeTaxes>
    <SBS:UnsecuredNonconvertibleDebentures contextRef="AsOf2018-02-19_custom_IssueDebentures22Member_custom_FirstSeriesMember" unitRef="BRL" decimals="-3">100000000</SBS:UnsecuredNonconvertibleDebentures>
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    <SBS:UnsecuredNonconvertibleDebentures contextRef="AsOf2018-02-19_custom_IssueDebentures22Member_custom_ThirdSeriesMember" unitRef="BRL" decimals="-3">250000000</SBS:UnsecuredNonconvertibleDebentures>
    <SBS:UnsecuredNonconvertibleDebentures contextRef="AsOf2018-02-19_custom_IssueDebentures22Member" unitRef="BRL" decimals="-3">750000000</SBS:UnsecuredNonconvertibleDebentures>
    <SBS:ReallocationOfRetainedEarningsToInvestmentReserveAccount contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">1689466000</SBS:ReallocationOfRetainedEarningsToInvestmentReserveAccount>
    <SBS:DeclaredDividendPayables contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">598336000</SBS:DeclaredDividendPayables>
    <SBS:DeclaredDividendPayables contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">699936000</SBS:DeclaredDividendPayables>
    <SBS:DividendsWitheldIncomeTax contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">276000</SBS:DividendsWitheldIncomeTax>
    <SBS:DividendsWitheldIncomeTax contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">98000</SBS:DividendsWitheldIncomeTax>
    <SBS:DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">52004000</SBS:DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities>
    <SBS:DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities contextRef="AsOf2016-12-31" unitRef="BRL" decimals="-3">60838000</SBS:DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities>
    <SBS:DefinedPensionPlanExpenseRecordedInOperatingCosts contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">35156000</SBS:DefinedPensionPlanExpenseRecordedInOperatingCosts>
    <SBS:DefinedPensionPlanExpenseRecordedInOperatingCosts contextRef="From2016-01-01to2016-12-31" unitRef="BRL" decimals="-3">60263000</SBS:DefinedPensionPlanExpenseRecordedInOperatingCosts>
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    <SBS:DefinedPensionPlanExpenseRecordedInSellingExpense contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">1864000</SBS:DefinedPensionPlanExpenseRecordedInSellingExpense>
    <SBS:DefinedPensionPlanExpenseRecordedInSellingExpense contextRef="From2016-01-01to2016-12-31" unitRef="BRL" decimals="-3">7982000</SBS:DefinedPensionPlanExpenseRecordedInSellingExpense>
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    <SBS:DefinedPensionPlanExpenseCapitalizedInAssets contextRef="From2017-01-01to2017-12-31" unitRef="BRL" decimals="-3">3988000</SBS:DefinedPensionPlanExpenseCapitalizedInAssets>
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    <SBS:LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications contextRef="AsOf2017-12-31" unitRef="BRL" decimals="-3">22056000</SBS:LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications>
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    <SBS:AmortizedPrincipalAndInterest contextRef="From2017-01-01to2017-12-31_custom_DebentureIssue19Member" unitRef="BRL" decimals="-3">212648000</SBS:AmortizedPrincipalAndInterest>
    <SBS:AmortizedPrincipalAndInterest contextRef="From2017-01-01to2017-12-31_custom_Issue17Member" unitRef="BRL" decimals="-3">140144000</SBS:AmortizedPrincipalAndInterest>
    <SBS:SummaryOfOperatingSegmentInformationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 43%; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sanitation (i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation to the financial statements (ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance as per financial statements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross operating revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,223,746&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,374,623&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross sales deductions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(766,390)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(766,390)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net operating revenue &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,457,356&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,608,233&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs, selling and administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,566,104)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,080,542)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,646,646)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations before other operating expenses, net and equity accounting &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,891,252&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,335&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,961,587&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income / (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(5,679)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,760&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial result, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(458,054)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations before taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,503,614&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation and amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,301,897&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,301,897&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(i) See note 31 for further information&#13;about non-cash items, other than depreciation and amortization that impact segment results, and for additionals to long-lived asset&#13;information;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(ii) Construction revenue and related&#13;costs not reported to the CODM.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 43%; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sanitation (i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation to the financial statements (ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance as per financial statements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross operating revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,122,232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,855,109&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross sales deductions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(756,901)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(756,901)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net operating revenue &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,365,331&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,732,877&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,098,208&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs, selling and administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,026,699)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,651,364)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(10,678,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations before other operating expenses, net and equity accounting &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,338,632&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;81,513&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,420,145&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other operating income / (expenses), net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,722&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,740&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial result, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;699,447&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations before taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,129,054&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation and amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,146,626&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,146,626&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(i) See note 31 for further information&#13;about non-cash items, other than depreciation and amortization that impact segment results, and for additionals to long-lived asset&#13;information;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(ii) Construction revenue and related&#13;costs not reported to the CODM.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&#13;        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;(Restated)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 43%; text-align: justify; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sanitation (i) &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reconciliation to the financial statements (ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;143,755&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,597&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial result, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,456,462)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #D5EAEA"&gt;&#13;    &lt;td style="text-align: justify; line-height: 107%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income from operations before taxes&lt;/font&gt;&lt;/td&gt;&#13; 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      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-07" xml:lang="en-US">LIBOR - London Interbank Offered Rate</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-08" xml:lang="en-US">This category includes current accounts and investment funds in banks whose balances were not significant.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-09" xml:lang="en-US">The Company also considered future commitments (construction not yet performed) still not recognized in the financial statements related to Sao Lourenco PPP, due to the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment through an agreement signed by the parties.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-10" xml:lang="en-US">Refer to changes in the equity of investees, as their financial statements for the year ended December 31, 2016 were disclosed after disclosure of the Company's financial statements.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-11" xml:lang="en-US">Brazilian Central Bank's exchange rate as of December 31, 2017 (US$ 1.00 = R$ 3.3080; Yen 1.00 = R$ 0.02940).</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-12" xml:lang="en-US">Permanent difference related to the provision for actuarial liability (Note 20 (b) (iii)).</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-13" xml:lang="en-US">Each ADR corresponds to 1 share.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-14" xml:lang="en-US">Includes the amount of R$ 8,771 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-15" xml:lang="en-US">custodians</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-16" xml:lang="en-US">Interest expenses on loans and financing in local currency decreased mainly as a result of the variation of floating interest rates that remunerate these agreements. The main variations were in the average CDI and TJLP, of 9.9% and 7.0%, respectively, in 2017 (14.0% and 7.5%, respectively, in 2016).</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-17" xml:lang="en-US">The variation in other financial expenses is mainly a result of the increase in expenses with the present value adjustment of long-term liabilities and funding costs related to loans and financing. In 2016, other financial expenses decreased, especially due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiete - CAB - SPAT.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-18" xml:lang="en-US">The monetary variation derives mainly from the lower variation of the IPCA in 2017, versus 2016 (2.95% and 6.29%, respectively). The exposures to this rate are shown in Note 5.1 (d). In 2016, the inflation adjustment derives mainly from the lower variation of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively).</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-19" xml:lang="en-US">Expenses mainly related to inflation adjustments related to the commitments required by public-private partnerships, program contracts commitments and agreements. In 2016, the increase was essentially due to the restatement of liabilities related to the commitments required by public-private partnerships and leases.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-20" xml:lang="en-US">The decrease arises from the decline in the rate practiced by the Court, from 7.39% in 2016 to 1.94% in 2017. In 2016, the variation was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the estimated probability of loss, arising from decisions that were unfavorable to the Company.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-21" xml:lang="en-US">The monetary variation gains decrease due to the lower restatement of the agreement entered into with the Sao Paulo State Government (GESP) in 2017 and the reduction in the National Consumer Price Index (INPC), used to restate escrow deposits.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-22" xml:lang="en-US">The decrease is a result of the decrease in the CDI rate, of 13.75% p.a. in 2016 and 6.89% p.a. in 2017. In 2016, the increase is due to the higher average balance of investments compared to 2015.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-23" xml:lang="en-US">The R$ 39,567 decrease in interest income arises mainly from the recognition of present value adjustment on new installment payment agreements entered into with customers in 2017. In 2016, the R$54,710 increase in interest income is essentially due to lower interest on installment agreements in 2015.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-24" xml:lang="en-US">The change in expenses mainly reflects the appreciation of the U.S. dollar and the Yen against the Real in 2017 (1.5% and 5.3%, respectively), compared to the depreciation presented in 2016 (16.5% and 13.9%, respectively). In 2016, the change in expenses mainly reflects the depreciation of the U.S. dollar against the real in 2016 (16.5% and 13.9%, respectively), compared to the appreciation presented in 2015 (47.0% and 45.9%, respectively).</link:footnote>
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	  <link:definition>00000015 - Disclosure - 9. Trade receivables</link:definition>
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	  <link:definition>00000016 - Disclosure - 10. Related-Party Balances and Transactions</link:definition>
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	  <link:definition>00000017 - Disclosure - 11. Water National Agency - ANA</link:definition>
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	  <link:definition>00000021 - Disclosure - 15. Property, plant and equipment</link:definition>
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	  <link:definition>00000022 - Disclosure - 16. Borrowings and financing</link:definition>
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	  <link:definition>00000027 - Disclosure - 21. Services payable</link:definition>
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	  <link:definition>00000029 - Disclosure - 23. Earnings per share</link:definition>
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	  <link:definition>00000030 - Disclosure - 24. Operating segment information</link:definition>
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	  <link:definition>00000031 - Disclosure - 25. Insurance</link:definition>
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	  <link:definition>00000032 - Disclosure - 26. Operating revenue</link:definition>
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	  <link:definition>00000035 - Disclosure - 29. Other operating income (expenses), net</link:definition>
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	  <link:definition>00000038 - Disclosure - 32. Events after the reporting period</link:definition>
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	  <link:definition>00000039 - Disclosure - 3. Summary of Significant Accounting Policies (Policies)</link:definition>
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	  <link:definition>00000041 - Disclosure - 5. Risk Management (Tables)</link:definition>
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	  <link:definition>00000043 - Disclosure - 8. Restricted cash (Tables)</link:definition>
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	  <link:definition>00000044 - Disclosure - 9. Trade receivables (Tables)</link:definition>
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	  <link:definition>00000048 - Disclosure - 14. Intangible assets (Tables)</link:definition>
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	  <link:definition>00000049 - Disclosure - 15. Property, plant and equipment (Tables)</link:definition>
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	  <link:definition>00000051 - Disclosure - 17. Taxes recoverable/payable (Tables)</link:definition>
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	  <link:definition>00000054 - Disclosure - 20. Employees benefits (Tables)</link:definition>
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	  <link:definition>00000055 - Disclosure - 22. Equity (Tables)</link:definition>
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	  <link:definition>00000056 - Disclosure - 23. Earnings per share (Tables)</link:definition>
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	<link:roleType roleURI="http://sabesp.com.br/role/OperatingSegmentInformationTables" id="OperatingSegmentInformationTables">
	  <link:definition>00000057 - Disclosure - 24. Operating segment information (Tables)</link:definition>
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	  <link:definition>00000058 - Disclosure - 25. Insurance (Tables)</link:definition>
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	<link:roleType roleURI="http://sabesp.com.br/role/OperatingRevenueTables" id="OperatingRevenueTables">
	  <link:definition>00000059 - Disclosure - 26. Operating revenue (Tables)</link:definition>
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	<link:roleType roleURI="http://sabesp.com.br/role/OperatingCostsAndExpensesTables" id="OperatingCostsAndExpensesTables">
	  <link:definition>00000060 - Disclosure - 27. Operating costs and expenses (Tables)</link:definition>
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	<link:roleType roleURI="http://sabesp.com.br/role/FinancialIncomeExpensesTables" id="FinancialIncomeExpensesTables">
	  <link:definition>00000061 - Disclosure - 28. Financial Income (Expenses) (Tables)</link:definition>
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	<link:roleType roleURI="http://sabesp.com.br/role/OtherOperatingIncomeExpensesNetTables" id="OtherOperatingIncomeExpensesNetTables">
	  <link:definition>00000062 - Disclosure - 29. Other operating income (expenses), net (Tables)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/CommitmentsTables" id="CommitmentsTables">
	  <link:definition>00000063 - Disclosure - 30. Commitments (Tables)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	  <link:definition>00000064 - Disclosure - 31. Supplemental cash flow information (Tables)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/EventsAfterReportingPeriodTables" id="EventsAfterReportingPeriodTables">
	  <link:definition>00000065 - Disclosure - 32. Events after the reporting period (Tables)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	  <link:definition>00000066 - Disclosure - 1. Operations (Details Narrative)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	  <link:definition>00000067 - Disclosure - 4. Changes in accounting practices and disclosures (Details)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	  <link:definition>00000068 - Disclosure - 4. Changes in accounting practices and disclosures (Details 1)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	  <link:definition>00000069 - Disclosure - 5. Risk Management (Details)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/RiskManagementDetails1" id="RiskManagementDetails1">
	  <link:definition>00000070 - Disclosure - 5. Risk Management (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/RiskManagementDetails2" id="RiskManagementDetails2">
	  <link:definition>00000071 - Disclosure - 5. Risk Management (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/RiskManagementDetails3" id="RiskManagementDetails3">
	  <link:definition>00000072 - Disclosure - 5. Risk Management (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/RiskManagementDetails4" id="RiskManagementDetails4">
	  <link:definition>00000073 - Disclosure - 5. Risk Management (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/RiskManagementDetails5" id="RiskManagementDetails5">
	  <link:definition>00000074 - Disclosure - 5. Risk Management (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/RiskManagementDetails6" id="RiskManagementDetails6">
	  <link:definition>00000075 - Disclosure - 5. Risk Management (Details 6)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/RiskManagementDetailsNarrative" id="RiskManagementDetailsNarrative">
	  <link:definition>00000076 - Disclosure - 5. Risk Management (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	  <link:definition>00000077 - Disclosure - 7. Cash and cash equivalents (Details)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/CashAndCashEquivalentsDetailsNarrative" id="CashAndCashEquivalentsDetailsNarrative">
	  <link:definition>00000078 - Disclosure - 7. Cash and cash equivalents (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/RestrictedCashDetails" id="RestrictedCashDetails">
	  <link:definition>00000079 - Disclosure - 8. Restricted cash (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/TradeReceivablesDetails" id="TradeReceivablesDetails">
	  <link:definition>00000080 - Disclosure - 9. Trade receivables (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/TradeReceivablesDetails1" id="TradeReceivablesDetails1">
	  <link:definition>00000081 - Disclosure - 9. Trade receivables (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/TradeReceivablesDetails2" id="TradeReceivablesDetails2">
	  <link:definition>00000082 - Disclosure - 9. Trade receivables (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/TradeReceivablesDetails3" id="TradeReceivablesDetails3">
	  <link:definition>00000083 - Disclosure - 9. Trade receivables (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/TradeReceivablesDetailsNarrative" id="TradeReceivablesDetailsNarrative">
	  <link:definition>00000084 - Disclosure - 9. Trade receivables (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/Related-partyBalancesAndTransactionsDetails" id="Related-partyBalancesAndTransactionsDetails">
	  <link:definition>00000085 - Disclosure - 10. Related-Party Balances and Transactions (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/Related-partyBalancesAndTransactionsDetails1" id="Related-partyBalancesAndTransactionsDetails1">
	  <link:definition>00000086 - Disclosure - 10. Related-Party Balances and Transactions (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/Related-partyBalancesAndTransactionsDetails2" id="Related-partyBalancesAndTransactionsDetails2">
	  <link:definition>00000087 - Disclosure - 10. Related-Party Balances and Transactions (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/Related-partyBalancesAndTransactionsDetailsNarrative" id="Related-partyBalancesAndTransactionsDetailsNarrative">
	  <link:definition>00000088 - Disclosure - 10. Related-Party Balances and Transactions (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/WaterNationalAgency-AnaDetailsNarrative" id="WaterNationalAgency-AnaDetailsNarrative">
	  <link:definition>00000089 - Disclosure - 11. Water National Agency - ANA (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	  <link:definition>00000090 - Disclosure - 12. Investments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/InvestmentsDetailsNarrative" id="InvestmentsDetailsNarrative">
	  <link:definition>00000091 - Disclosure - 12. Investments (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/InvestmentPropertiesDetails" id="InvestmentPropertiesDetails">
	  <link:definition>00000092 - Disclosure - 13. Investment properties (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/InvestmentPropertiesDetailsNarrative" id="InvestmentPropertiesDetailsNarrative">
	  <link:definition>00000093 - Disclosure - 13. Investment properties (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/IntangibleAssetsDetails" id="IntangibleAssetsDetails">
	  <link:definition>00000094 - Disclosure - 14. Intangible assets (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/IntangibleAssetsDetails1" id="IntangibleAssetsDetails1">
	  <link:definition>00000095 - Disclosure - 14. Intangible assets (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/IntangibleAssetsDetails2" id="IntangibleAssetsDetails2">
	  <link:definition>00000096 - Disclosure - 14. Intangible assets (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/IntangibleAssetsDetailsNarrative" id="IntangibleAssetsDetailsNarrative">
	  <link:definition>00000097 - Disclosure - 14. Intangible assets (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/PropertyPlantAndEquipmentDetails" id="PropertyPlantAndEquipmentDetails">
	  <link:definition>00000098 - Disclosure - 15. Property, plant and equipment (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/PropertyPlantAndEquipmentDetails1" id="PropertyPlantAndEquipmentDetails1">
	  <link:definition>00000099 - Disclosure - 15. Property, plant and equipment (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/PropertyPlantAndEquipmentDetailsNarrative" id="PropertyPlantAndEquipmentDetailsNarrative">
	  <link:definition>00000100 - Disclosure - 15. Property, plant and equipment (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/BorrowingsAndFinancingDetails" id="BorrowingsAndFinancingDetails">
	  <link:definition>00000101 - Disclosure - 16. Borrowings and financing (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/BorrowingsAndFinancingDetails1" id="BorrowingsAndFinancingDetails1">
	  <link:definition>00000102 - Disclosure - 16. Borrowings and financing (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/BorrowingsAndFinancingDetails2" id="BorrowingsAndFinancingDetails2">
	  <link:definition>00000103 - Disclosure - 16. Borrowings and financing (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/BorrowingsAndFinancingDetails3" id="BorrowingsAndFinancingDetails3">
	  <link:definition>00000104 - Disclosure - 16. Borrowings and financing (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/BorrowingsAndFinancingDetails4" id="BorrowingsAndFinancingDetails4">
	  <link:definition>00000105 - Disclosure - 16. Borrowings and financing (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/BorrowingsAndFinancingDetailsNarrative" id="BorrowingsAndFinancingDetailsNarrative">
	  <link:definition>00000106 - Disclosure - 16. Borrowings and financing (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/TaxesRecoverablepayableDetails" id="TaxesRecoverablepayableDetails">
	  <link:definition>00000107 - Disclosure - 17. Taxes recoverable/payable (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://sabesp.com.br/role/TaxesRecoverablepayableDetails1" id="TaxesRecoverablepayableDetails1">
	  <link:definition>00000108 - Disclosure - 17. Taxes recoverable/payable (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/DeferredTaxesAndContributionsDetails" id="DeferredTaxesAndContributionsDetails">
	  <link:definition>00000109 - Disclosure - 18. Deferred taxes and contributions (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/DeferredTaxesAndContributionsDetails1" id="DeferredTaxesAndContributionsDetails1">
	  <link:definition>00000110 - Disclosure - 18. Deferred taxes and contributions (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/DeferredTaxesAndContributionsDetails2" id="DeferredTaxesAndContributionsDetails2">
	  <link:definition>00000111 - Disclosure - 18. Deferred taxes and contributions (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/DeferredTaxesAndContributionsDetails3" id="DeferredTaxesAndContributionsDetails3">
	  <link:definition>00000112 - Disclosure - 18. Deferred taxes and contributions (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/DeferredTaxesAndContributionsDetails4" id="DeferredTaxesAndContributionsDetails4">
	  <link:definition>00000113 - Disclosure - 18. Deferred taxes and contributions (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/ProvisionsDetails" id="ProvisionsDetails">
	  <link:definition>00000114 - Disclosure - 19. Provisions (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/ProvisionsDetails1" id="ProvisionsDetails1">
	  <link:definition>00000115 - Disclosure - 19. Provisions (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/ProvisionsDetails2" id="ProvisionsDetails2">
	  <link:definition>00000116 - Disclosure - 19. Provisions (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/ProvisionsDetailsNarrative" id="ProvisionsDetailsNarrative">
	  <link:definition>00000117 - Disclosure - 19. Provisions (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails" id="EmployeesBenefitsDetails">
	  <link:definition>00000118 - Disclosure - 20. Employees benefits (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails1" id="EmployeesBenefitsDetails1">
	  <link:definition>00000119 - Disclosure - 20. Employees benefits (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails2" id="EmployeesBenefitsDetails2">
	  <link:definition>00000120 - Disclosure - 20. Employees benefits (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails3" id="EmployeesBenefitsDetails3">
	  <link:definition>00000121 - Disclosure - 20. Employees benefits (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails4" id="EmployeesBenefitsDetails4">
	  <link:definition>00000122 - Disclosure - 20. Employees benefits (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails5" id="EmployeesBenefitsDetails5">
	  <link:definition>00000123 - Disclosure - 20. Employees benefits (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails6" id="EmployeesBenefitsDetails6">
	  <link:definition>00000124 - Disclosure - 20. Employees benefits (Details 6)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails7" id="EmployeesBenefitsDetails7">
	  <link:definition>00000125 - Disclosure - 20. Employees benefits (Details 7)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails8" id="EmployeesBenefitsDetails8">
	  <link:definition>00000126 - Disclosure - 20. Employees benefits (Details 8)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails9" id="EmployeesBenefitsDetails9">
	  <link:definition>00000127 - Disclosure - 20. Employees benefits (Details 9)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails10" id="EmployeesBenefitsDetails10">
	  <link:definition>00000128 - Disclosure - 20. Employees benefits (Details 10)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails11" id="EmployeesBenefitsDetails11">
	  <link:definition>00000129 - Disclosure - 20. Employees benefits (Details 11)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetails12" id="EmployeesBenefitsDetails12">
	  <link:definition>00000130 - Disclosure - 20. Employees benefits (Details 12)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EmployeesBenefitsDetailsNarrative" id="EmployeesBenefitsDetailsNarrative">
	  <link:definition>00000131 - Disclosure - 20. Employees benefits (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/ServicesPayableDetailsNarrative" id="ServicesPayableDetailsNarrative">
	  <link:definition>00000132 - Disclosure - 21. Services payable (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EquityDetails" id="EquityDetails">
	  <link:definition>00000133 - Disclosure - 22. Equity (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EquityDetails1" id="EquityDetails1">
	  <link:definition>00000134 - Disclosure - 22. Equity (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EquityDetails2" id="EquityDetails2">
	  <link:definition>00000135 - Disclosure - 22. Equity (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EquityDetails3" id="EquityDetails3">
	  <link:definition>00000136 - Disclosure - 22. Equity (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EquityDetailsNarrative" id="EquityDetailsNarrative">
	  <link:definition>00000137 - Disclosure - 22. Equity (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EarningsPerShareDetails" id="EarningsPerShareDetails">
	  <link:definition>00000138 - Disclosure - 23. Earnings per share (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/OperatingSegmentInformationDetails" id="OperatingSegmentInformationDetails">
	  <link:definition>00000139 - Disclosure - 24. Operating segment information (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/OperatingSegmentInformationDetails1" id="OperatingSegmentInformationDetails1">
	  <link:definition>00000140 - Disclosure - 24. Operating segment information (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/InsuranceDetails" id="InsuranceDetails">
	  <link:definition>00000141 - Disclosure - 25. Insurance (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/OperatingRevenueDetails" id="OperatingRevenueDetails">
	  <link:definition>00000142 - Disclosure - 26. Operating revenue (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/OperatingRevenueDetails1" id="OperatingRevenueDetails1">
	  <link:definition>00000143 - Disclosure - 26. Operating revenue (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/OperatingCostsAndExpensesDetails" id="OperatingCostsAndExpensesDetails">
	  <link:definition>00000144 - Disclosure - 27. Operating costs and expenses (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/FinancialIncomeExpensesDetails" id="FinancialIncomeExpensesDetails">
	  <link:definition>00000145 - Disclosure - 28. Financial Income (Expenses) (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/OtherOperatingIncomeExpensesNetDetails" id="OtherOperatingIncomeExpensesNetDetails">
	  <link:definition>00000146 - Disclosure - 29. Other operating income (expenses), net (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/CommitmentsDetails" id="CommitmentsDetails">
	  <link:definition>00000147 - Disclosure - 30. Commitments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/SupplementalCashFlowInformationDetails" id="SupplementalCashFlowInformationDetails">
	  <link:definition>00000148 - Disclosure - 31. Supplemental cash flow information (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EventsAfterReportingPeriodDetails" id="EventsAfterReportingPeriodDetails">
	  <link:definition>00000149 - Disclosure - 32. Events after the reporting period (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://sabesp.com.br/role/EventsAfterReportingPeriodDetailsNarrative" id="EventsAfterReportingPeriodDetailsNarrative">
	  <link:definition>00000150 - Disclosure - 32. Events after the reporting period (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="sbs-20171231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sbs-20171231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sbs-20171231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sbs-20171231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
    <import namespace="http://xbrl.ifrs.org/taxonomy/2017-03-09/ifrs-full" schemaLocation="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd" />
    <import namespace="http://fasb.org/us-types/2017-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2017/elts/us-types-2017-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
    <import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd" />
    <element id="SBS_WaterNationalAgencyNoncurrent" name="WaterNationalAgencyNoncurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PublicPrivatePartnershipNoncurrent" name="PublicPrivatePartnershipNoncurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PublicPrivatePartnershipCurrent" name="PublicPrivatePartnershipCurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityInResultsOfInvestmentsInAffiliaties" name="EquityInResultsOfInvestmentsInAffiliaties" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinanceIncomeExpenseNet" name="FinanceIncomeExpenseNet" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdditionalDividendsProposedApproved" name="AdditionalDividendsProposedApproved" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterestExpenseOnCapital" name="InterestExpenseOnCapital" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends" name="WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LegalReserve" name="LegalReserve" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IncomeTaxAndSocialContribution" name="IncomeTaxAndSocialContribution" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProgramContractCommitments" name="ProgramContractCommitments" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionsAndInflationAdjustment" name="ProvisionsAndInflationAdjustment" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing" name="InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterestAndInflationAdjustmentOnLiabilities" name="InterestAndInflationAdjustmentOnLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterestAndInflationAdjustmentOnAssets" name="InterestAndInflationAdjustmentOnAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinanceChargesFromCustomers" name="FinanceChargesFromCustomers" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionForConsentDecree" name="ProvisionForConsentDecree" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsForRecoverableTaxes" name="AdjustmentsForRecoverableTaxes" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits" name="AdjustmentsForIncreaseDecreaseInEscrowDeposits" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables" name="AdjustmentsForDecreaseIncreaseInOtherReceivables" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes" name="AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable" name="AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP" name="AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsForPensionObligations" name="AdjustmentsForPensionObligations" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AverageYieldOfFinancialInvestments" name="AverageYieldOfFinancialInvestments" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PercentageOfSharesHeld" name="PercentageOfSharesHeld" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PublicPrivatePartnershipLiabilities" name="PublicPrivatePartnershipLiabilities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PublicPrivatePartnership" name="PublicPrivatePartnership" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SalariesPayrollChargesAndSocialContributionsPayable" name="SalariesPayrollChargesAndSocialContributionsPayable" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsAccumulatedAmortization" name="IntangibleAssetsAccumulatedAmortization" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinancialInstrumentAssetsRelatedParties" name="FinancialInstrumentAssetsRelatedParties" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesGross" name="TradeReceivablesGross" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CurrentTradeReceivablesGross" name="CurrentTradeReceivablesGross" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesPastDue" name="TradeReceivablesPastDue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_WriteoffsAccountsReceivable" name="WriteoffsAccountsReceivable" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BadDebtExpense" name="BadDebtExpense" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RecoveriesRecognized" name="RecoveriesRecognized" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector" name="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties" name="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="SBS_BorrowingsPaymentYearFour" name="BorrowingsPaymentYearFour" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsPaymentYearFive" name="BorrowingsPaymentYearFive" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsPaymentYearSix" name="BorrowingsPaymentYearSix" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsPaymentThereafter" name="BorrowingsPaymentThereafter" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsPaymentNet" name="BorrowingsPaymentNet" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingFunding" name="BorrowingFunding" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingFundingCosts" name="BorrowingFundingCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EffectOfExchangeRateChangesOnBorrowings" name="EffectOfExchangeRateChangesOnBorrowings" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AccruedInterestOnBorrowings" name="AccruedInterestOnBorrowings" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized" name="BorrowingsProvisionForInterestRatesAndFeesCapitalized" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionsNet" name="ProvisionsNet" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EnvironmentalIndemnifications" name="EnvironmentalIndemnifications" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GuaranteeInsuranceForEscrowDeposit" name="GuaranteeInsuranceForEscrowDeposit" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants" name="EstimateOfContributionsExpectedToBePaidToPlanByParticipants" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_NetProfitabilityOnFinancialAssets" name="NetProfitabilityOnFinancialAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpenseToBeRecognizedByEmployer" name="ExpenseToBeRecognizedByEmployer" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits" name="NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits" nillable="true" xbrli:periodType="duration" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ImpactOnPresentValueOfDefinedBenefitObligations" name="ImpactOnPresentValueOfDefinedBenefitObligations" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AmountReceivedFromGESP" name="AmountReceivedFromGESP" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ServicesPayable" name="ServicesPayable" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ContractLiabilitiesInvestments" name="ContractLiabilitiesInvestments" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ContractLiabilitiesExpenses" name="ContractLiabilitiesExpenses" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated" name="CarryingAmountOfIntangibleAssetsNotTemporarilyOperated" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo" name="GrossRevenueConcentratedInMunicipalityOfSaoPaulo" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo" name="IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TariffRepositioningIndex" name="TariffRepositioningIndex" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinalMaximumAverageTariff" name="FinalMaximumAverageTariff" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FactorX" name="FactorX" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_WeightedAverageCostOfCapital" name="WeightedAverageCostOfCapital" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinalRegulatoryRemunerationBase" name="FinalRegulatoryRemunerationBase" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionFromSaoPauloAgreement" name="ProvisionFromSaoPauloAgreement" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentForGespAgreement" name="AdjustmentForGespAgreement" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DisclosureOfOperationsExplanatory" name="DisclosureOfOperationsExplanatory" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock" name="SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock" name="SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock" name="SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock" name="SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfCreditInformationOfBanksTableTextBlock" name="SummaryOfCreditInformationOfBanksTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfChangesInBorrowingsTableTextBlock" name="SummaryOfChangesInBorrowingsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock" name="SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PermanentDifferencesGESPAgreement" name="PermanentDifferencesGESPAgreement" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfChangesInProvisionsTableTextBlock" name="SummaryOfChangesInProvisionsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock" name="SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfActuarialAssumptionsTableTextBlock" name="SummaryOfActuarialAssumptionsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock" name="SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock" name="SummaryOfMainActuarialAssumptionsUsedTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfDistributionOfEarningsTableTextBlock" name="SummaryOfDistributionOfEarningsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfAllocationOfProfitTableTextBlock" name="SummaryOfAllocationOfProfitTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock" name="SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock" name="SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfOperatingRevenueTableTextBlock" name="SummaryOfOperatingRevenueTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue" name="SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfExpensesByNatureTableTextBlock" name="SummaryOfExpensesByNatureTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock" name="SummaryOfFinancialIncomeExpensesTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" name="SummaryOfOtherOperatingIncomeExpensesTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DisclosureOfSupplementalCashFlowInformationExplanatory" name="DisclosureOfSupplementalCashFlowInformationExplanatory" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock" name="SummaryOfSupplementalCashFlowInformationTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OtherInvestmentsAndFinancingOperations" name="OtherInvestmentsAndFinancingOperations" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterestExpenseOnCapital2" name="InterestExpenseOnCapital2" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdditionalDividendsProposedApproved2" name="AdditionalDividendsProposedApproved2" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterestExpenseOnCapital3" name="InterestExpenseOnCapital3" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdditionalDividendsProposedApproved3" name="AdditionalDividendsProposedApproved3" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ConcessionAgreementsExpired" name="ConcessionAgreementsExpired" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProgramAndServiceContractsSigned" name="ProgramAndServiceContractsSigned" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation" name="GrossRevenueOfTheMunicipalitiesUnderNegotiation" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RevenueFromAgreementOfSantos" name="RevenueFromAgreementOfSantos" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsFromAgreementOfSantos" name="IntangibleAssetsFromAgreementOfSantos" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EffectsOnProfitForTheYearBeforeTaxes" name="EffectsOnProfitForTheYearBeforeTaxes" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EffectsOnResultsBeforeTaxes" name="EffectsOnResultsBeforeTaxes" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_UnsecuredNonconvertibleDebentures" name="UnsecuredNonconvertibleDebentures" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount" name="ReallocationOfRetainedEarningsToInvestmentReserveAccount" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeclaredDividendPayables" name="DeclaredDividendPayables" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DividendsWitheldIncomeTax" name="DividendsWitheldIncomeTax" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities" name="DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts" name="DefinedPensionPlanExpenseRecordedInOperatingCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DefinedPensionPlanExpenseRecordedInSellingExpense" name="DefinedPensionPlanExpenseRecordedInSellingExpense" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense" name="DefinedPensionPlanExpenseRecordedInAdministrativeExpense" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DefinedPensionPlanExpenseCapitalizedInAssets" name="DefinedPensionPlanExpenseCapitalizedInAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset" name="PaymentFromPlanNetDefinedBenefitLiabilityAsset" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EstimateOfContributionExpectedToBePaidToPlan" name="EstimateOfContributionExpectedToBePaidToPlan" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LegalAndAdministrativeAgreements" name="LegalAndAdministrativeAgreements" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LegalAndAdministrativeAgreementsRelatedToConstruction" name="LegalAndAdministrativeAgreementsRelatedToConstruction" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications" name="LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AmortizedPrincipalAndInterest" name="AmortizedPrincipalAndInterest" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfOperatingSegmentInformationTableTextBlock" name="SummaryOfOperatingSegmentInformationTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpensesToBeRecognizedByEmployer" name="ExpensesToBeRecognizedByEmployer" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation" name="CarryingAmountOfUnderlyingAssetsUnderNegotiation" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ConcessionAgreementsThatWillExpire" name="ConcessionAgreementsThatWillExpire" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PeriodOfExpiration" name="PeriodOfExpiration" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties" name="FinancialInstrumentAssetsReceivablesFromRelatedParties" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ReimbursementOfAdditionalRetirementAndPensionPlan" name="ReimbursementOfAdditionalRetirementAndPensionPlan" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_NetActuarialLiability" name="NetActuarialLiability" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ReceivablesInCurrentAssets" name="ReceivablesInCurrentAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ReceivablesInNoncurrentAssets" name="ReceivablesInNoncurrentAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PensionBenefitObligations" name="PensionBenefitObligations" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities" name="ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities" name="PayablesForServicesRenderedBySoPauloStateGovernmentEntities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_NonoperatingAssets" name="NonoperatingAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionedDividendsChangeInEquity" name="ProvisionedDividendsChangeInEquity" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProfitForYearChangeInEquity" name="ProfitForYearChangeInEquity" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DividendsDistributedChangeInEquity" name="DividendsDistributedChangeInEquity" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityInEarningsOfSubsidiariesChangeInEquity" name="EquityInEarningsOfSubsidiariesChangeInEquity" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ParticipationInIntangibleAssets" name="ParticipationInIntangibleAssets" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GrossRevenuesPercentage" name="GrossRevenuesPercentage" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterestChargesFromBorrowingsUS" name="InterestChargesFromBorrowingsUS" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterestChargesFromBorrowingsYen" name="InterestChargesFromBorrowingsYen" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingCostUS" name="BorrowingCostUS" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingCostYen" name="BorrowingCostYen" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ForeignCurrencyDenominatedBorrowings" name="ForeignCurrencyDenominatedBorrowings" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SanitationServicesRevenue" name="SanitationServicesRevenue" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RevenueFromConstruction" name="RevenueFromConstruction" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SalesTaxOnRevenue" name="SalesTaxOnRevenue" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RegulationControlAndOversightFee" name="RegulationControlAndOversightFee" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdvanceForFutureCapitalIncrease" name="AdvanceForFutureCapitalIncrease" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdditionalDividends" name="AdditionalDividends" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ActiveParticipantsOfPlan" name="ActiveParticipantsOfPlan" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BeneficiariesRetireesAndSurvivors" name="BeneficiariesRetireesAndSurvivors" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ActuarialDeficit" name="ActuarialDeficit" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DefinedBenefitObligationOperatingCosts" name="DefinedBenefitObligationOperatingCosts" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DefinedBenefitObligationInSellingExpense" name="DefinedBenefitObligationInSellingExpense" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DefinedBenefitObligationInAdministrativeExpense" name="DefinedBenefitObligationInAdministrativeExpense" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SubscribedAndPaidincapital" name="SubscribedAndPaidincapital" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ActuarialAssumptionOfMortalityRates2" name="ActuarialAssumptionOfMortalityRates2" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod" name="AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IndemnitiesReceivable" name="IndemnitiesReceivable" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities" name="IncreaseInLawsuitsDeemedAsContingentLiabilities" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PensionObligations" name="PensionObligations" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GuaranteeInsuranceForEscrowDepositRenewed" name="GuaranteeInsuranceForEscrowDepositRenewed" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations" name="LiabilityAsPerStatementOfFinancialPositionPensionObligations" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_MaximumExposureToExchangeRisk" name="MaximumExposureToExchangeRisk" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale" name="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction" name="WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector" name="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers" name="ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CapitalizedInAssets" name="CapitalizedInAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_MigrationProcessNonrecurringContribution" name="MigrationProcessNonrecurringContribution" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_MigrationProcessPreviousBalance" name="MigrationProcessPreviousBalance" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SurplusMinimumMandatory" name="SurplusMinimumMandatory" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InsutanceCoverage" name="InsutanceCoverage" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GESPAgreementInterestRate" name="GESPAgreementInterestRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SaoPauloGovernmentAgreement" name="SaoPauloGovernmentAgreement" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PreferredSharesIssuedForInstallments" name="PreferredSharesIssuedForInstallments" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SaoPauloGovernmentAgreementAdjusted" name="SaoPauloGovernmentAgreementAdjusted" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GovernmentAgreementInflationAdjustment1" name="GovernmentAgreementInflationAdjustment1" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CteepSharesDisposed" name="CteepSharesDisposed" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ReservoirsLongtermAverageOutflow" name="ReservoirsLongtermAverageOutflow" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SharedExpensesBasedOnTermsOfAgreement" name="SharedExpensesBasedOnTermsOfAgreement" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PresentValueOfAgreementBalance" name="PresentValueOfAgreementBalance" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AmountDisbursedCurrent" name="AmountDisbursedCurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AmountDisbursedNoncurrent" name="AmountDisbursedNoncurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ConnectToNetworkProgramExpenditureConcentration" name="ConnectToNetworkProgramExpenditureConcentration" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ConnectToNetworkProgram" name="ConnectToNetworkProgram" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties" name="ConnectToNetworkProgram.ReceivableFromRelatedParties" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ConnectToNetworkProgram.IntangibleAssets" name="ConnectToNetworkProgram.IntangibleAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ConnectToNetworkProgram.Reimbursement" name="ConnectToNetworkProgram.Reimbursement" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GuaranteedForAgreements" name="GuaranteedForAgreements" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CurrencyAppreciationUSD" name="CurrencyAppreciationUSD" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CurrencyAppreciationYen" name="CurrencyAppreciationYen" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DebtReducedCurrencyAppreciationUsd" name="DebtReducedCurrencyAppreciationUsd" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DebtReducedCurrencyAppreciationYen" name="DebtReducedCurrencyAppreciationYen" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_UndisputedReimbursement" name="UndisputedReimbursement" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ReimbursementReceivableRelatedToReservoirs" name="ReimbursementReceivableRelatedToReservoirs" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LeverageRatio" name="LeverageRatio" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BalanceRelatedToFirstAmendmentWithEMAE" name="BalanceRelatedToFirstAmendmentWithEMAE" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp" name="ExpensesRelatedToPersonnelByOtherEntitiesToSabesp" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_UnsecuredDebentures" name="UnsecuredDebentures" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AgreementReceivableGESPRemaining" name="AgreementReceivableGESPRemaining" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PaymentsOfInstallments" name="PaymentsOfInstallments" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_GovernmentAgreementInflationAdjustment" name="GovernmentAgreementInflationAdjustment" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PreferredSharesIssuedForInstallmentsValue" name="PreferredSharesIssuedForInstallmentsValue" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_UseOfReservoirsAnnualPayment2" name="UseOfReservoirsAnnualPayment2" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_UseOfReservoirsAnnualPayment" name="UseOfReservoirsAnnualPayment" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_UseOfReservoirsAnnualPayment1" name="UseOfReservoirsAnnualPayment1" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BalanceOfAgreementWithEMAECurrent" name="BalanceOfAgreementWithEMAECurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AverageGrossPayroll" name="AverageGrossPayroll" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AssetsConsolidatedProfitablilty" name="AssetsConsolidatedProfitablilty" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AssetsProfitabilityActuarialTarget" name="AssetsProfitabilityActuarialTarget" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ReturnOfIbovespa" name="ReturnOfIbovespa" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_MinimumMandatoryDividendPerShareAndPerADS" name="MinimumMandatoryDividendPerShareAndPerADS" nillable="true" xbrli:periodType="duration" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IndemnitiesReceivableNoncurrent" name="IndemnitiesReceivableNoncurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_NumberOfMunicipalities" name="NumberOfMunicipalities" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpropriationCosts" name="ExpropriationCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PublicPrivatePartnershipIntangibleAssets" name="PublicPrivatePartnershipIntangibleAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp" name="IntangibleAssetsPhysicalEvolutionOfContructionPpp" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate" name="IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_WorkInProgressIntangibleAssets" name="WorkInProgressIntangibleAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AmortizationAverageRate" name="AmortizationAverageRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EstimatedMonetaryRestatement" name="EstimatedMonetaryRestatement" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_MonthlyAssignedFundsFromTariffs" name="MonthlyAssignedFundsFromTariffs" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdjustmentToPresentValueOfAgreement" name="AdjustmentToPresentValueOfAgreement" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AgreementPercentageOfRevenue" name="AgreementPercentageOfRevenue" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RevenueFromConstructionServiceGrossMargin" name="RevenueFromConstructionServiceGrossMargin" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FundsFromTariffsArisingFromServicesProvided" name="FundsFromTariffsArisingFromServicesProvided" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetRelatedToPPPAltoTiete" name="IntangibleAssetRelatedToPPPAltoTiete" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsWorkInProgressPppSaoLourenco" name="IntangibleAssetsWorkInProgressPppSaoLourenco" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsWorkInProgressItanhaem" name="IntangibleAssetsWorkInProgressItanhaem" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LawsuitsFiledByCommercialCustomers" name="LawsuitsFiledByCommercialCustomers" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff" name="LawsuitsWhichCustomersClaimReductionInSewageTariff" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LawsuitsWhichCustomersPleadReductionInTariff" name="LawsuitsWhichCustomersPleadReductionInTariff" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution" name="TaxClaimsRelatedToIncomeTaxAndSocialContribution" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TaxDeficiencyNoticeRelatedToSewageServices" name="TaxDeficiencyNoticeRelatedToSewageServices" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable" name="OffsetRequestsForExtinctionOfIPRJCSLLPayable" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RequestForAuthorizationToOffsetTaxes" name="RequestForAuthorizationToOffsetTaxes" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LawsuitsRelatedToTaxesAndFinesAccrued" name="LawsuitsRelatedToTaxesAndFinesAccrued" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities" name="LawsuitsRelatedToTaxesAndFinesContingentLiabilities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities" name="RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued" name="RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BalanceOfAgreementWithEMAENoncurrent" name="BalanceOfAgreementWithEMAENoncurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsWorkInProgressSaoPaulo" name="IntangibleAssetsWorkInProgressSaoPaulo" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsWorkInProgressSaoPauloFranca" name="IntangibleAssetsWorkInProgressSaoPauloFranca" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentReserveMember" name="InvestmentReserveMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdditionalDividendProposedMember" name="AdditionalDividendProposedMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RestrictedCash1Member" name="RestrictedCash1Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
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    <element id="SBS_FourteenthIssueDebenturesMember" name="FourteenthIssueDebenturesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FifteenthIssueDebenturesMember" name="FifteenthIssueDebenturesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EighteenthIssueDebenturesMember" name="EighteenthIssueDebenturesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_NineteenthIssueDebenturesMember" name="NineteenthIssueDebenturesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TwentiethIssueDebenturesMember" name="TwentiethIssueDebenturesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TwentyFirstIssueDebenturesMember" name="TwentyFirstIssueDebenturesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BrazilianDevelopmentBankBNDESPACMember" name="BrazilianDevelopmentBankBNDESPACMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BrazilianDevelopmentBankBNDESPACII9751Member" name="BrazilianDevelopmentBankBNDESPACII9751Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BrazilianDevelopmentBankBNDESPACII9752Member" name="BrazilianDevelopmentBankBNDESPACII9752Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember" name="BrazilianDevelopmentBankBNDESONDALIMPAMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember" name="BrazilianDevelopmentBankBNDESTIETEIIIMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BrazilianDevelopmentBankBNDES2015Member" name="BrazilianDevelopmentBankBNDES2015Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_LeasesMember" name="LeasesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OtherMember" name="OtherMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SeventeenthIssueDebenturesMember" name="SeventeenthIssueDebenturesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterAmericanDevelopmentBankBID713Member" name="InterAmericanDevelopmentBankBID713Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterAmericanDevelopmentBankBID1212Member" name="InterAmericanDevelopmentBankBID1212Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InterAmericanDevelopmentBankBID2202Member" name="InterAmericanDevelopmentBankBID2202Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember" name="InternationalBankOfReconstructionAndDevelopmentBIRDMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_JICA15Member" name="JICA15Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_JICA18Member" name="JICA18Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_JICA17Member" name="JICA17Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_JICA19Member" name="JICA19Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember" name="BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember" name="InternationalBankForReconstructionAndDevelopmentBIRDMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IncreaseOfYear1Member" name="IncreaseOfYear1Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DecreaseOfYear1Member" name="DecreaseOfYear1Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AnnualAndExtraordinaryShareholdersMeetingMember" name="AnnualAndExtraordinaryShareholdersMeetingMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member" name="AnnualAndExtraordinaryShareholdersMeeting1Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingCostsMember" name="OperatingCostsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SellingExpensesMember" name="SellingExpensesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AdministrativeExpensesMember" name="AdministrativeExpensesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SabesprevMaisMember" name="SabesprevMaisMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_G0Member" name="G0Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_G1Member" name="G1Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_StateGovernmentMember" name="StateGovernmentMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DebentureIssue21Member" name="DebentureIssue21Member" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DocumentAndEntityInformationAbstract" name="DocumentAndEntityInformationAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IncreaseDecreaseInAssetsAbstract" name="IncreaseDecreaseInAssetsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IncreaseDecreaseInLiabilitiesAbstract" name="IncreaseDecreaseInLiabilitiesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsAndFinancingAbstract" name="BorrowingsAndFinancingAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CashAndCashEquivalentsRepresentedByAbstract" name="CashAndCashEquivalentsRepresentedByAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperationsAbstract" name="OperationsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BasisOfPreparationAndPresentationOfFinancialStatementsAbstract" name="BasisOfPreparationAndPresentationOfFinancialStatementsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfSignificantAccountingPoliciesAbstract" name="SummaryOfSignificantAccountingPoliciesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ChangesInAccountingPracticesAndDisclosuresAbstract" name="ChangesInAccountingPracticesAndDisclosuresAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementAbstract" name="RiskManagementAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_KeyAccountingEstimatesAndJudgmentsAbstract" name="KeyAccountingEstimatesAndJudgmentsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RestrictedCashAbstract" name="RestrictedCashAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesAbstract" name="TradeReceivablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RelatedpartyBalancesAndTransactionsAbstract" name="RelatedpartyBalancesAndTransactionsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_WaterNationalAgencyAnaAbstract" name="WaterNationalAgencyAnaAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentsAbstract" name="InvestmentsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentPropertiesAbstract" name="InvestmentPropertiesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsAbstract" name="IntangibleAssetsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TaxesRecoverablepayableAbstract" name="TaxesRecoverablepayableAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeferredTaxesAndContributionsAbstract" name="DeferredTaxesAndContributionsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsAbstract" name="EmployeesBenefitsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ServicesPayableAbstract" name="ServicesPayableAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingSegmentInformationAbstract" name="OperatingSegmentInformationAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InsuranceAbstract" name="InsuranceAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingRevenueAbstract" name="OperatingRevenueAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingCostsAndExpensesAbstract" name="OperatingCostsAndExpensesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinancialIncomeExpensesAbstract" name="FinancialIncomeExpensesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OtherOperatingIncomeExpensesNetAbstract" name="OtherOperatingIncomeExpensesNetAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CommitmentsAbstract" name="CommitmentsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SupplementalCashFlowInformationAbstract" name="SupplementalCashFlowInformationAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EventsAfterReportingPeriodAbstract" name="EventsAfterReportingPeriodAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract" name="SummaryOfSignificantAccountingPoliciesPoliciesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ChangesInAccountingPracticesAndDisclosuresTablesAbstract" name="ChangesInAccountingPracticesAndDisclosuresTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementTablesAbstract" name="RiskManagementTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CashAndCashEquivalentsTablesAbstract" name="CashAndCashEquivalentsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RestrictedCashTablesAbstract" name="RestrictedCashTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesTablesAbstract" name="TradeReceivablesTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RelatedpartyBalancesAndTransactionsTablesAbstract" name="RelatedpartyBalancesAndTransactionsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentsTablesAbstract" name="InvestmentsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentPropertiesTablesAbstract" name="InvestmentPropertiesTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsTablesAbstract" name="IntangibleAssetsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PropertyPlantAndEquipmentTablesAbstract" name="PropertyPlantAndEquipmentTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsAndFinancingTablesAbstract" name="BorrowingsAndFinancingTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TaxesRecoverablepayableTablesAbstract" name="TaxesRecoverablepayableTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeferredTaxesAndContributionsTablesAbstract" name="DeferredTaxesAndContributionsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionsTablesAbstract" name="ProvisionsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsTablesAbstract" name="EmployeesBenefitsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityTablesAbstract" name="EquityTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EarningsPerShareTablesAbstract" name="EarningsPerShareTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingSegmentInformationTablesAbstract" name="OperatingSegmentInformationTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InsuranceTablesAbstract" name="InsuranceTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingRevenueTablesAbstract" name="OperatingRevenueTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingCostsAndExpensesTablesAbstract" name="OperatingCostsAndExpensesTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinancialIncomeExpensesTablesAbstract" name="FinancialIncomeExpensesTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OtherOperatingIncomeExpensesNetTablesAbstract" name="OtherOperatingIncomeExpensesNetTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CommitmentsTablesAbstract" name="CommitmentsTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SupplementalCashFlowInformationTablesAbstract" name="SupplementalCashFlowInformationTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EventsAfterReportingPeriodTablesAbstract" name="EventsAfterReportingPeriodTablesAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperationsDetailsNarrativeAbstract" name="OperationsDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ChangesInAccountingPracticesAndDisclosuresDetailsAbstract" name="ChangesInAccountingPracticesAndDisclosuresDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresTable" name="SummaryOfChangesInAccountingPracticesAndDisclosuresTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems" name="SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ChangesInAccountingPracticesAndDisclosuresDetails1Abstract" name="ChangesInAccountingPracticesAndDisclosuresDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetailsAbstract" name="RiskManagementDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfRiskManagementTable" name="SummaryOfRiskManagementTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfRiskManagementLineItems" name="SummaryOfRiskManagementLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CurrenciesAxis" name="CurrenciesAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_CurrenciesDomain" name="CurrenciesDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetails1Abstract" name="RiskManagementDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfBorrowingsTable" name="SummaryOfBorrowingsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfBorrowingsLineItems" name="SummaryOfBorrowingsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetails2Abstract" name="RiskManagementDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetails3Abstract" name="RiskManagementDetails3Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetails4Abstract" name="RiskManagementDetails4Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetails5Abstract" name="RiskManagementDetails5Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetails6Abstract" name="RiskManagementDetails6Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RiskManagementDetailsNarrativeAbstract" name="RiskManagementDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CashAndCashEquivalentsDetailsAbstract" name="CashAndCashEquivalentsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CashAndCashEquivalentsDetailsNarrativeAbstract" name="CashAndCashEquivalentsDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RestrictedCashDetailsAbstract" name="RestrictedCashDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfRestrictedCashTable" name="SummaryOfRestrictedCashTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfRestrictedCashLineItems" name="SummaryOfRestrictedCashLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesDetailsAbstract" name="TradeReceivablesDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfTradeReceivablesTable" name="SummaryOfTradeReceivablesTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfTradeReceivablesLineItems" name="SummaryOfTradeReceivablesLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesAxis" name="TradeReceivablesAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_TradeReceivablesDomain" name="TradeReceivablesDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesDetails1Abstract" name="TradeReceivablesDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesDetails2Abstract" name="TradeReceivablesDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesDetails3Abstract" name="TradeReceivablesDetails3Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TradeReceivablesDetailsNarrativeAbstract" name="TradeReceivablesDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RelatedpartyBalancesAndTransactionsDetailsAbstract" name="RelatedpartyBalancesAndTransactionsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfRelatedPartyBalancesAndTransactionsTable" name="SummaryOfRelatedPartyBalancesAndTransactionsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems" name="SummaryOfRelatedPartyBalancesAndTransactionsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_AccountsReceivableAxis" name="AccountsReceivableAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_AccountsReceivableDomain" name="AccountsReceivableDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RelatedpartyBalancesAndTransactionsDetails1Abstract" name="RelatedpartyBalancesAndTransactionsDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingRevenueAxis" name="OperatingRevenueAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_OperatingRevenueDomain" name="OperatingRevenueDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RelatedpartyBalancesAndTransactionsDetails2Abstract" name="RelatedpartyBalancesAndTransactionsDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_RelatedpartyBalancesAndTransactionsDetailsNarrativeAbstract" name="RelatedpartyBalancesAndTransactionsDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract" name="WaterNationalAgencyAnaDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentsDetailsAbstract" name="InvestmentsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfInvestmentsTable" name="SummaryOfInvestmentsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfInvestmentsLineItems" name="SummaryOfInvestmentsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentsDetailsNarrativeAbstract" name="InvestmentsDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DisclosureOfInvestmentsTable" name="DisclosureOfInvestmentsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_DisclosureOfInvestmentsLineItems" name="DisclosureOfInvestmentsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentPropertiesDetailsAbstract" name="InvestmentPropertiesDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InvestmentPropertiesDetailsNarrativeAbstract" name="InvestmentPropertiesDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsDetailsAbstract" name="IntangibleAssetsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfIntangibleAssetsTable" name="SummaryOfIntangibleAssetsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfIntangibleAssetsLineItems" name="SummaryOfIntangibleAssetsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsDetails1Abstract" name="IntangibleAssetsDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsDetails2Abstract" name="IntangibleAssetsDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IntangibleAssetsDetailsNarrativeAbstract" name="IntangibleAssetsDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PropertyPlantAndEquipmentDetailsAbstract" name="PropertyPlantAndEquipmentDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfPropertyPlantAndEquipmentTable" name="SummaryOfPropertyPlantAndEquipmentTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfPropertyPlantAndEquipmentLineItems" name="SummaryOfPropertyPlantAndEquipmentLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PropertyPlantAndEquipmentDetails1Abstract" name="PropertyPlantAndEquipmentDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract" name="PropertyPlantAndEquipmentDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsAndFinancingDetailsAbstract" name="BorrowingsAndFinancingDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfBorrowingsAndFinancingTable" name="SummaryOfBorrowingsAndFinancingTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfBorrowingsAndFinancingLineItems" name="SummaryOfBorrowingsAndFinancingLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsAndFinancingDetails2Abstract" name="BorrowingsAndFinancingDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsAndFinancingDetails3Abstract" name="BorrowingsAndFinancingDetails3Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsAndFinancingDetails4Abstract" name="BorrowingsAndFinancingDetails4Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_BorrowingsAndFinancingDetailsNarrativeAbstract" name="BorrowingsAndFinancingDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TaxesRecoverablepayableDetailsAbstract" name="TaxesRecoverablepayableDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfTaxesRecoverablePayableTable" name="SummaryOfTaxesRecoverablePayableTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfTaxesRecoverablePayableLineItems" name="SummaryOfTaxesRecoverablePayableLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_TaxesRecoverablepayableDetails1Abstract" name="TaxesRecoverablepayableDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeferredTaxesAndContributionsDetailsAbstract" name="DeferredTaxesAndContributionsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfDeferredTaxesAndContributionsTable" name="SummaryOfDeferredTaxesAndContributionsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfDeferredTaxesAndContributionsLineItems" name="SummaryOfDeferredTaxesAndContributionsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeferredTaxesAxis" name="DeferredTaxesAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_DeferredTaxesDomain" name="DeferredTaxesDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeferredTaxesAndContributionsDetails1Abstract" name="DeferredTaxesAndContributionsDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeferredTaxesAndContributionsDetails3Abstract" name="DeferredTaxesAndContributionsDetails3Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_DeferredTaxesAndContributionsDetails4Abstract" name="DeferredTaxesAndContributionsDetails4Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionsDetailsAbstract" name="ProvisionsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfProvisionsTable" name="SummaryOfProvisionsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfProvisionsLineItems" name="SummaryOfProvisionsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionsDetails1Abstract" name="ProvisionsDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionsDetails2Abstract" name="ProvisionsDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ProvisionsDetailsNarrativeAbstract" name="ProvisionsDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetailsAbstract" name="EmployeesBenefitsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfEmployeeBenefitsTable" name="SummaryOfEmployeeBenefitsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfEmployeeBenefitsLineItems" name="SummaryOfEmployeeBenefitsLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails1Abstract" name="EmployeesBenefitsDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails2Abstract" name="EmployeesBenefitsDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails3Abstract" name="EmployeesBenefitsDetails3Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails4Abstract" name="EmployeesBenefitsDetails4Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails5Abstract" name="EmployeesBenefitsDetails5Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails6Abstract" name="EmployeesBenefitsDetails6Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails7Abstract" name="EmployeesBenefitsDetails7Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SensitivityAnalysisAxis" name="SensitivityAnalysisAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_SensitivityAnalysisDomain" name="SensitivityAnalysisDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_IncreaseDecreaseAxis" name="IncreaseDecreaseAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_IncreaseDecreaseDomain" name="IncreaseDecreaseDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails8Abstract" name="EmployeesBenefitsDetails8Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails9Abstract" name="EmployeesBenefitsDetails9Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails10Abstract" name="EmployeesBenefitsDetails10Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails11Abstract" name="EmployeesBenefitsDetails11Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetails12Abstract" name="EmployeesBenefitsDetails12Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EmployeesBenefitsDetailsNarrativeAbstract" name="EmployeesBenefitsDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ExpensesByNatureAxis" name="ExpensesByNatureAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_ExpensesByNatureDomain" name="ExpensesByNatureDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_ServicesPayableDetailsNarrativeAbstract" name="ServicesPayableDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityDetailsAbstract" name="EquityDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfEquityTable" name="SummaryOfEquityTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfEquityLineItems" name="SummaryOfEquityLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityDetails1Abstract" name="EquityDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityDetails2Abstract" name="EquityDetails2Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityDetails3Abstract" name="EquityDetails3Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EquityDetailsNarrativeAbstract" name="EquityDetailsNarrativeAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_EarningsPerShareDetailsAbstract" name="EarningsPerShareDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingSegmentInformationDetailsAbstract" name="OperatingSegmentInformationDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfOperatingSegmentInformationTable" name="SummaryOfOperatingSegmentInformationTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfOperatingSegmentInformationLineItems" name="SummaryOfOperatingSegmentInformationLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingSegmentInformationDetails1Abstract" name="OperatingSegmentInformationDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_InsuranceDetailsAbstract" name="InsuranceDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfInsuranceTable" name="SummaryOfInsuranceTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfInsuranceLineItems" name="SummaryOfInsuranceLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingRevenueDetailsAbstract" name="OperatingRevenueDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfOperatingRevenueTable" name="SummaryOfOperatingRevenueTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfOperatingRevenueLineItems" name="SummaryOfOperatingRevenueLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingRevenueDetails1Abstract" name="OperatingRevenueDetails1Abstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OperatingCostsAndExpensesDetailsAbstract" name="OperatingCostsAndExpensesDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfOperatingCostsAndExpensesTable" name="SummaryOfOperatingCostsAndExpensesTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfOperatingCostsAndExpensesLineItems" name="SummaryOfOperatingCostsAndExpensesLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinancialIncomeExpensesDetailsAbstract" name="FinancialIncomeExpensesDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfFinancialIncomeExpenseTable" name="SummaryOfFinancialIncomeExpenseTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
    <element id="SBS_SummaryOfFinancialIncomeExpenseLineItems" name="SummaryOfFinancialIncomeExpenseLineItems" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_FinancialIncomeExpenseAxis" name="FinancialIncomeExpenseAxis" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" />
    <element id="SBS_FinancialIncomeExpenseDomain" name="FinancialIncomeExpenseDomain" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_OtherOperatingIncomeExpensesNetDetailsAbstract" name="OtherOperatingIncomeExpensesNetDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_CommitmentsDetailsAbstract" name="CommitmentsDetailsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="SBS_SummaryOfCommitmentsTable" name="SummaryOfCommitmentsTable" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>sbs-20171231_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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<DOCUMENT>
<TYPE>EX-101.DEF
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US">Components of equity [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssuedCapitalMember" xlink:label="ifrs-full_IssuedCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapitalMember" xlink:to="ifrs-full_IssuedCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapitalMember_lbl" xml:lang="en-US">Capital stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatutoryReserveMember" xlink:label="ifrs-full_StatutoryReserveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserveMember" xlink:to="ifrs-full_StatutoryReserveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatutoryReserveMember_lbl" xml:lang="en-US">Legal reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentReserveMember" xlink:label="SBS_InvestmentReserveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentReserveMember" xlink:to="SBS_InvestmentReserveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentReserveMember_lbl" xml:lang="en-US">Investment reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdditionalDividendProposedMember" xlink:label="SBS_AdditionalDividendProposedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdditionalDividendProposedMember" xlink:to="SBS_AdditionalDividendProposedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdditionalDividendProposedMember_lbl" xml:lang="en-US">Additional dividend proposed</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US">Retained earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Other comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ifrs-full_ClassesOfAssetsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsAxis" xlink:to="ifrs-full_ClassesOfAssetsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfAssetsAxis_lbl" xml:lang="en-US">Classes of assets [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RestrictedCash1Member" xlink:label="SBS_RestrictedCash1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RestrictedCash1Member" xlink:to="SBS_RestrictedCash1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RestrictedCash1Member_lbl" xml:lang="en-US">Agreement with the Sao Paulo municipal government</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RestrictedCash3Member" xlink:label="SBS_RestrictedCash3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RestrictedCash3Member" xlink:to="SBS_RestrictedCash3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RestrictedCash3Member_lbl" xml:lang="en-US">Brazilian Federal Savings - escrow deposit</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RestrictedCash4Member" xlink:label="SBS_RestrictedCash4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RestrictedCash4Member" xlink:to="SBS_RestrictedCash4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RestrictedCash4Member_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xml:lang="en-US">Temporary Difference Unused Tax Losses And Unused Tax Credits [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncomeTaxAndSocialContributionMember" xlink:label="SBS_IncomeTaxAndSocialContributionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncomeTaxAndSocialContributionMember" xlink:to="SBS_IncomeTaxAndSocialContributionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncomeTaxAndSocialContributionMember_lbl" xml:lang="en-US">Income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WithholdingIncomeTaxMember" xlink:label="SBS_WithholdingIncomeTaxMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WithholdingIncomeTaxMember" xlink:to="SBS_WithholdingIncomeTaxMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WithholdingIncomeTaxMember_lbl" xml:lang="en-US">Withholding income tax on financial investments For - IRRF</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherFederalTaxesMember" xlink:label="SBS_OtherFederalTaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherFederalTaxesMember" xlink:to="SBS_OtherFederalTaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherFederalTaxesMember_lbl" xml:lang="en-US">Other federal taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherMunicipalTaxesMember" xlink:label="SBS_OtherMunicipalTaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherMunicipalTaxesMember" xlink:to="SBS_OtherMunicipalTaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherMunicipalTaxesMember_lbl" xml:lang="en-US">Other municipal taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_COFINSAndPasepMember" xlink:label="SBS_COFINSAndPasepMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_COFINSAndPasepMember" xlink:to="SBS_COFINSAndPasepMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_COFINSAndPasepMember_lbl" xml:lang="en-US">Cofins and Pasep</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SocialSecurityContributionMember" xlink:label="SBS_SocialSecurityContributionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SocialSecurityContributionMember" xlink:to="SBS_SocialSecurityContributionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SocialSecurityContributionMember_lbl" xml:lang="en-US">INSS (Social Security contribution)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherTaxPayableMember" xlink:label="SBS_OtherTaxPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherTaxPayableMember" xlink:to="SBS_OtherTaxPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherTaxPayableMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfInsuranceContractsAxis" xlink:label="ifrs-full_TypesOfInsuranceContractsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInsuranceContractsAxis" xlink:to="ifrs-full_TypesOfInsuranceContractsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInsuranceContractsAxis_lbl" xml:lang="en-US">Types of insurance contracts [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SpecifiedRiskMember" xlink:label="SBS_SpecifiedRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SpecifiedRiskMember" xlink:to="SBS_SpecifiedRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SpecifiedRiskMember_lbl" xml:lang="en-US">Specified risks - fire</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EngineeringRiskMember" xlink:label="SBS_EngineeringRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EngineeringRiskMember" xlink:to="SBS_EngineeringRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EngineeringRiskMember_lbl" xml:lang="en-US">Engineering risk</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GuaranteeInsuranceEscrowDepositMember" xlink:label="SBS_GuaranteeInsuranceEscrowDepositMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GuaranteeInsuranceEscrowDepositMember" xlink:to="SBS_GuaranteeInsuranceEscrowDepositMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GuaranteeInsuranceEscrowDepositMember_lbl" xml:lang="en-US">Guarantee insurance for escrow deposit</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TraditionalGuaranteeInsuranceMember" xlink:label="SBS_TraditionalGuaranteeInsuranceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TraditionalGuaranteeInsuranceMember" xlink:to="SBS_TraditionalGuaranteeInsuranceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TraditionalGuaranteeInsuranceMember_lbl" xml:lang="en-US">Traditional guarantee insurance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CivilLiabilityDirectorsAndOfficersMember" xlink:label="SBS_CivilLiabilityDirectorsAndOfficersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CivilLiabilityDirectorsAndOfficersMember" xlink:to="SBS_CivilLiabilityDirectorsAndOfficersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CivilLiabilityDirectorsAndOfficersMember_lbl" xml:lang="en-US">Civil liability- DO (Directors and Officers)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CivilLiabilityWorksMember" xlink:label="SBS_CivilLiabilityWorksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CivilLiabilityWorksMember" xlink:to="SBS_CivilLiabilityWorksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CivilLiabilityWorksMember_lbl" xml:lang="en-US">Civil liability- works</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DomesticAndInternationalTransportationMember" xlink:label="SBS_DomesticAndInternationalTransportationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DomesticAndInternationalTransportationMember" xlink:to="SBS_DomesticAndInternationalTransportationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DomesticAndInternationalTransportationMember_lbl" xml:lang="en-US">Domestic and international transportation</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CivilLiabilityOperationsMember" xlink:label="SBS_CivilLiabilityOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CivilLiabilityOperationsMember" xlink:to="SBS_CivilLiabilityOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CivilLiabilityOperationsMember_lbl" xml:lang="en-US">Civil liability - operations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherInsuranceCoverageMember" xlink:label="SBS_OtherInsuranceCoverageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherInsuranceCoverageMember" xlink:to="SBS_OtherInsuranceCoverageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherInsuranceCoverageMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US">Range [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OneYearMember" xlink:label="SBS_OneYearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OneYearMember" xlink:to="SBS_OneYearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OneYearMember_lbl" xml:lang="en-US">1 year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OneToThreeYearsMember" xlink:label="SBS_OneToThreeYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OneToThreeYearsMember" xlink:to="SBS_OneToThreeYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OneToThreeYearsMember_lbl" xml:lang="en-US">1-3 years</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ThreeToFiveYearsMember" xlink:label="SBS_ThreeToFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ThreeToFiveYearsMember" xlink:to="SBS_ThreeToFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ThreeToFiveYearsMember_lbl" xml:lang="en-US">3-5 years</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MoreThanFiveYearsMember" xlink:label="SBS_MoreThanFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MoreThanFiveYearsMember" xlink:to="SBS_MoreThanFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MoreThanFiveYearsMember_lbl" xml:lang="en-US">More than 5 years</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US">Types of interest rates [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TRMember" xlink:label="SBS_TRMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TRMember" xlink:to="SBS_TRMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TRMember_lbl" xml:lang="en-US">TR</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CDIMember" xlink:label="SBS_CDIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CDIMember" xlink:to="SBS_CDIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CDIMember_lbl" xml:lang="en-US">CDI</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TJLPMember" xlink:label="SBS_TJLPMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TJLPMember" xlink:to="SBS_TJLPMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TJLPMember_lbl" xml:lang="en-US">TJLP</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IPCAMember" xlink:label="SBS_IPCAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IPCAMember" xlink:to="SBS_IPCAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IPCAMember_lbl" xml:lang="en-US">IPCA</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LIBORMember" xlink:label="SBS_LIBORMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LIBORMember" xlink:to="SBS_LIBORMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LIBORMember_lbl" xml:lang="en-US">LIBOR</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestAndChargesMember" xlink:label="SBS_InterestAndChargesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestAndChargesMember" xlink:to="SBS_InterestAndChargesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestAndChargesMember_lbl" xml:lang="en-US">Interest and charges</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExternalCreditGradesAxis" xlink:label="ifrs-full_ExternalCreditGradesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExternalCreditGradesAxis" xlink:to="ifrs-full_ExternalCreditGradesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExternalCreditGradesAxis_lbl" xml:lang="en-US">External credit grades [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AAPlusMember" xlink:label="SBS_AAPlusMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AAPlusMember" xlink:to="SBS_AAPlusMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AAPlusMember_lbl" xml:lang="en-US">AA+(bra)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AAAMember" xlink:label="SBS_AAAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AAAMember" xlink:to="SBS_AAAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AAAMember_lbl" xml:lang="en-US">AAA(bra)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherCreditGradesMember" xlink:label="SBS_OtherCreditGradesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherCreditGradesMember" xlink:to="SBS_OtherCreditGradesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherCreditGradesMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US">Categories of related parties [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AltoTieteMember" xlink:label="SBS_AltoTieteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AltoTieteMember" xlink:to="SBS_AltoTieteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AltoTieteMember_lbl" xml:lang="en-US">Alto Tiete</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SaoLourencoMember" xlink:label="SBS_SaoLourencoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SaoLourencoMember" xlink:to="SBS_SaoLourencoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SaoLourencoMember_lbl" xml:lang="en-US">Sao Lourenco</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_VoluntaryChangesInAccountingPolicyAxis" xlink:label="ifrs-full_VoluntaryChangesInAccountingPolicyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_VoluntaryChangesInAccountingPolicyAxis" xlink:to="ifrs-full_VoluntaryChangesInAccountingPolicyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_VoluntaryChangesInAccountingPolicyAxis_lbl" xml:lang="en-US">Voluntary changes in accounting policy [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StandardOneMember" xlink:label="SBS_StandardOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StandardOneMember" xlink:to="SBS_StandardOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StandardOneMember_lbl" xml:lang="en-US">Standard One</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StandardTwoMember" xlink:label="SBS_StandardTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StandardTwoMember" xlink:to="SBS_StandardTwoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StandardTwoMember_lbl" xml:lang="en-US">Standard Two</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StandardThreeMember" xlink:label="SBS_StandardThreeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StandardThreeMember" xlink:to="SBS_StandardThreeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StandardThreeMember_lbl" xml:lang="en-US">Standard Three</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StandardFourMember" xlink:label="SBS_StandardFourMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StandardFourMember" xlink:to="SBS_StandardFourMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StandardFourMember_lbl" xml:lang="en-US">Standard Four</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BancoDeBrasilMember" xlink:label="SBS_BancoDeBrasilMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BancoDeBrasilMember" xlink:to="SBS_BancoDeBrasilMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BancoDeBrasilMember_lbl" xml:lang="en-US">Banco do Brasil S/A</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_CreditRatingSourceAxis" xlink:label="invest_CreditRatingSourceAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_CreditRatingSourceAxis" xlink:to="invest_CreditRatingSourceAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="invest_CreditRatingSourceAxis_lbl" xml:lang="en-US">Categories of related parties [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FitchMember" xlink:label="SBS_FitchMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FitchMember" xlink:to="SBS_FitchMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FitchMember_lbl" xml:lang="en-US">Fitch</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BancoSantanderBrasilMember" xlink:label="SBS_BancoSantanderBrasilMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BancoSantanderBrasilMember" xlink:to="SBS_BancoSantanderBrasilMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BancoSantanderBrasilMember_lbl" xml:lang="en-US">Banco Santander Brasil S/A</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CaixaEconomicaFederalMember" xlink:label="SBS_CaixaEconomicaFederalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CaixaEconomicaFederalMember" xlink:to="SBS_CaixaEconomicaFederalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CaixaEconomicaFederalMember_lbl" xml:lang="en-US">Caixa Economica Federal</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BancoBradescoMember" xlink:label="SBS_BancoBradescoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BancoBradescoMember" xlink:to="SBS_BancoBradescoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BancoBradescoMember_lbl" xml:lang="en-US">Banco Bradesco S/A</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ItauUnibancoHoldingMember" xlink:label="SBS_ItauUnibancoHoldingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ItauUnibancoHoldingMember" xlink:to="SBS_ItauUnibancoHoldingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ItauUnibancoHoldingMember_lbl" xml:lang="en-US">Itau Unibanco Holding S/A</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MoodysMember" xlink:label="SBS_MoodysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MoodysMember" xlink:to="SBS_MoodysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MoodysMember_lbl" xml:lang="en-US">Moody's</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StandardPoorsMember" xlink:label="SBS_StandardPoorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StandardPoorsMember" xlink:to="SBS_StandardPoorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StandardPoorsMember_lbl" xml:lang="en-US">Standard Poor's</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentyEighteenMember" xlink:label="SBS_TwentyEighteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentyEighteenMember" xlink:to="SBS_TwentyEighteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentyEighteenMember_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentyNineteenMember" xlink:label="SBS_TwentyNineteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentyNineteenMember" xlink:to="SBS_TwentyNineteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentyNineteenMember_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentyTwentyMember" xlink:label="SBS_TwentyTwentyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentyTwentyMember" xlink:to="SBS_TwentyTwentyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentyTwentyMember_lbl" xml:lang="en-US">2020</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentyTwentyOneMember" xlink:label="SBS_TwentyTwentyOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentyTwentyOneMember" xlink:to="SBS_TwentyTwentyOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentyTwentyOneMember_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FairValueAsDeemedCostAxis" xlink:label="ifrs-full_FairValueAsDeemedCostAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FairValueAsDeemedCostAxis" xlink:to="ifrs-full_FairValueAsDeemedCostAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FairValueAsDeemedCostAxis_lbl" xml:lang="en-US">Fair value as deemed cost [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FairValueMember" xlink:label="SBS_FairValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FairValueMember" xlink:to="SBS_FairValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FairValueMember_lbl" xml:lang="en-US">Fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CarryingAmountMember" xlink:label="ifrs-full_CarryingAmountMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountMember" xlink:to="ifrs-full_CarryingAmountMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US">Carrying amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US">Property, plant and equipment by operating lease status [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LandMember" xlink:label="ifrs-full_LandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandMember" xlink:to="ifrs-full_LandMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US">Land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BuildingsMember" xlink:label="ifrs-full_BuildingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BuildingsMember" xlink:to="ifrs-full_BuildingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BuildingsMember_lbl" xml:lang="en-US">Buildings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OfficeEquipmentMember" xlink:label="ifrs-full_OfficeEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OfficeEquipmentMember" xlink:to="ifrs-full_OfficeEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OfficeEquipmentMember_lbl" xml:lang="en-US">Equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TransportEquipmentMember" xlink:label="SBS_TransportEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TransportEquipmentMember" xlink:to="SBS_TransportEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TransportEquipmentMember_lbl" xml:lang="en-US">Transportation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="ifrs-full_FixturesAndFittingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixturesAndFittingsMember" xlink:to="ifrs-full_FixturesAndFittingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xml:lang="en-US">Furniture and fixtures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xml:lang="en-US">Classes of intangible assets and goodwill [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AgreementsEquityValueMember" xlink:label="SBS_AgreementsEquityValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AgreementsEquityValueMember" xlink:to="SBS_AgreementsEquityValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AgreementsEquityValueMember_lbl" xml:lang="en-US">Agreements - equity value</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AgreementsEconomicValueMember" xlink:label="SBS_AgreementsEconomicValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AgreementsEconomicValueMember" xlink:to="SBS_AgreementsEconomicValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AgreementsEconomicValueMember_lbl" xml:lang="en-US">Agreements - economic value</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProgramContractsMember" xlink:label="SBS_ProgramContractsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProgramContractsMember" xlink:to="SBS_ProgramContractsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProgramContractsMember_lbl" xml:lang="en-US">Program contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProgramContractsCommitmentsMember" xlink:label="SBS_ProgramContractsCommitmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProgramContractsCommitmentsMember" xlink:to="SBS_ProgramContractsCommitmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProgramContractsCommitmentsMember_lbl" xml:lang="en-US">Program contracts - commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ServiceContractsCommitmentsMember" xlink:label="SBS_ServiceContractsCommitmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ServiceContractsCommitmentsMember" xlink:to="SBS_ServiceContractsCommitmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ServiceContractsCommitmentsMember_lbl" xml:lang="en-US">Services contracts &#150; S&#227;o Paulo</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SoftwareLicenseMember" xlink:label="SBS_SoftwareLicenseMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SoftwareLicenseMember" xlink:to="SBS_SoftwareLicenseMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SoftwareLicenseMember_lbl" xml:lang="en-US">Software license</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CurrenciesAxis" xlink:label="SBS_CurrenciesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrenciesAxis" xlink:to="SBS_CurrenciesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CurrenciesAxis_lbl" xml:lang="en-US">Currency [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LocalCurrencyMember" xlink:label="SBS_LocalCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LocalCurrencyMember" xlink:to="SBS_LocalCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LocalCurrencyMember_lbl" xml:lang="en-US">Local currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ForeignCurrencyMember" xlink:label="SBS_ForeignCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ForeignCurrencyMember" xlink:to="SBS_ForeignCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ForeignCurrencyMember_lbl" xml:lang="en-US">Foreign currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianFederalSavingsBankMember" xlink:label="SBS_BrazilianFederalSavingsBankMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianFederalSavingsBankMember" xlink:to="SBS_BrazilianFederalSavingsBankMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianFederalSavingsBankMember_lbl" xml:lang="en-US">Brazilian Federal Savings Bank</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankMember" xlink:label="SBS_BrazilianDevelopmentBankMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankMember" xlink:to="SBS_BrazilianDevelopmentBankMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankMember_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterAmericanDevelopmentBankMember" xlink:label="SBS_InterAmericanDevelopmentBankMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterAmericanDevelopmentBankMember" xlink:to="SBS_InterAmericanDevelopmentBankMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterAmericanDevelopmentBankMember_lbl" xml:lang="en-US">Inter-American Development Bank - BID</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_JapanInternationalCooperationAgencyMember" xlink:label="SBS_JapanInternationalCooperationAgencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_JapanInternationalCooperationAgencyMember" xlink:to="SBS_JapanInternationalCooperationAgencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_JapanInternationalCooperationAgencyMember_lbl" xml:lang="en-US">Japan International Cooperation Agency - JICA</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherBankMember" xlink:label="SBS_OtherBankMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherBankMember" xlink:to="SBS_OtherBankMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherBankMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntitySectorIndustryClassificationsSectorAxis" xlink:label="dei_EntitySectorIndustryClassificationsSectorAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySectorIndustryClassificationsSectorAxis" xlink:to="dei_EntitySectorIndustryClassificationsSectorAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySectorIndustryClassificationsSectorAxis_lbl" xml:lang="en-US">Entity Sector Industry Classifications, Sector [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PrivateSectorMember" xlink:label="SBS_PrivateSectorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PrivateSectorMember" xlink:to="SBS_PrivateSectorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PrivateSectorMember_lbl" xml:lang="en-US">Private sector</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GovernmentEntitiesMember" xlink:label="SBS_GovernmentEntitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GovernmentEntitiesMember" xlink:to="SBS_GovernmentEntitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GovernmentEntitiesMember_lbl" xml:lang="en-US">Government entities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WholesaleMunicipalGovernmentsMember" xlink:label="SBS_WholesaleMunicipalGovernmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WholesaleMunicipalGovernmentsMember" xlink:to="SBS_WholesaleMunicipalGovernmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WholesaleMunicipalGovernmentsMember_lbl" xml:lang="en-US">Wholesale customers - Municipal governments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesAxis" xlink:label="SBS_TradeReceivablesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesAxis" xlink:to="SBS_TradeReceivablesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesAxis_lbl" xml:lang="en-US">Trade receivables [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GeneralAndSpecialCustomersMember" xlink:label="SBS_GeneralAndSpecialCustomersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GeneralAndSpecialCustomersMember" xlink:to="SBS_GeneralAndSpecialCustomersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GeneralAndSpecialCustomersMember_lbl" xml:lang="en-US">General and special customers</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AgreementsMember" xlink:label="SBS_AgreementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AgreementsMember" xlink:to="SBS_AgreementsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AgreementsMember_lbl" xml:lang="en-US">Agreements</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MunicipalMember" xlink:label="SBS_MunicipalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MunicipalMember" xlink:to="SBS_MunicipalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MunicipalMember_lbl" xml:lang="en-US">Municipal</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FederalMember" xlink:label="SBS_FederalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FederalMember" xlink:to="SBS_FederalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FederalMember_lbl" xml:lang="en-US">Federal</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GuarulhosMember" xlink:label="SBS_GuarulhosMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GuarulhosMember" xlink:to="SBS_GuarulhosMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GuarulhosMember_lbl" xml:lang="en-US">Guarulhos</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MauaMember" xlink:label="SBS_MauaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MauaMember" xlink:to="SBS_MauaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MauaMember_lbl" xml:lang="en-US">Maua</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MogiDasCruzesMember" xlink:label="SBS_MogiDasCruzesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MogiDasCruzesMember" xlink:to="SBS_MogiDasCruzesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MogiDasCruzesMember_lbl" xml:lang="en-US">Mogi das Cruzes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SantoAndreMember" xlink:label="SBS_SantoAndreMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SantoAndreMember" xlink:to="SBS_SantoAndreMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SantoAndreMember_lbl" xml:lang="en-US">Santo Andre</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SaoCaetanoDoSulMember" xlink:label="SBS_SaoCaetanoDoSulMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SaoCaetanoDoSulMember" xlink:to="SBS_SaoCaetanoDoSulMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SaoCaetanoDoSulMember_lbl" xml:lang="en-US">Sao Caetano do Sul</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DiademaMember" xlink:label="SBS_DiademaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DiademaMember" xlink:to="SBS_DiademaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DiademaMember_lbl" xml:lang="en-US">Diadema</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UnbilledSupplyMember" xlink:label="SBS_UnbilledSupplyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UnbilledSupplyMember" xlink:to="SBS_UnbilledSupplyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UnbilledSupplyMember_lbl" xml:lang="en-US">Unbilled supply</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UpTo30DaysMember" xlink:label="SBS_UpTo30DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UpTo30DaysMember" xlink:to="SBS_UpTo30DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UpTo30DaysMember_lbl" xml:lang="en-US">Up to 30 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_From31To60DaysMember" xlink:label="SBS_From31To60DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_From31To60DaysMember" xlink:to="SBS_From31To60DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_From31To60DaysMember_lbl" xml:lang="en-US">From 31 to 60 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_From61To90DaysMember" xlink:label="SBS_From61To90DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_From61To90DaysMember" xlink:to="SBS_From61To90DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_From61To90DaysMember_lbl" xml:lang="en-US">From 61 to 90 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_From91To120DaysMember" xlink:label="SBS_From91To120DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_From91To120DaysMember" xlink:to="SBS_From91To120DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_From91To120DaysMember_lbl" xml:lang="en-US">From 91 to 120 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_From121To180DaysMember" xlink:label="SBS_From121To180DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_From121To180DaysMember" xlink:to="SBS_From121To180DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_From121To180DaysMember_lbl" xml:lang="en-US">From 121 to 180 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_From181To360DaysMember" xlink:label="SBS_From181To360DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_From181To360DaysMember" xlink:to="SBS_From181To360DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_From181To360DaysMember_lbl" xml:lang="en-US">From 181 to 360 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_Over360DaysMember" xlink:label="SBS_Over360DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_Over360DaysMember" xlink:to="SBS_Over360DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_Over360DaysMember_lbl" xml:lang="en-US">Over 360 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpensesByNatureAxis" xlink:label="SBS_ExpensesByNatureAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpensesByNatureAxis" xlink:to="SBS_ExpensesByNatureAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpensesByNatureAxis_lbl" xml:lang="en-US">Expenses by nature [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SalariesPayrollChargesAndBenefitsMember" xlink:label="SBS_SalariesPayrollChargesAndBenefitsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SalariesPayrollChargesAndBenefitsMember" xlink:to="SBS_SalariesPayrollChargesAndBenefitsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SalariesPayrollChargesAndBenefitsMember_lbl" xml:lang="en-US">Salaries, payroll charges and benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PensionObligationsMember" xlink:label="SBS_PensionObligationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PensionObligationsMember" xlink:to="SBS_PensionObligationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PensionObligationsMember_lbl" xml:lang="en-US">Pension obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConstructionCostsMember" xlink:label="SBS_ConstructionCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConstructionCostsMember" xlink:to="SBS_ConstructionCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConstructionCostsMember_lbl" xml:lang="en-US">Construction costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GeneralSuppliesMember" xlink:label="SBS_GeneralSuppliesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GeneralSuppliesMember" xlink:to="SBS_GeneralSuppliesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GeneralSuppliesMember_lbl" xml:lang="en-US">General supplies</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TreatmentSuppliesMember" xlink:label="SBS_TreatmentSuppliesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TreatmentSuppliesMember" xlink:to="SBS_TreatmentSuppliesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TreatmentSuppliesMember_lbl" xml:lang="en-US">Treatment supplies</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OutsideServicesMember" xlink:label="SBS_OutsideServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OutsideServicesMember" xlink:to="SBS_OutsideServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OutsideServicesMember_lbl" xml:lang="en-US">Outside services</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ElectricityMember" xlink:label="SBS_ElectricityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ElectricityMember" xlink:to="SBS_ElectricityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ElectricityMember_lbl" xml:lang="en-US">Electricity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GeneralExpensesMember" xlink:label="SBS_GeneralExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GeneralExpensesMember" xlink:to="SBS_GeneralExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GeneralExpensesMember_lbl" xml:lang="en-US">General expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DepreciationAndAmortizationMember" xlink:label="SBS_DepreciationAndAmortizationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DepreciationAndAmortizationMember" xlink:to="SBS_DepreciationAndAmortizationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DepreciationAndAmortizationMember_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BadDebtExpenseNetMember" xlink:label="SBS_BadDebtExpenseNetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BadDebtExpenseNetMember" xlink:to="SBS_BadDebtExpenseNetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BadDebtExpenseNetMember_lbl" xml:lang="en-US">Bad debt expense, net of recoveries</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxExpenseMember" xlink:label="SBS_TaxExpenseMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TaxExpenseMember" xlink:to="SBS_TaxExpenseMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TaxExpenseMember_lbl" xml:lang="en-US">Tax expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingRevenueAxis" xlink:label="SBS_OperatingRevenueAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingRevenueAxis" xlink:to="SBS_OperatingRevenueAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingRevenueAxis_lbl" xml:lang="en-US">Operating revenue [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SanitationServicesMember" xlink:label="SBS_SanitationServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SanitationServicesMember" xlink:to="SBS_SanitationServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SanitationServicesMember_lbl" xml:lang="en-US">Sanitation services</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SanitationSaoPaoloMember" xlink:label="SBS_SanitationSaoPaoloMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SanitationSaoPaoloMember" xlink:to="SBS_SanitationSaoPaoloMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SanitationSaoPaoloMember_lbl" xml:lang="en-US">Metropolitan region of Sao Paulo</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RegionalSystemsMember" xlink:label="SBS_RegionalSystemsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RegionalSystemsMember" xlink:to="SBS_RegionalSystemsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RegionalSystemsMember_lbl" xml:lang="en-US">Regional Systems</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AccountsReceivableAxis" xlink:label="SBS_AccountsReceivableAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AccountsReceivableAxis" xlink:to="SBS_AccountsReceivableAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AccountsReceivableAxis_lbl" xml:lang="en-US">Accounts receivable [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AllowanceForLossesMember" xlink:label="SBS_AllowanceForLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AllowanceForLossesMember" xlink:to="SBS_AllowanceForLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AllowanceForLossesMember_lbl" xml:lang="en-US">Allowance for losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReimbursementMonthlyFlowMember" xlink:label="SBS_ReimbursementMonthlyFlowMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReimbursementMonthlyFlowMember" xlink:to="SBS_ReimbursementMonthlyFlowMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReimbursementMonthlyFlowMember_lbl" xml:lang="en-US">Reimbursement for benefits - monthly flow</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReimbursementGESP2008Member" xlink:label="SBS_ReimbursementGESP2008Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReimbursementGESP2008Member" xlink:to="SBS_ReimbursementGESP2008Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReimbursementGESP2008Member_lbl" xml:lang="en-US">Reimbursement for benefits - GESP 2008</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReimbursementGESP2015Member" xlink:label="SBS_ReimbursementGESP2015Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReimbursementGESP2015Member" xlink:to="SBS_ReimbursementGESP2015Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReimbursementGESP2015Member_lbl" xml:lang="en-US">Reimbursement for benefits - GESP 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SeLigaNaRedeMember" xlink:label="SBS_SeLigaNaRedeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SeLigaNaRedeMember" xlink:to="SBS_SeLigaNaRedeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SeLigaNaRedeMember_lbl" xml:lang="en-US">Se Liga na Rede program</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PaymentsReceivedRelatedPartiesMember" xlink:label="SBS_PaymentsReceivedRelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PaymentsReceivedRelatedPartiesMember" xlink:to="SBS_PaymentsReceivedRelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PaymentsReceivedRelatedPartiesMember_lbl" xml:lang="en-US">Payments received from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GESPReimbursementMember" xlink:label="SBS_GESPReimbursementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GESPReimbursementMember" xlink:to="SBS_GESPReimbursementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GESPReimbursementMember_lbl" xml:lang="en-US">Receipt of GESP reimbursement referring to Law 4819/58</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentIssuerAxis" xlink:label="invest_InvestmentIssuerAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentIssuerAxis" xlink:to="invest_InvestmentIssuerAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="invest_InvestmentIssuerAxis_lbl" xml:lang="en-US">Categories of related parties [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SesammMember" xlink:label="SBS_SesammMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SesammMember" xlink:to="SBS_SesammMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SesammMember_lbl" xml:lang="en-US">Sesamm</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AguasDeAndradinaMember" xlink:label="SBS_AguasDeAndradinaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AguasDeAndradinaMember" xlink:to="SBS_AguasDeAndradinaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AguasDeAndradinaMember_lbl" xml:lang="en-US">Aguas de Andradina</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AguasDeCastilhoMember" xlink:label="SBS_AguasDeCastilhoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AguasDeCastilhoMember" xlink:to="SBS_AguasDeCastilhoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AguasDeCastilhoMember_lbl" xml:lang="en-US">Aguas de Castilho</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SaneaquaMairinqueMember" xlink:label="SBS_SaneaquaMairinqueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SaneaquaMairinqueMember" xlink:to="SBS_SaneaquaMairinqueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SaneaquaMairinqueMember_lbl" xml:lang="en-US">Saneaqua Mairinque</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AttendAmbientalMember" xlink:label="SBS_AttendAmbientalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AttendAmbientalMember" xlink:to="SBS_AttendAmbientalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AttendAmbientalMember_lbl" xml:lang="en-US">Attend Ambiental</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AquapoloAmbientalMember" xlink:label="SBS_AquapoloAmbientalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AquapoloAmbientalMember" xlink:to="SBS_AquapoloAmbientalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AquapoloAmbientalMember_lbl" xml:lang="en-US">Aquapolo Ambiental</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PaulistaGeradoraDeEnergiaMember" xlink:label="SBS_PaulistaGeradoraDeEnergiaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PaulistaGeradoraDeEnergiaMember" xlink:to="SBS_PaulistaGeradoraDeEnergiaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PaulistaGeradoraDeEnergiaMember_lbl" xml:lang="en-US">Paulista Geradora de Energia</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvesteeTotalMember" xlink:label="SBS_InvesteeTotalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvesteeTotalMember" xlink:to="SBS_InvesteeTotalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvesteeTotalMember_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherInvesteeMember" xlink:label="SBS_OtherInvesteeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherInvesteeMember" xlink:to="SBS_OtherInvesteeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherInvesteeMember_lbl" xml:lang="en-US">Other investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ifrs-full_ClassesOfProvisionsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfProvisionsAxis" xlink:to="ifrs-full_ClassesOfProvisionsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfProvisionsAxis_lbl" xml:lang="en-US">Classes of other provisions [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CustomerClaimsMember" xlink:label="SBS_CustomerClaimsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CustomerClaimsMember" xlink:to="SBS_CustomerClaimsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CustomerClaimsMember_lbl" xml:lang="en-US">Customer claims</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SupplierClaimsMember" xlink:label="SBS_SupplierClaimsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SupplierClaimsMember" xlink:to="SBS_SupplierClaimsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SupplierClaimsMember_lbl" xml:lang="en-US">Supplier claims</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherCivilClaimsMember" xlink:label="SBS_OtherCivilClaimsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherCivilClaimsMember" xlink:to="SBS_OtherCivilClaimsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherCivilClaimsMember_lbl" xml:lang="en-US">Other civil claims</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxClaimsMember" xlink:label="SBS_TaxClaimsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TaxClaimsMember" xlink:to="SBS_TaxClaimsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TaxClaimsMember_lbl" xml:lang="en-US">Tax claims</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LaborClaimsMember" xlink:label="SBS_LaborClaimsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LaborClaimsMember" xlink:to="SBS_LaborClaimsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LaborClaimsMember_lbl" xml:lang="en-US">Labor claims</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EnvironmentalClaimsMember" xlink:label="SBS_EnvironmentalClaimsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EnvironmentalClaimsMember" xlink:to="SBS_EnvironmentalClaimsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EnvironmentalClaimsMember_lbl" xml:lang="en-US">Environmental claims</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CurrentProvisionsMember" xlink:label="SBS_CurrentProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrentProvisionsMember" xlink:to="SBS_CurrentProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CurrentProvisionsMember_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NoncurrentProvisionsMember" xlink:label="SBS_NoncurrentProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NoncurrentProvisionsMember" xlink:to="SBS_NoncurrentProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NoncurrentProvisionsMember_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SubtotalClaimsMember" xlink:label="SBS_SubtotalClaimsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SubtotalClaimsMember" xlink:to="SBS_SubtotalClaimsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SubtotalClaimsMember_lbl" xml:lang="en-US">Subtotal</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EscrowDepositsMember" xlink:label="SBS_EscrowDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EscrowDepositsMember" xlink:to="SBS_EscrowDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EscrowDepositsMember_lbl" xml:lang="en-US">Escrow deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="ifrs-full_DefinedBenefitPlansAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitPlansAxis" xlink:to="ifrs-full_DefinedBenefitPlansAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitPlansAxis_lbl" xml:lang="en-US">Defined benefit plans [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FundedPlanMember" xlink:label="SBS_FundedPlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FundedPlanMember" xlink:to="SBS_FundedPlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FundedPlanMember_lbl" xml:lang="en-US">Funded plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UnfundedPlanMember" xlink:label="SBS_UnfundedPlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UnfundedPlanMember" xlink:to="SBS_UnfundedPlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UnfundedPlanMember_lbl" xml:lang="en-US">Unfunded plan</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FundedPlanMember" xlink:to="SBS_FundedPlanMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_FundedPlanMember_2_lbl" xml:lang="en-US">Funded plan - G1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US">Borrowings by name [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DebenturesMember" xlink:label="SBS_DebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DebenturesMember" xlink:to="SBS_DebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DebenturesMember_lbl" xml:lang="en-US">Debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BNDESMember" xlink:label="SBS_BNDESMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BNDESMember" xlink:to="SBS_BNDESMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BNDESMember_lbl" xml:lang="en-US">BNDES</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LeasingMember" xlink:label="SBS_LeasingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LeasingMember" xlink:to="SBS_LeasingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LeasingMember_lbl" xml:lang="en-US">Leasing</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherBorrowingsMember" xlink:label="SBS_OtherBorrowingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherBorrowingsMember" xlink:to="SBS_OtherBorrowingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherBorrowingsMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsInterestAndChargesMember" xlink:label="SBS_BorrowingsInterestAndChargesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsInterestAndChargesMember" xlink:to="SBS_BorrowingsInterestAndChargesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsInterestAndChargesMember_lbl" xml:lang="en-US">Interest and charges</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BIDMember" xlink:label="SBS_BIDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BIDMember" xlink:to="SBS_BIDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BIDMember_lbl" xml:lang="en-US">BID</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BIRDMember" xlink:label="SBS_BIRDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BIRDMember" xlink:to="SBS_BIRDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BIRDMember_lbl" xml:lang="en-US">BIRD</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeutscheBankMember" xlink:label="SBS_DeutscheBankMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeutscheBankMember" xlink:to="SBS_DeutscheBankMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeutscheBankMember_lbl" xml:lang="en-US">Deutsche Bank</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EurobondsMember" xlink:label="SBS_EurobondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EurobondsMember" xlink:to="SBS_EurobondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EurobondsMember_lbl" xml:lang="en-US">Eurobonds</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_JICAMember" xlink:label="SBS_JICAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_JICAMember" xlink:to="SBS_JICAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_JICAMember_lbl" xml:lang="en-US">JICA</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxesAxis" xlink:label="SBS_DeferredTaxesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesAxis" xlink:to="SBS_DeferredTaxesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxesAxis_lbl" xml:lang="en-US">Deferred taxes [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxProvisionsMember" xlink:label="SBS_TaxProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TaxProvisionsMember" xlink:to="SBS_TaxProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TaxProvisionsMember_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ActuarialGainLossG1Member" xlink:label="SBS_ActuarialGainLossG1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ActuarialGainLossG1Member" xlink:to="SBS_ActuarialGainLossG1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ActuarialGainLossG1Member_lbl" xml:lang="en-US">Actuarial gain/loss - G1 Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PensionObligationsG1Member" xlink:label="SBS_PensionObligationsG1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PensionObligationsG1Member" xlink:to="SBS_PensionObligationsG1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PensionObligationsG1Member_lbl" xml:lang="en-US">Pension obligations - G1</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DonationsMember" xlink:label="SBS_DonationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DonationsMember" xlink:to="SBS_DonationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DonationsMember_lbl" xml:lang="en-US">Donations of underlying asset on concession agreements</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CreditLossesMember" xlink:label="SBS_CreditLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CreditLossesMember" xlink:to="SBS_CreditLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CreditLossesMember_lbl" xml:lang="en-US">Credit losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxesOtherMember" xlink:label="SBS_DeferredTaxesOtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesOtherMember" xlink:to="SBS_DeferredTaxesOtherMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_DeferredTaxesOtherMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceMember" xlink:label="ifrs-full_TemporaryDifferenceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceMember" xlink:to="ifrs-full_TemporaryDifferenceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceMember_lbl" xml:lang="en-US">Temporary difference on concession of intangible asset</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CapitalizationBorrowingCostsMember" xlink:label="SBS_CapitalizationBorrowingCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CapitalizationBorrowingCostsMember" xlink:to="SBS_CapitalizationBorrowingCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CapitalizationBorrowingCostsMember_lbl" xml:lang="en-US">Capitalization of borrowing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProfitOnSupplyGovernmentEntitiesMember" xlink:label="SBS_ProfitOnSupplyGovernmentEntitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProfitOnSupplyGovernmentEntitiesMember" xlink:to="SBS_ProfitOnSupplyGovernmentEntitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProfitOnSupplyGovernmentEntitiesMember_lbl" xml:lang="en-US">Profit on supply to governmental entities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConstructionMarginMember" xlink:label="SBS_ConstructionMarginMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConstructionMarginMember" xlink:to="SBS_ConstructionMarginMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConstructionMarginMember_lbl" xml:lang="en-US">Construction margin</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingCostsMember" xlink:label="SBS_BorrowingCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingCostsMember" xlink:to="SBS_BorrowingCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingCostsMember_lbl" xml:lang="en-US">Borrowing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxLossesMember" xlink:label="SBS_TaxLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TaxLossesMember" xlink:to="SBS_TaxLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TaxLossesMember_lbl" xml:lang="en-US">Tax losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RealizedWithin12MonthsMember" xlink:label="SBS_RealizedWithin12MonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RealizedWithin12MonthsMember" xlink:to="SBS_RealizedWithin12MonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RealizedWithin12MonthsMember_lbl" xml:lang="en-US">to be realized within 12 months</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RealizedAfter1YearMember" xlink:label="SBS_RealizedAfter1YearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RealizedAfter1YearMember" xlink:to="SBS_RealizedAfter1YearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RealizedAfter1YearMember_lbl" xml:lang="en-US">to be realized after one year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SegmentConsolidationItemsAxis" xlink:label="ifrs-full_SegmentConsolidationItemsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentConsolidationItemsAxis" xlink:to="ifrs-full_SegmentConsolidationItemsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentConsolidationItemsAxis_lbl" xml:lang="en-US">Segment consolidation items [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SanitationMember" xlink:label="SBS_SanitationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SanitationMember" xlink:to="SBS_SanitationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SanitationMember_lbl" xml:lang="en-US">Sanitation</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReconciliationMember" xlink:label="SBS_ReconciliationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReconciliationMember" xlink:to="SBS_ReconciliationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReconciliationMember_lbl" xml:lang="en-US">Reconciliation to the financial statements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" xlink:label="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" xlink:to="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis_lbl" xml:lang="en-US">Classes of entity's own equity instruments [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StateDepartmentOfFinanceMember" xlink:label="SBS_StateDepartmentOfFinanceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StateDepartmentOfFinanceMember" xlink:to="SBS_StateDepartmentOfFinanceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StateDepartmentOfFinanceMember_lbl" xml:lang="en-US">State Department of Finance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember" xlink:label="SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember" xlink:to="SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember_lbl" xml:lang="en-US">Companhia Brasileira de Liquidacao e Custodia</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BankOfNewYorkADRDepartmentMember" xlink:label="SBS_BankOfNewYorkADRDepartmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BankOfNewYorkADRDepartmentMember" xlink:to="SBS_BankOfNewYorkADRDepartmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BankOfNewYorkADRDepartmentMember_lbl" xml:lang="en-US">The Bank of New York ADR Department</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherEntityEquitytMember" xlink:label="SBS_OtherEntityEquitytMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherEntityEquitytMember" xlink:to="SBS_OtherEntityEquitytMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherEntityEquitytMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinancialIncomeExpenseAxis" xlink:label="SBS_FinancialIncomeExpenseAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialIncomeExpenseAxis" xlink:to="SBS_FinancialIncomeExpenseAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinancialIncomeExpenseAxis_lbl" xml:lang="en-US">Financial Income (Expense) [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InteretAndChargesLocalCurrencyMember" xlink:label="SBS_InteretAndChargesLocalCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InteretAndChargesLocalCurrencyMember" xlink:to="SBS_InteretAndChargesLocalCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InteretAndChargesLocalCurrencyMember_lbl" xml:lang="en-US">Interest and charges on borrowings and financing - local currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InteretAndChargesForeignCurrencyMember" xlink:label="SBS_InteretAndChargesForeignCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InteretAndChargesForeignCurrencyMember" xlink:to="SBS_InteretAndChargesForeignCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InteretAndChargesForeignCurrencyMember_lbl" xml:lang="en-US">Interest and charges on borrowings and financing - foreign currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherFinancialExpensesMember" xlink:label="SBS_OtherFinancialExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherFinancialExpensesMember" xlink:to="SBS_OtherFinancialExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherFinancialExpensesMember_lbl" xml:lang="en-US">Other financial expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncomeTaxOverInternationalRemittanceMember" xlink:label="SBS_IncomeTaxOverInternationalRemittanceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncomeTaxOverInternationalRemittanceMember" xlink:to="SBS_IncomeTaxOverInternationalRemittanceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncomeTaxOverInternationalRemittanceMember_lbl" xml:lang="en-US">Income tax over international remittance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InflationAdjustmentLoansAndFinancingMember" xlink:label="SBS_InflationAdjustmentLoansAndFinancingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InflationAdjustmentLoansAndFinancingMember" xlink:to="SBS_InflationAdjustmentLoansAndFinancingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InflationAdjustmentLoansAndFinancingMember_lbl" xml:lang="en-US">Inflation adjustment on borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InflationAdjustmentOnDeficitMember" xlink:label="SBS_InflationAdjustmentOnDeficitMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InflationAdjustmentOnDeficitMember" xlink:to="SBS_InflationAdjustmentOnDeficitMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InflationAdjustmentOnDeficitMember_lbl" xml:lang="en-US">Inflation adjustment on Sabesprev Mais deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherInflationAdjustmentsMember" xlink:label="SBS_OtherInflationAdjustmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherInflationAdjustmentsMember" xlink:to="SBS_OtherInflationAdjustmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherInflationAdjustmentsMember_lbl" xml:lang="en-US">Other inflation adjustments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestInflationAdjustmentsOnProvisionsMember" xlink:label="SBS_InterestInflationAdjustmentsOnProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestInflationAdjustmentsOnProvisionsMember" xlink:to="SBS_InterestInflationAdjustmentsOnProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestInflationAdjustmentsOnProvisionsMember_lbl" xml:lang="en-US">Interest and inflation adjustments on provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InflationAdjustmentGainsMember" xlink:label="SBS_InflationAdjustmentGainsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InflationAdjustmentGainsMember" xlink:to="SBS_InflationAdjustmentGainsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InflationAdjustmentGainsMember_lbl" xml:lang="en-US">Inflation adjustment gains</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncomeShorttermInvestmentsMember" xlink:label="SBS_IncomeShorttermInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncomeShorttermInvestmentsMember" xlink:to="SBS_IncomeShorttermInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncomeShorttermInvestmentsMember_lbl" xml:lang="en-US">Income on short-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinancialInterestIncomeMember" xlink:label="SBS_FinancialInterestIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialInterestIncomeMember" xlink:to="SBS_FinancialInterestIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinancialInterestIncomeMember_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherFinancialIncomeMember" xlink:label="SBS_OtherFinancialIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherFinancialIncomeMember" xlink:to="SBS_OtherFinancialIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherFinancialIncomeMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExchangeRateChangesBorrowingFinancingMember" xlink:label="SBS_ExchangeRateChangesBorrowingFinancingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExchangeRateChangesBorrowingFinancingMember" xlink:to="SBS_ExchangeRateChangesBorrowingFinancingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExchangeRateChangesBorrowingFinancingMember_lbl" xml:lang="en-US">Exchange rate changes on borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherExchangeRateChangesMember" xlink:label="SBS_OtherExchangeRateChangesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherExchangeRateChangesMember" xlink:to="SBS_OtherExchangeRateChangesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherExchangeRateChangesMember_lbl" xml:lang="en-US">Other exchange rate changes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExchangeGainsMember" xlink:label="SBS_ExchangeGainsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExchangeGainsMember" xlink:to="SBS_ExchangeGainsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExchangeGainsMember_lbl" xml:lang="en-US">Exchange gains</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AquapoloAmbiental1Member" xlink:label="SBS_AquapoloAmbiental1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AquapoloAmbiental1Member" xlink:to="SBS_AquapoloAmbiental1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AquapoloAmbiental1Member_lbl" xml:lang="en-US">Aquapolo Ambiental</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AquapoloAmbiental2Member" xlink:label="SBS_AquapoloAmbiental2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AquapoloAmbiental2Member" xlink:to="SBS_AquapoloAmbiental2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AquapoloAmbiental2Member_lbl" xml:lang="en-US">Aquapolo Ambiental</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NTNBMember" xlink:label="SBS_NTNBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NTNBMember" xlink:to="SBS_NTNBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NTNBMember_lbl" xml:lang="en-US">NTNBs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NTNCMember" xlink:label="SBS_NTNCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NTNCMember" xlink:to="SBS_NTNCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NTNCMember_lbl" xml:lang="en-US">NTNCs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NTNFMember" xlink:label="SBS_NTNFMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NTNFMember" xlink:to="SBS_NTNFMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NTNFMember_lbl" xml:lang="en-US">NTNFs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GovernmentBondMember" xlink:label="SBS_GovernmentBondMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GovernmentBondMember" xlink:to="SBS_GovernmentBondMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GovernmentBondMember_lbl" xml:lang="en-US">Government bonds in own portfolio</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FixedIncomeFundQuotasMember" xlink:label="SBS_FixedIncomeFundQuotasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FixedIncomeFundQuotasMember" xlink:to="SBS_FixedIncomeFundQuotasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FixedIncomeFundQuotasMember_lbl" xml:lang="en-US">Fixed income fund quotas</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PrivateCreditInvestmentFundQuotasMember" xlink:label="SBS_PrivateCreditInvestmentFundQuotasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PrivateCreditInvestmentFundQuotasMember" xlink:to="SBS_PrivateCreditInvestmentFundQuotasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PrivateCreditInvestmentFundQuotasMember_lbl" xml:lang="en-US">Private credit investment fund quotas</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StockInvestmentFundQuotasMember" xlink:label="SBS_StockInvestmentFundQuotasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StockInvestmentFundQuotasMember" xlink:to="SBS_StockInvestmentFundQuotasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StockInvestmentFundQuotasMember_lbl" xml:lang="en-US">Stocks investment fund quotas</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SharesMember" xlink:label="SBS_SharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SharesMember" xlink:to="SBS_SharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SharesMember_lbl" xml:lang="en-US">Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityInvestmentFundQuotasMember" xlink:label="SBS_EquityInvestmentFundQuotasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityInvestmentFundQuotasMember" xlink:to="SBS_EquityInvestmentFundQuotasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityInvestmentFundQuotasMember_lbl" xml:lang="en-US">Equity investment fund quotas</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RealEstateInvestmentFundQuotasMember" xlink:label="SBS_RealEstateInvestmentFundQuotasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RealEstateInvestmentFundQuotasMember" xlink:to="SBS_RealEstateInvestmentFundQuotasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RealEstateInvestmentFundQuotasMember_lbl" xml:lang="en-US">Real estate investment fund quotas</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MultimarketInvestmentFundQuotasMember" xlink:label="SBS_MultimarketInvestmentFundQuotasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MultimarketInvestmentFundQuotasMember" xlink:to="SBS_MultimarketInvestmentFundQuotasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MultimarketInvestmentFundQuotasMember_lbl" xml:lang="en-US">Multimarket investment fund quotas</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ABLoanMember" xlink:label="SBS_ABLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ABLoanMember" xlink:to="SBS_ABLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ABLoanMember_lbl" xml:lang="en-US">AB Loan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IBRDMember" xlink:label="SBS_IBRDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IBRDMember" xlink:to="SBS_IBRDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IBRDMember_lbl" xml:lang="en-US">IBRD</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentyTwentyTwoMember" xlink:label="SBS_TwentyTwentyTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentyTwentyTwoMember" xlink:to="SBS_TwentyTwentyTwoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentyTwentyTwoMember_lbl" xml:lang="en-US">2022</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentyTwentyThreeOnwardsMember" xlink:label="SBS_TwentyTwentyThreeOnwardsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentyTwentyThreeOnwardsMember" xlink:to="SBS_TwentyTwentyThreeOnwardsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentyTwentyThreeOnwardsMember_lbl" xml:lang="en-US">2023 onwards</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember" xlink:label="SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember" xlink:to="SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember_lbl" xml:lang="en-US">Agreement for the installment payment of sanitation services</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SanitationServices1Member" xlink:label="SBS_SanitationServices1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SanitationServices1Member" xlink:to="SBS_SanitationServices1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SanitationServices1Member_lbl" xml:lang="en-US">Sanitation services</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BID1983ABMember" xlink:label="SBS_BID1983ABMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BID1983ABMember" xlink:to="SBS_BID1983ABMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BID1983ABMember_lbl" xml:lang="en-US">BID 1983AB</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianFederalRevenueServiceMember" xlink:label="SBS_BrazilianFederalRevenueServiceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianFederalRevenueServiceMember" xlink:to="SBS_BrazilianFederalRevenueServiceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianFederalRevenueServiceMember_lbl" xml:lang="en-US">Brazilian Federal Revenue Service</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IRPJCSLLMember" xlink:label="SBS_IRPJCSLLMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IRPJCSLLMember" xlink:to="SBS_IRPJCSLLMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IRPJCSLLMember_lbl" xml:lang="en-US">IRPJ/CSLL</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SensitivityAnalysisAxis" xlink:label="SBS_SensitivityAnalysisAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SensitivityAnalysisAxis" xlink:to="SBS_SensitivityAnalysisAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SensitivityAnalysisAxis_lbl" xml:lang="en-US">Sensitivity analysis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DiscountRateMember" xlink:label="SBS_DiscountRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DiscountRateMember" xlink:to="SBS_DiscountRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DiscountRateMember_lbl" xml:lang="en-US">Discount rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncreaseOfOnePercentMember" xlink:label="SBS_IncreaseOfOnePercentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseOfOnePercentMember" xlink:to="SBS_IncreaseOfOnePercentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncreaseOfOnePercentMember_lbl" xml:lang="en-US">Increase of 1.0%</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DecreaseOfOnePercentMember" xlink:label="SBS_DecreaseOfOnePercentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DecreaseOfOnePercentMember" xlink:to="SBS_DecreaseOfOnePercentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DecreaseOfOnePercentMember_lbl" xml:lang="en-US">Decrease of 1.0%</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WageIncreaseRateMember" xlink:label="SBS_WageIncreaseRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WageIncreaseRateMember" xlink:to="SBS_WageIncreaseRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WageIncreaseRateMember_lbl" xml:lang="en-US">Wage increase rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GESPReimbursementBenefitsPaidMember" xlink:label="SBS_GESPReimbursementBenefitsPaidMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GESPReimbursementBenefitsPaidMember" xlink:to="SBS_GESPReimbursementBenefitsPaidMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GESPReimbursementBenefitsPaidMember_lbl" xml:lang="en-US">GESP Reimbursement &#150; benefits paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xml:lang="en-US">Non-adjusting events after reporting period [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IssueDebentures22Member" xlink:label="SBS_IssueDebentures22Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IssueDebentures22Member" xlink:to="SBS_IssueDebentures22Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IssueDebentures22Member_lbl" xml:lang="en-US">22nd Issue Debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FirstSeriesMember" xlink:label="SBS_FirstSeriesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FirstSeriesMember" xlink:to="SBS_FirstSeriesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FirstSeriesMember_lbl" xml:lang="en-US">First series</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SecondSeriesMember" xlink:label="SBS_SecondSeriesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SecondSeriesMember" xlink:to="SBS_SecondSeriesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SecondSeriesMember_lbl" xml:lang="en-US">Second series</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ThirdSeriesMember" xlink:label="SBS_ThirdSeriesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ThirdSeriesMember" xlink:to="SBS_ThirdSeriesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ThirdSeriesMember_lbl" xml:lang="en-US">Third series</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WageGrowthRateMember" xlink:label="SBS_WageGrowthRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WageGrowthRateMember" xlink:to="SBS_WageGrowthRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WageGrowthRateMember_lbl" xml:lang="en-US">Wage growth rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IRRFWithholdingIncomeTaxOnFinancialInvestmentsMember" xlink:label="SBS_IRRFWithholdingIncomeTaxOnFinancialInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IRRFWithholdingIncomeTaxOnFinancialInvestmentsMember" xlink:to="SBS_IRRFWithholdingIncomeTaxOnFinancialInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IRRFWithholdingIncomeTaxOnFinancialInvestmentsMember_lbl" xml:lang="en-US">IRRF (Withholding income tax on financial investments)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_Issue15Member" xlink:label="SBS_Issue15Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_Issue15Member" xlink:to="SBS_Issue15Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_Issue15Member_lbl" xml:lang="en-US">15th issue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DebentureIssue19Member" xlink:label="SBS_DebentureIssue19Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DebentureIssue19Member" xlink:to="SBS_DebentureIssue19Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DebentureIssue19Member_lbl" xml:lang="en-US">19th debenture issue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_Issue17Member" xlink:label="SBS_Issue17Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_Issue17Member" xlink:to="SBS_Issue17Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_Issue17Member_lbl" xml:lang="en-US">17th issue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TenthIssueDebenturesMember" xlink:label="SBS_TenthIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TenthIssueDebenturesMember" xlink:to="SBS_TenthIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TenthIssueDebenturesMember_lbl" xml:lang="en-US">10th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwelfthMember" xlink:label="SBS_TwelfthMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwelfthMember" xlink:to="SBS_TwelfthMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwelfthMember_lbl" xml:lang="en-US">12th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FourteenthIssueDebenturesMember" xlink:label="SBS_FourteenthIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FourteenthIssueDebenturesMember" xlink:to="SBS_FourteenthIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FourteenthIssueDebenturesMember_lbl" xml:lang="en-US">14th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FifteenthIssueDebenturesMember" xlink:label="SBS_FifteenthIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FifteenthIssueDebenturesMember" xlink:to="SBS_FifteenthIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FifteenthIssueDebenturesMember_lbl" xml:lang="en-US">15th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EighteenthIssueDebenturesMember" xlink:label="SBS_EighteenthIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EighteenthIssueDebenturesMember" xlink:to="SBS_EighteenthIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EighteenthIssueDebenturesMember_lbl" xml:lang="en-US">18th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NineteenthIssueDebenturesMember" xlink:label="SBS_NineteenthIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NineteenthIssueDebenturesMember" xlink:to="SBS_NineteenthIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NineteenthIssueDebenturesMember_lbl" xml:lang="en-US">19th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentiethIssueDebenturesMember" xlink:label="SBS_TwentiethIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentiethIssueDebenturesMember" xlink:to="SBS_TwentiethIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentiethIssueDebenturesMember_lbl" xml:lang="en-US">20th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TwentyFirstIssueDebenturesMember" xlink:label="SBS_TwentyFirstIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TwentyFirstIssueDebenturesMember" xlink:to="SBS_TwentyFirstIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TwentyFirstIssueDebenturesMember_lbl" xml:lang="en-US">21th issue debentures</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankMember" xlink:to="SBS_BrazilianDevelopmentBankMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BrazilianDevelopmentBankMember_2_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES BAIXADA SANTISTA</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankBNDESPACMember" xlink:label="SBS_BrazilianDevelopmentBankBNDESPACMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankBNDESPACMember" xlink:to="SBS_BrazilianDevelopmentBankBNDESPACMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankBNDESPACMember_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES PAC</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankBNDESPACII9751Member" xlink:label="SBS_BrazilianDevelopmentBankBNDESPACII9751Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankBNDESPACII9751Member" xlink:to="SBS_BrazilianDevelopmentBankBNDESPACII9751Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankBNDESPACII9751Member_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES PAC II 9751</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankBNDESPACII9752Member" xlink:label="SBS_BrazilianDevelopmentBankBNDESPACII9752Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankBNDESPACII9752Member" xlink:to="SBS_BrazilianDevelopmentBankBNDESPACII9752Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankBNDESPACII9752Member_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES PAC II 9752</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember" xlink:label="SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember" xlink:to="SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES ONDA LIMPA</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember" xlink:label="SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember" xlink:to="SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES TIET&#202; III</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankBNDES2015Member" xlink:label="SBS_BrazilianDevelopmentBankBNDES2015Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankBNDES2015Member" xlink:to="SBS_BrazilianDevelopmentBankBNDES2015Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankBNDES2015Member_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LeasesMember" xlink:label="SBS_LeasesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LeasesMember" xlink:to="SBS_LeasesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LeasesMember_lbl" xml:lang="en-US">Leases</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherMember" xlink:label="SBS_OtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherMember" xlink:to="SBS_OtherMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SeventeenthIssueDebenturesMember" xlink:label="SBS_SeventeenthIssueDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SeventeenthIssueDebenturesMember" xlink:to="SBS_SeventeenthIssueDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SeventeenthIssueDebenturesMember_lbl" xml:lang="en-US">17th issue debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterAmericanDevelopmentBankBID713Member" xlink:label="SBS_InterAmericanDevelopmentBankBID713Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterAmericanDevelopmentBankBID713Member" xlink:to="SBS_InterAmericanDevelopmentBankBID713Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterAmericanDevelopmentBankBID713Member_lbl" xml:lang="en-US">Inter-American Development Bank - BID 713</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterAmericanDevelopmentBankBID1212Member" xlink:label="SBS_InterAmericanDevelopmentBankBID1212Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterAmericanDevelopmentBankBID1212Member" xlink:to="SBS_InterAmericanDevelopmentBankBID1212Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterAmericanDevelopmentBankBID1212Member_lbl" xml:lang="en-US">Inter-American Development Bank - BID 1212</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterAmericanDevelopmentBankBID2202Member" xlink:label="SBS_InterAmericanDevelopmentBankBID2202Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterAmericanDevelopmentBankBID2202Member" xlink:to="SBS_InterAmericanDevelopmentBankBID2202Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterAmericanDevelopmentBankBID2202Member_lbl" xml:lang="en-US">Inter-American Development Bank - BID 2202</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember" xlink:label="SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember" xlink:to="SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember_lbl" xml:lang="en-US">International Bank of Reconstruction and Development -BIRD</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_JICA15Member" xlink:label="SBS_JICA15Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_JICA15Member" xlink:to="SBS_JICA15Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_JICA15Member_lbl" xml:lang="en-US">JICA 15</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_JICA18Member" xlink:label="SBS_JICA18Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_JICA18Member" xlink:to="SBS_JICA18Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_JICA18Member_lbl" xml:lang="en-US">JICA 18</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_JICA17Member" xlink:label="SBS_JICA17Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_JICA17Member" xlink:to="SBS_JICA17Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_JICA17Member_lbl" xml:lang="en-US">JICA 17</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_JICA19Member" xlink:label="SBS_JICA19Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_JICA19Member" xlink:to="SBS_JICA19Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_JICA19Member_lbl" xml:lang="en-US">JICA 19</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember" xlink:label="SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember" xlink:to="SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember_lbl" xml:lang="en-US">Brazilian Development Bank - BNDES BAIXADA SANTISTA</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember" xlink:label="SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember" xlink:to="SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember_lbl" xml:lang="en-US">International Bank for Reconstruction and Development - BIRD</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LifeExpectationMember" xlink:label="SBS_LifeExpectationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LifeExpectationMember" xlink:to="SBS_LifeExpectationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LifeExpectationMember_lbl" xml:lang="en-US">Life expectation</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncreaseDecreaseAxis" xlink:label="SBS_IncreaseDecreaseAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseDecreaseAxis" xlink:to="SBS_IncreaseDecreaseAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncreaseDecreaseAxis_lbl" xml:lang="en-US">Increase Decrease [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncreaseOfYearMember" xlink:label="SBS_IncreaseOfYearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseOfYearMember" xlink:to="SBS_IncreaseOfYearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncreaseOfYearMember_lbl" xml:lang="en-US">Increase of 1 year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DecreaseOfYearMember" xlink:label="SBS_DecreaseOfYearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DecreaseOfYearMember" xlink:to="SBS_DecreaseOfYearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DecreaseOfYearMember_lbl" xml:lang="en-US">Decrease of 1 year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncreaseOfYear1Member" xlink:label="SBS_IncreaseOfYear1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseOfYear1Member" xlink:to="SBS_IncreaseOfYear1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_IncreaseOfYear1Member_lbl" xml:lang="en-US">Increase of 1 year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DecreaseOfYear1Member" xlink:label="SBS_DecreaseOfYear1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DecreaseOfYear1Member" xlink:to="SBS_DecreaseOfYear1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_DecreaseOfYear1Member_lbl" xml:lang="en-US">Decrease of 1 year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_2_lbl" xml:lang="en-US">Categories of related parties [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AnnualAndExtraordinaryShareholdersMeetingMember" xlink:label="SBS_AnnualAndExtraordinaryShareholdersMeetingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AnnualAndExtraordinaryShareholdersMeetingMember" xlink:to="SBS_AnnualAndExtraordinaryShareholdersMeetingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AnnualAndExtraordinaryShareholdersMeetingMember_lbl" xml:lang="en-US">Annual and Extraordinary Shareholders&#146; Meeting</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AnnualAndExtraordinaryShareholdersMeeting1Member" xlink:label="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member" xlink:to="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member_lbl" xml:lang="en-US">Annual and Extraordinary Shareholders&#146; Meeting</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SabesprevMaisMember" xlink:label="SBS_SabesprevMaisMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SabesprevMaisMember" xlink:to="SBS_SabesprevMaisMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SabesprevMaisMember_lbl" xml:lang="en-US">Sabesprev Mais</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_G0Member" xlink:label="SBS_G0Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_G0Member" xlink:to="SBS_G0Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_G0Member_lbl" xml:lang="en-US">G0</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_G1Member" xlink:label="SBS_G1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_G1Member" xlink:to="SBS_G1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_G1Member_lbl" xml:lang="en-US">G1</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_StateGovernmentMember" xlink:label="SBS_StateGovernmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_StateGovernmentMember" xlink:to="SBS_StateGovernmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_StateGovernmentMember_lbl" xml:lang="en-US">State Government</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_USDollarMember" xlink:label="SBS_USDollarMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_USDollarMember" xlink:to="SBS_USDollarMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_USDollarMember_lbl" xml:lang="en-US">US Dollar</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_YenMember" xlink:label="SBS_YenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_YenMember" xlink:to="SBS_YenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_YenMember_lbl" xml:lang="en-US">Yen</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DebentureIssue21Member" xlink:label="SBS_DebentureIssue21Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DebentureIssue21Member" xlink:to="SBS_DebentureIssue21Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DebentureIssue21Member_lbl" xml:lang="en-US">21st debenture issue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DocumentAndEntityInformationAbstract" xlink:label="SBS_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DocumentAndEntityInformationAbstract" xlink:to="SBS_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of financial position [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US">Current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US">Accounts receivable from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RestrictedCashAndCashEquivalents" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RestrictedCashAndCashEquivalents" xlink:to="ifrs-full_RestrictedCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxAssets" xlink:label="ifrs-full_CurrentTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxAssets" xlink:to="ifrs-full_CurrentTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxAssets_lbl" xml:lang="en-US">Recoverable taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="ifrs-full_OtherCurrentReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentReceivables" xlink:to="ifrs-full_OtherCurrentReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">Noncurrent assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentTradeReceivables" xlink:label="ifrs-full_NoncurrentTradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentTradeReceivables" xlink:to="ifrs-full_NoncurrentTradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:label="ifrs-full_NoncurrentReceivablesDueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:to="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Accounts receivable from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermDeposits" xlink:label="ifrs-full_LongtermDeposits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermDeposits" xlink:to="ifrs-full_LongtermDeposits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermDeposits_lbl" xml:lang="en-US">Escrow deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetDeferredTaxAssets" xlink:label="ifrs-full_NetDeferredTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxAssets" xlink:to="ifrs-full_NetDeferredTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDeferredTaxAssets_lbl" xml:lang="en-US">Deferred income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WaterNationalAgencyNoncurrent" xlink:label="SBS_WaterNationalAgencyNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WaterNationalAgencyNoncurrent" xlink:to="SBS_WaterNationalAgencyNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WaterNationalAgencyNoncurrent_lbl" xml:lang="en-US">Water National Agency - ANA</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentReceivables" xlink:label="ifrs-full_OtherNoncurrentReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentReceivables" xlink:to="ifrs-full_OtherNoncurrentReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherNoncurrentReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InvestmentProperty" xlink:label="ifrs-full_InvestmentProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentProperty" xlink:to="ifrs-full_InvestmentProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentProperty_lbl" xml:lang="en-US">Investment properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Total noncurrent assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities and equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xml:lang="en-US">Trade payables and contractors</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US">Current portion of long-term borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:label="ifrs-full_CurrentProvisionsForEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:to="ifrs-full_CurrentProvisionsForEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentProvisionsForEmployeeBenefits_lbl" xml:lang="en-US">Accrued payroll and related taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="ifrs-full_CurrentTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilities" xlink:to="ifrs-full_CurrentTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilities_lbl" xml:lang="en-US">Taxes and contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendPayables" xlink:label="ifrs-full_DividendPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US">Interest on capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Provisions" xlink:label="ifrs-full_Provisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherShorttermProvisions" xlink:label="ifrs-full_OtherShorttermProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherShorttermProvisions" xlink:to="ifrs-full_OtherShorttermProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US">Services payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PublicPrivatePartnershipCurrent" xlink:label="SBS_PublicPrivatePartnershipCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipCurrent" xlink:to="SBS_PublicPrivatePartnershipCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PublicPrivatePartnershipCurrent_lbl" xml:lang="en-US">Public-Private Partnership - PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentContractLiabilities" xlink:label="ifrs-full_CurrentContractLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentContractLiabilities" xlink:to="ifrs-full_CurrentContractLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentContractLiabilities_lbl" xml:lang="en-US">Program Contract Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="ifrs-full_OtherCurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Noncurrent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US">Borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredIncomeTaxAndSocialContribution" xlink:label="SBS_DeferredIncomeTaxAndSocialContribution" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredIncomeTaxAndSocialContribution" xlink:to="SBS_DeferredIncomeTaxAndSocialContribution_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_DeferredIncomeTaxAndSocialContribution_lbl" xml:lang="en-US">Deferred income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred Cofins and PASEP</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentProvisions" xlink:label="ifrs-full_NoncurrentProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisions" xlink:to="ifrs-full_NoncurrentProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentProvisions_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PensionObligations" xlink:label="SBS_PensionObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PensionObligations" xlink:to="SBS_PensionObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_PensionObligations_lbl" xml:lang="en-US">Pension obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PublicPrivatePartnershipNoncurrent" xlink:label="SBS_PublicPrivatePartnershipNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipNoncurrent" xlink:to="SBS_PublicPrivatePartnershipNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_PublicPrivatePartnershipNoncurrent_lbl" xml:lang="en-US">Public-Private Partnership - PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentContractLiabilities" xlink:label="ifrs-full_NoncurrentContractLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentContractLiabilities" xlink:to="ifrs-full_NoncurrentContractLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentContractLiabilities_lbl" xml:lang="en-US">Program Contract Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="ifrs-full_OtherNoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total noncurrent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Capital stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReserves" xlink:label="ifrs-full_OtherReserves" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReserves" xlink:to="ifrs-full_OtherReserves_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReserves_lbl" xml:lang="en-US">Earnings reserves</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Total equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">Total equity and liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US">Profit or loss [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Net operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CostOfSales" xlink:label="ifrs-full_CostOfSales" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CostOfSales_lbl" xml:lang="en-US">Cost of services</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossProfit" xlink:label="ifrs-full_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_GrossProfit_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SellingExpense" xlink:label="ifrs-full_SellingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SellingExpense" xlink:to="ifrs-full_SellingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SellingExpense_lbl" xml:lang="en-US">Selling expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US">Administrative income (expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MiscellaneousOtherOperatingIncome" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingIncome" xlink:to="ifrs-full_MiscellaneousOtherOperatingIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome_lbl" xml:lang="en-US">Other operating income (expenses), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityInResultsOfInvestmentsInAffiliaties" xlink:label="SBS_EquityInResultsOfInvestmentsInAffiliaties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityInResultsOfInvestmentsInAffiliaties" xlink:to="SBS_EquityInResultsOfInvestmentsInAffiliaties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityInResultsOfInvestmentsInAffiliaties_lbl" xml:lang="en-US">Equity in results of investments in affiliaties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="ifrs-full_ProfitLossFromContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromContinuingOperations" xlink:to="ifrs-full_ProfitLossFromContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_lbl" xml:lang="en-US">Profit from operations before finance income (expenses) and income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceCosts" xlink:label="ifrs-full_FinanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US">Financial expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceIncome" xlink:label="ifrs-full_FinanceIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US">Financial revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetForeignExchangeGain" xlink:label="ifrs-full_NetForeignExchangeGain" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetForeignExchangeGain" xlink:to="ifrs-full_NetForeignExchangeGain_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetForeignExchangeGain_lbl" xml:lang="en-US">Exchange result, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinanceIncomeExpenseNet" xlink:label="SBS_FinanceIncomeExpenseNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinanceIncomeExpenseNet" xlink:to="SBS_FinanceIncomeExpenseNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="SBS_FinanceIncomeExpenseNet_lbl" xml:lang="en-US">Financial result, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US">Profit before income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xml:lang="en-US">Income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="ifrs-full_DeferredTaxExpenseIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncome" xlink:to="ifrs-full_DeferredTaxExpenseIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xml:lang="en-US">Deferred</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncomeTaxAndSocialContribution" xlink:label="SBS_IncomeTaxAndSocialContribution" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncomeTaxAndSocialContribution" xlink:to="SBS_IncomeTaxAndSocialContribution_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SBS_IncomeTaxAndSocialContribution_lbl" xml:lang="en-US">Income tax and social contribution, total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">Profit for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US">Earnings per share - basic and diluted (in reais)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_2_lbl" xml:lang="en-US">Profit for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Items which will not be subsequently reclassified to the income statement:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial gains and (losses) on defined benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Total comprehensive income for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_2_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_3_lbl" xml:lang="en-US">Net income for the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Actuarial gains (losses)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LegalReserve" xlink:label="SBS_LegalReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LegalReserve" xlink:to="SBS_LegalReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_LegalReserve_lbl" xml:lang="en-US">Legal reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestExpenseOnCapital" xlink:label="SBS_InterestExpenseOnCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestExpenseOnCapital" xlink:to="SBS_InterestExpenseOnCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestExpenseOnCapital_lbl" xml:lang="en-US">Interest on capital (R$0.1863 per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestExpenseOnCapital2" xlink:label="SBS_InterestExpenseOnCapital2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestExpenseOnCapital2" xlink:to="SBS_InterestExpenseOnCapital2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestExpenseOnCapital2_lbl" xml:lang="en-US">Interest on capital (R$1.0240 per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestExpenseOnCapital3" xlink:label="SBS_InterestExpenseOnCapital3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestExpenseOnCapital3" xlink:to="SBS_InterestExpenseOnCapital3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestExpenseOnCapital3_lbl" xml:lang="en-US">Interest on capital (R$0.87539 per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdditionalDividendsProposedApproved" xlink:label="SBS_AdditionalDividendsProposedApproved" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdditionalDividendsProposedApproved" xlink:to="SBS_AdditionalDividendsProposedApproved_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdditionalDividendsProposedApproved_lbl" xml:lang="en-US">2014 additional proposed dividends, approved (R$0.0554 per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdditionalDividendsProposedApproved2" xlink:label="SBS_AdditionalDividendsProposedApproved2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdditionalDividendsProposedApproved2" xlink:to="SBS_AdditionalDividendsProposedApproved2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdditionalDividendsProposedApproved2_lbl" xml:lang="en-US">2015 additional proposed dividends, approved (R$0.0330 per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdditionalDividendsProposedApproved3" xlink:label="SBS_AdditionalDividendsProposedApproved3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdditionalDividendsProposedApproved3" xlink:to="SBS_AdditionalDividendsProposedApproved3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdditionalDividendsProposedApproved3_lbl" xml:lang="en-US">2016 additional proposed dividends, approved (R$0.09176 per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear" xlink:to="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear_lbl" xml:lang="en-US">Additional proposed dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends" xlink:label="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends" xlink:to="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends_lbl" xml:lang="en-US">Withholding income tax on interest on capital attributable as minimum mandatory dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:label="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:to="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve_lbl" xml:lang="en-US">Transfer to investments reserve</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_3_lbl" xml:lang="en-US">Ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flow from operating activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossBeforeTax_2_lbl" xml:lang="en-US">Profit before income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Adjustments for:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:to="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xml:lang="en-US">Residual value of property, plant and equipment and intangible assets written-off</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Bad debt expense</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProvisionsAndInflationAdjustment" xlink:label="SBS_ProvisionsAndInflationAdjustment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProvisionsAndInflationAdjustment" xlink:to="SBS_ProvisionsAndInflationAdjustment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProvisionsAndInflationAdjustment_lbl" xml:lang="en-US">Provisions and inflation adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Pension plan liabilities - early reduction (curtailment)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="ifrs-full_AdjustmentsForFinanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFinanceCosts" xlink:to="ifrs-full_AdjustmentsForFinanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xml:lang="en-US">Interest calculated on borrowings and financing payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing" xlink:label="SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing" xlink:to="SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing_lbl" xml:lang="en-US">Inflation adjustment and exchange gains (losses) on borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestAndInflationAdjustmentOnLiabilities" xlink:label="SBS_InterestAndInflationAdjustmentOnLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestAndInflationAdjustmentOnLiabilities" xlink:to="SBS_InterestAndInflationAdjustmentOnLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestAndInflationAdjustmentOnLiabilities_lbl" xml:lang="en-US">Interest and inflation adjustment on liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestAndInflationAdjustmentOnAssets" xlink:label="SBS_InterestAndInflationAdjustmentOnAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestAndInflationAdjustmentOnAssets" xlink:to="SBS_InterestAndInflationAdjustmentOnAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestAndInflationAdjustmentOnAssets_lbl" xml:lang="en-US">Interest and inflation adjustment on assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinanceChargesFromCustomers" xlink:label="SBS_FinanceChargesFromCustomers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinanceChargesFromCustomers" xlink:to="SBS_FinanceChargesFromCustomers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinanceChargesFromCustomers_lbl" xml:lang="en-US">Finance charges from customers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011" xlink:label="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011" xlink:to="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011_lbl" xml:lang="en-US">Margin of fair value on intangible assets arising from concession</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProvisionForConsentDecree" xlink:label="SBS_ProvisionForConsentDecree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProvisionForConsentDecree" xlink:to="SBS_ProvisionForConsentDecree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProvisionForConsentDecree_lbl" xml:lang="en-US">Provision for Consent Decree (TAC)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:label="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:to="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries_lbl" xml:lang="en-US">Equity in results of investments in affiliates</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProvisionFromSaoPauloAgreement" xlink:label="SBS_ProvisionFromSaoPauloAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProvisionFromSaoPauloAgreement" xlink:to="SBS_ProvisionFromSaoPauloAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProvisionFromSaoPauloAgreement_lbl" xml:lang="en-US">Provision from S&#227;o Paulo agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:to="ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans_lbl" xml:lang="en-US">Provision for pension plan - Sabesprev Mais</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl" xml:lang="en-US">Pension obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherAdjustmentsToReconcileProfitLoss" xlink:label="ifrs-full_OtherAdjustmentsToReconcileProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAdjustmentsToReconcileProfitLoss" xlink:to="ifrs-full_OtherAdjustmentsToReconcileProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherAdjustmentsToReconcileProfitLoss_lbl" xml:lang="en-US">Other adjustments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentForGespAgreement" xlink:label="SBS_AdjustmentForGespAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentForGespAgreement" xlink:to="SBS_AdjustmentForGespAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdjustmentForGespAgreement_lbl" xml:lang="en-US">GESP Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForReconcileProfitLoss" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLoss" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLoss_lbl" xml:lang="en-US">Total adustments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncreaseDecreaseInAssetsAbstract" xlink:label="SBS_IncreaseDecreaseInAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseDecreaseInAssetsAbstract" xlink:to="SBS_IncreaseDecreaseInAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncreaseDecreaseInAssetsAbstract_lbl" xml:lang="en-US">Changes in assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xml:lang="en-US">Accounts receivable from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsForRecoverableTaxes" xlink:label="SBS_AdjustmentsForRecoverableTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForRecoverableTaxes" xlink:to="SBS_AdjustmentsForRecoverableTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AdjustmentsForRecoverableTaxes_lbl" xml:lang="en-US">Recoverable taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits" xlink:label="SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits" xlink:to="SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits_lbl" xml:lang="en-US">Escrow deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables" xlink:to="SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncreaseDecreaseInLiabilitiesAbstract" xlink:label="SBS_IncreaseDecreaseInLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseDecreaseInLiabilitiesAbstract" xlink:to="SBS_IncreaseDecreaseInLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncreaseDecreaseInLiabilitiesAbstract_lbl" xml:lang="en-US">Changes in liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US">Trade payables and contractors</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xml:lang="en-US">Services payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes" xlink:to="SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes_lbl" xml:lang="en-US">Accrued payroll and related taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable" xlink:to="SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable_lbl" xml:lang="en-US">Taxes and contributions payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP" xlink:to="SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP_lbl" xml:lang="en-US">Deferred Cofins/PASEP</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="ifrs-full_AdjustmentsForProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForProvisions" xlink:to="ifrs-full_AdjustmentsForProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForProvisions_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsForPensionObligations" xlink:label="SBS_AdjustmentsForPensionObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForPensionObligations" xlink:to="SBS_AdjustmentsForPensionObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AdjustmentsForPensionObligations_lbl" xml:lang="en-US">Pension obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="ifrs-full_CashFlowsFromUsedInOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperations" xlink:to="ifrs-full_CashFlowsFromUsedInOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperations_lbl" xml:lang="en-US">Cash generated from operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Interest paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Income tax and social contribution paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash generated from operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Acquisition of intangible</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities" xlink:to="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Investment increase</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" xlink:to="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Dividends received</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsAndFinancingAbstract" xlink:label="SBS_BorrowingsAndFinancingAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsAndFinancingAbstract" xlink:to="SBS_BorrowingsAndFinancingAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsAndFinancingAbstract_lbl" xml:lang="en-US">Borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Proceeds from loans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of loans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of interest on capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Public-Private Partnership - PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProgramContractCommitments" xlink:label="SBS_ProgramContractCommitments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProgramContractCommitments" xlink:to="SBS_ProgramContractCommitments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SBS_ProgramContractCommitments_lbl" xml:lang="en-US">Program Contract Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash generated by (used in) financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US">Increase/(decrease) in cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CashAndCashEquivalentsRepresentedByAbstract" xlink:label="SBS_CashAndCashEquivalentsRepresentedByAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CashAndCashEquivalentsRepresentedByAbstract" xlink:to="SBS_CashAndCashEquivalentsRepresentedByAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CashAndCashEquivalentsRepresentedByAbstract_lbl" xml:lang="en-US">Represented by :</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_2_lbl" xml:lang="en-US">Cash and cash equivalents at the beginning of the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_3_lbl" xml:lang="en-US">Cash and cash equivalents at the end of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperationsAbstract" xlink:label="SBS_OperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperationsAbstract" xlink:to="SBS_OperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperationsAbstract_lbl" xml:lang="en-US">Operations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DisclosureOfOperationsExplanatory" xlink:label="SBS_DisclosureOfOperationsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisclosureOfOperationsExplanatory" xlink:to="SBS_DisclosureOfOperationsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_DisclosureOfOperationsExplanatory_lbl" xml:lang="en-US">Operations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BasisOfPreparationAndPresentationOfFinancialStatementsAbstract" xlink:label="SBS_BasisOfPreparationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BasisOfPreparationAndPresentationOfFinancialStatementsAbstract" xlink:to="SBS_BasisOfPreparationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BasisOfPreparationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Basis Of Preparation And Presentation Of Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:to="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_lbl" xml:lang="en-US">Basis of preparation and presentation of the financial statements</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="SBS_SummaryOfSignificantAccountingPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="SBS_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Summary Of Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US">Summary of Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ChangesInAccountingPracticesAndDisclosuresAbstract" xlink:label="SBS_ChangesInAccountingPracticesAndDisclosuresAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ChangesInAccountingPracticesAndDisclosuresAbstract" xlink:to="SBS_ChangesInAccountingPracticesAndDisclosuresAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ChangesInAccountingPracticesAndDisclosuresAbstract_lbl" xml:lang="en-US">Changes In Accounting Practices And Disclosures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:label="ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations_lbl" xml:lang="en-US">Changes in accounting practices and disclosures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RiskManagementAbstract" xlink:label="SBS_RiskManagementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RiskManagementAbstract" xlink:to="SBS_RiskManagementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RiskManagementAbstract_lbl" xml:lang="en-US">Risk Management</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US">Cash and cash equivalents [abstract]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RestrictedCashAbstract" xlink:to="SBS_RestrictedCashAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RestrictedCashAbstract_lbl" xml:lang="en-US">Restricted Cash</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfRestrictedCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US">Restricted cash</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesAbstract_lbl" xml:lang="en-US">Trade Receivables</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RelatedpartyBalancesAndTransactionsAbstract_lbl" xml:lang="en-US">Related-party Balances And Transactions</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US">Related-Party Balances and Transactions</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WaterNationalAgencyAnaAbstract" xlink:to="SBS_WaterNationalAgencyAnaAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WaterNationalAgencyAnaAbstract_lbl" xml:lang="en-US">Water National Agency - Ana</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_DisclosureOfWaterNationalAgencyExplanatory_lbl" xml:lang="en-US">Water National Agency - ANA</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentsAbstract" xlink:to="SBS_InvestmentsAbstract_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_lbl" xml:lang="en-US">Investments</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentPropertiesAbstract" xlink:to="SBS_InvestmentPropertiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentPropertiesAbstract_lbl" xml:lang="en-US">Investment Properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfInvestmentPropertyExplanatory_lbl" xml:lang="en-US">Investment properties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsAbstract" xlink:label="SBS_IntangibleAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsAbstract" xlink:to="SBS_IntangibleAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsAbstract_lbl" xml:lang="en-US">Intangible Assets</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfServiceConcessionArrangementsExplanatory_lbl" xml:lang="en-US">Intangible assets</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US">Property, plant and equipment [abstract]</link:label>
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      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxesRecoverablepayableAbstract" xlink:label="SBS_TaxesRecoverablepayableAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings per share [abstract]</link:label>
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      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingSegmentInformationAbstract" xlink:label="SBS_OperatingSegmentInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingSegmentInformationAbstract" xlink:to="SBS_OperatingSegmentInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingSegmentInformationAbstract_lbl" xml:lang="en-US">Operating Segment Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xml:lang="en-US">Operating segment information</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InsuranceAbstract" xlink:to="SBS_InsuranceAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InsuranceAbstract_lbl" xml:lang="en-US">Insurance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfInsuranceContractsExplanatory" xlink:label="ifrs-full_DisclosureOfInsuranceContractsExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfInsuranceContractsExplanatory_lbl" xml:lang="en-US">Insurance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingRevenueAbstract" xlink:label="SBS_OperatingRevenueAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingRevenueAbstract" xlink:to="SBS_OperatingRevenueAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingRevenueAbstract_lbl" xml:lang="en-US">Operating Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfRevenueExplanatory" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xml:lang="en-US">Operating revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingCostsAndExpensesAbstract" xlink:label="SBS_OperatingCostsAndExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingCostsAndExpensesAbstract" xlink:to="SBS_OperatingCostsAndExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingCostsAndExpensesAbstract_lbl" xml:lang="en-US">Operating Costs And Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfExpensesByNatureExplanatory" xlink:label="ifrs-full_DisclosureOfExpensesByNatureExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfExpensesByNatureExplanatory_lbl" xml:lang="en-US">Operating costs and expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinancialIncomeExpensesAbstract" xlink:label="SBS_FinancialIncomeExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialIncomeExpensesAbstract" xlink:to="SBS_FinancialIncomeExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinancialIncomeExpensesAbstract_lbl" xml:lang="en-US">Financial Income Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_lbl" xml:lang="en-US">Financial Income (Expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherOperatingIncomeExpensesNetAbstract" xlink:label="SBS_OtherOperatingIncomeExpensesNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherOperatingIncomeExpensesNetAbstract" xlink:to="SBS_OtherOperatingIncomeExpensesNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherOperatingIncomeExpensesNetAbstract_lbl" xml:lang="en-US">Other Operating Income Expenses Net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:label="ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory_lbl" xml:lang="en-US">Other operating income (expenses), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CommitmentsAbstract" xlink:label="SBS_CommitmentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CommitmentsAbstract" xlink:to="SBS_CommitmentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CommitmentsAbstract_lbl" xml:lang="en-US">Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xml:lang="en-US">Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SupplementalCashFlowInformationAbstract" xlink:label="SBS_SupplementalCashFlowInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SupplementalCashFlowInformationAbstract" xlink:to="SBS_SupplementalCashFlowInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DisclosureOfSupplementalCashFlowInformationExplanatory" xlink:label="SBS_DisclosureOfSupplementalCashFlowInformationExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisclosureOfSupplementalCashFlowInformationExplanatory" xlink:to="SBS_DisclosureOfSupplementalCashFlowInformationExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DisclosureOfSupplementalCashFlowInformationExplanatory_lbl" xml:lang="en-US">Supplemental cash flow information</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EventsAfterReportingPeriodAbstract" xlink:label="SBS_EventsAfterReportingPeriodAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EventsAfterReportingPeriodAbstract" xlink:to="SBS_EventsAfterReportingPeriodAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EventsAfterReportingPeriodAbstract_lbl" xml:lang="en-US">Events After Reporting Period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xml:lang="en-US">Events after the reporting period</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract" xlink:label="SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract" xlink:to="SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract_lbl" xml:lang="en-US">Summary Of Significant Accounting Policies Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US">Operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_lbl" xml:lang="en-US">Trade receivables and allowance for doubtful accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory_lbl" xml:lang="en-US">Investment properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Property, plant and equipment</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xml:lang="en-US">Impairment of non-financial assets</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory_lbl" xml:lang="en-US">Trade accounts payable and contractors</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_DescriptionOfAccountingPolicyForPensionObligationsExplanatory_lbl" xml:lang="en-US">Pension obligations</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xml:lang="en-US">Dividends and interest on capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DescriptionOfAccountingPolicyForPresentValueAdjustmentExplanatory" xlink:label="SBS_DescriptionOfAccountingPolicyForPresentValueAdjustmentExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DescriptionOfAccountingPolicyForPresentValueAdjustmentExplanatory_lbl" xml:lang="en-US">Present value adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_lbl" xml:lang="en-US">Segment information</link:label>
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      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ChangesInAccountingPracticesAndDisclosuresTablesAbstract" xlink:label="SBS_ChangesInAccountingPracticesAndDisclosuresTablesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfNewAccountingStandardsAmendmentsAndInterpretationsAdoptedTableTextBlock_lbl" xml:lang="en-US">New standards, amendments and interpretations, adopted</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RiskManagementTablesAbstract_lbl" xml:lang="en-US">Risk Management Tables</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfExposureToExchangeRiskTableTextBlock" xlink:to="SBS_SummaryOfExposureToExchangeRiskTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfExposureToExchangeRiskTableTextBlock_lbl" xml:lang="en-US">Exposure to exchange risk</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingAndFinancingVariableInterestRateTableTextBlock" xlink:label="SBS_SummaryOfBorrowingAndFinancingVariableInterestRateTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingAndFinancingVariableInterestRateTableTextBlock_lbl" xml:lang="en-US">Borrowing and financing variable interest rate</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExplanatory_lbl" xml:lang="en-US">Credit rating</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCreditInformationOfBanksTableTextBlock" xlink:label="SBS_SummaryOfCreditInformationOfBanksTableTextBlock" />
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      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCapitalManagementTableTextBlock" xlink:label="SBS_SummaryOfCapitalManagementTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfCapitalManagementTableTextBlock_lbl" xml:lang="en-US">Capital management</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfFinancialLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Financial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CashAndCashEquivalentsTablesAbstract" xlink:label="SBS_CashAndCashEquivalentsTablesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CashAndCashEquivalentsTablesAbstract_lbl" xml:lang="en-US">Cash And Cash Equivalents Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCashAndCashEquivalentsTableTextBlock" xlink:label="SBS_SummaryOfCashAndCashEquivalentsTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfCashAndCashEquivalentsTableTextBlock_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RestrictedCashTablesAbstract_lbl" xml:lang="en-US">Restricted Cash Tables</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfRestrictedCashTableTextBlock_lbl" xml:lang="en-US">Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesTablesAbstract" xlink:label="SBS_TradeReceivablesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesTablesAbstract" xlink:to="SBS_TradeReceivablesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesTablesAbstract_lbl" xml:lang="en-US">Trade Receivables Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfFinancialPositionTableTextBlock" xlink:label="SBS_SummaryOfFinancialPositionTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfFinancialPositionTableTextBlock" xlink:to="SBS_SummaryOfFinancialPositionTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfFinancialPositionTableTextBlock_lbl" xml:lang="en-US">Financial position</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfAgingOfTradeReceivablesTableTextBlock" xlink:label="SBS_SummaryOfAgingOfTradeReceivablesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfAgingOfTradeReceivablesTableTextBlock" xlink:to="SBS_SummaryOfAgingOfTradeReceivablesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfAgingOfTradeReceivablesTableTextBlock_lbl" xml:lang="en-US">Aging of trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock" xlink:label="SBS_SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock" xlink:to="SBS_SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock" xlink:label="SBS_SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock" xlink:to="SBS_SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock_lbl" xml:lang="en-US">Reconciliation of estimated losses of income</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RelatedpartyBalancesAndTransactionsTablesAbstract" xlink:label="SBS_RelatedpartyBalancesAndTransactionsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RelatedpartyBalancesAndTransactionsTablesAbstract" xlink:to="SBS_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xml:lang="en-US">Related-party Balances And Transactions Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock" xlink:label="SBS_SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock" xlink:to="SBS_SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock_lbl" xml:lang="en-US">Accounts receivable, interest on capital payable, revenue and expenses with the Sao Paulo State Government</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock" xlink:label="SBS_SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock" xlink:to="SBS_SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock_lbl" xml:lang="en-US">Loan agreement through credit facility</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentsTablesAbstract" xlink:label="SBS_InvestmentsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentsTablesAbstract" xlink:to="SBS_InvestmentsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentsTablesAbstract_lbl" xml:lang="en-US">Investments Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfInvesteesFinancialStatementsAndEquityInterestTableTextBlock" xlink:label="SBS_SummaryOfInvesteesFinancialStatementsAndEquityInterestTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfInvesteesFinancialStatementsAndEquityInterestTableTextBlock" xlink:to="SBS_SummaryOfInvesteesFinancialStatementsAndEquityInterestTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfInvesteesFinancialStatementsAndEquityInterestTableTextBlock_lbl" xml:lang="en-US">Summary of the investees' financial statements and equity interest</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentPropertiesTablesAbstract" xlink:label="SBS_InvestmentPropertiesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentPropertiesTablesAbstract" xlink:to="SBS_InvestmentPropertiesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentPropertiesTablesAbstract_lbl" xml:lang="en-US">Investment Properties Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfInvestmentPropertiesTableTextBlock" xlink:label="SBS_SummaryOfInvestmentPropertiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfInvestmentPropertiesTableTextBlock" xlink:to="SBS_SummaryOfInvestmentPropertiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfInvestmentPropertiesTableTextBlock_lbl" xml:lang="en-US">Investment properties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsTablesAbstract" xlink:label="SBS_IntangibleAssetsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsTablesAbstract" xlink:to="SBS_IntangibleAssetsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsTablesAbstract_lbl" xml:lang="en-US">Intangible Assets Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfFinancialPositionDetailsTableTextBlock" xlink:label="SBS_SummaryOfFinancialPositionDetailsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfFinancialPositionDetailsTableTextBlock" xlink:to="SBS_SummaryOfFinancialPositionDetailsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfFinancialPositionDetailsTableTextBlock_lbl" xml:lang="en-US">Statement of financial position details</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SumamryOfChangesInIntangibleAssetsTableTextBlock" xlink:label="SBS_SumamryOfChangesInIntangibleAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SumamryOfChangesInIntangibleAssetsTableTextBlock" xlink:to="SBS_SumamryOfChangesInIntangibleAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SumamryOfChangesInIntangibleAssetsTableTextBlock_lbl" xml:lang="en-US">Changes in intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfLiabilitiesAssumedTableTextBlock" xlink:label="SBS_SummaryOfLiabilitiesAssumedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfLiabilitiesAssumedTableTextBlock" xlink:to="SBS_SummaryOfLiabilitiesAssumedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfLiabilitiesAssumedTableTextBlock_lbl" xml:lang="en-US">Liabilities assumed</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PropertyPlantAndEquipmentTablesAbstract" xlink:label="SBS_PropertyPlantAndEquipmentTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PropertyPlantAndEquipmentTablesAbstract" xlink:to="SBS_PropertyPlantAndEquipmentTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PropertyPlantAndEquipmentTablesAbstract_lbl" xml:lang="en-US">Property Plant And Equipment Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfPropertyPlantAndEquipmentTableTextBlock" xlink:label="SBS_SummaryOfPropertyPlantAndEquipmentTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfPropertyPlantAndEquipmentTableTextBlock" xlink:to="SBS_SummaryOfPropertyPlantAndEquipmentTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US">Statement of financial position details</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock" xlink:label="SBS_SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock" xlink:to="SBS_SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US">Changes in property, plant, and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsAndFinancingTablesAbstract" xlink:label="SBS_BorrowingsAndFinancingTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsAndFinancingTablesAbstract" xlink:to="SBS_BorrowingsAndFinancingTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsAndFinancingTablesAbstract_lbl" xml:lang="en-US">Borrowings And Financing Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsAndFinancingOutstandingTableTextBlock" xlink:label="SBS_SummaryOfBorrowingsAndFinancingOutstandingTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsAndFinancingOutstandingTableTextBlock" xlink:to="SBS_SummaryOfBorrowingsAndFinancingOutstandingTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsAndFinancingOutstandingTableTextBlock_lbl" xml:lang="en-US">Borrowings and financing outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsTermsTableTextBlock" xlink:label="SBS_SummaryOfBorrowingsTermsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsTermsTableTextBlock" xlink:to="SBS_SummaryOfBorrowingsTermsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsTermsTableTextBlock_lbl" xml:lang="en-US">Borrowings terms</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsPaymentScheduleTableTextBlock" xlink:label="SBS_SummaryOfBorrowingsPaymentScheduleTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsPaymentScheduleTableTextBlock" xlink:to="SBS_SummaryOfBorrowingsPaymentScheduleTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsPaymentScheduleTableTextBlock_lbl" xml:lang="en-US">Borrowings payment schedule</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfChangesInBorrowingsTableTextBlock" xlink:label="SBS_SummaryOfChangesInBorrowingsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfChangesInBorrowingsTableTextBlock" xlink:to="SBS_SummaryOfChangesInBorrowingsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfChangesInBorrowingsTableTextBlock_lbl" xml:lang="en-US">Changes in borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock" xlink:label="SBS_SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock" xlink:to="SBS_SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock_lbl" xml:lang="en-US">Borrowings and financing - Credit Limited</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxesRecoverablepayableTablesAbstract" xlink:label="SBS_TaxesRecoverablepayableTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TaxesRecoverablepayableTablesAbstract" xlink:to="SBS_TaxesRecoverablepayableTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TaxesRecoverablepayableTablesAbstract_lbl" xml:lang="en-US">Taxes Recoverablepayable Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCurrentTaxAssetsTableTextBlock" xlink:label="SBS_SummaryOfCurrentTaxAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfCurrentTaxAssetsTableTextBlock" xlink:to="SBS_SummaryOfCurrentTaxAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfCurrentTaxAssetsTableTextBlock_lbl" xml:lang="en-US">Current tax assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCurrentTaxLiabilitiesTableTextBlock" xlink:label="SBS_SummaryOfCurrentTaxLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfCurrentTaxLiabilitiesTableTextBlock" xlink:to="SBS_SummaryOfCurrentTaxLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfCurrentTaxLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Current tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxesAndContributionsTablesAbstract" xlink:label="SBS_DeferredTaxesAndContributionsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesAndContributionsTablesAbstract" xlink:to="SBS_DeferredTaxesAndContributionsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxesAndContributionsTablesAbstract_lbl" xml:lang="en-US">Deferred Taxes And Contributions Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfDeferredTaxesTableTextBlock" xlink:label="SBS_SummaryOfDeferredTaxesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfDeferredTaxesTableTextBlock" xlink:to="SBS_SummaryOfDeferredTaxesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfDeferredTaxesTableTextBlock_lbl" xml:lang="en-US">Deferred taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfRealizationOfDeferredTaxesTableTextBlock" xlink:label="SBS_SummaryOfRealizationOfDeferredTaxesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfRealizationOfDeferredTaxesTableTextBlock" xlink:to="SBS_SummaryOfRealizationOfDeferredTaxesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfRealizationOfDeferredTaxesTableTextBlock_lbl" xml:lang="en-US">Realization</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfChangesInDeferredTaxesTableTextBlock" xlink:label="SBS_SummaryOfChangesInDeferredTaxesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfChangesInDeferredTaxesTableTextBlock" xlink:to="SBS_SummaryOfChangesInDeferredTaxesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfChangesInDeferredTaxesTableTextBlock_lbl" xml:lang="en-US">Changes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock" xlink:label="SBS_SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock" xlink:to="SBS_SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock_lbl" xml:lang="en-US">Reconciliation of the effective tax rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProvisionsTablesAbstract" xlink:label="SBS_ProvisionsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProvisionsTablesAbstract" xlink:to="SBS_ProvisionsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProvisionsTablesAbstract_lbl" xml:lang="en-US">Provisions Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfLawsuitsAndProceedingsThatResultedInProvisionsTableTextBlock" xlink:label="SBS_SummaryOfLawsuitsAndProceedingsThatResultedInProvisionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfLawsuitsAndProceedingsThatResultedInProvisionsTableTextBlock" xlink:to="SBS_SummaryOfLawsuitsAndProceedingsThatResultedInProvisionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfLawsuitsAndProceedingsThatResultedInProvisionsTableTextBlock_lbl" xml:lang="en-US">Lawsuits and proceedings that resulted in provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfChangesInProvisionsTableTextBlock" xlink:label="SBS_SummaryOfChangesInProvisionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfChangesInProvisionsTableTextBlock" xlink:to="SBS_SummaryOfChangesInProvisionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfChangesInProvisionsTableTextBlock_lbl" xml:lang="en-US">Changes in provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock" xlink:label="SBS_SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock" xlink:to="SBS_SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Lawsuits deemed as contingent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EmployeesBenefitsTablesAbstract" xlink:label="SBS_EmployeesBenefitsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EmployeesBenefitsTablesAbstract" xlink:to="SBS_EmployeesBenefitsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EmployeesBenefitsTablesAbstract_lbl" xml:lang="en-US">Employees Benefits Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfPensionPlanBenefitsTableTextBlock" xlink:label="SBS_SummaryOfPensionPlanBenefitsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfPensionPlanBenefitsTableTextBlock" xlink:to="SBS_SummaryOfPensionPlanBenefitsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfPensionPlanBenefitsTableTextBlock_lbl" xml:lang="en-US">Pension plan benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock" xlink:label="SBS_SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock" xlink:to="SBS_SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock_lbl" xml:lang="en-US">(Gains)/losses, due to changes in assumptions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock" xlink:label="SBS_SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock" xlink:to="SBS_SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock_lbl" xml:lang="en-US">Reconciliation of defined benefit obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfFairValueOfBenefitPlanTableTextBlock" xlink:label="SBS_SummaryOfFairValueOfBenefitPlanTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfFairValueOfBenefitPlanTableTextBlock" xlink:to="SBS_SummaryOfFairValueOfBenefitPlanTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfFairValueOfBenefitPlanTableTextBlock_lbl" xml:lang="en-US">Fair value of plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock" xlink:label="SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock" xlink:to="SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock_lbl" xml:lang="en-US">Amounts recognized in income statement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBenefitPlanExpensesRecognizedByEmployerTableTextBlock" xlink:label="SBS_SummaryOfBenefitPlanExpensesRecognizedByEmployerTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBenefitPlanExpensesRecognizedByEmployerTableTextBlock" xlink:to="SBS_SummaryOfBenefitPlanExpensesRecognizedByEmployerTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBenefitPlanExpensesRecognizedByEmployerTableTextBlock_lbl" xml:lang="en-US">Benefit plan expenses recognized by employer</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfActuarialAssumptionsTableTextBlock" xlink:label="SBS_SummaryOfActuarialAssumptionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfActuarialAssumptionsTableTextBlock" xlink:to="SBS_SummaryOfActuarialAssumptionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfActuarialAssumptionsTableTextBlock_lbl" xml:lang="en-US">Actuarial assumptions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfSensitivityAnalysisOfBenefitPlansTableTextBlock" xlink:label="SBS_SummaryOfSensitivityAnalysisOfBenefitPlansTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfSensitivityAnalysisOfBenefitPlansTableTextBlock" xlink:to="SBS_SummaryOfSensitivityAnalysisOfBenefitPlansTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfSensitivityAnalysisOfBenefitPlansTableTextBlock_lbl" xml:lang="en-US">Sensitivity analysis of benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfPlanAssetsTableTextBlock" xlink:label="SBS_SummaryOfPlanAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfPlanAssetsTableTextBlock" xlink:to="SBS_SummaryOfPlanAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfPlanAssetsTableTextBlock_lbl" xml:lang="en-US">Plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfDefinedBenefitObligationTableTextBlock" xlink:label="SBS_SummaryOfDefinedBenefitObligationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfDefinedBenefitObligationTableTextBlock" xlink:to="SBS_SummaryOfDefinedBenefitObligationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfDefinedBenefitObligationTableTextBlock_lbl" xml:lang="en-US">Defined benefit obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock" xlink:label="SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock" xlink:to="SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock_lbl" xml:lang="en-US">Amounts recognized in income statement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock" xlink:label="SBS_SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock" xlink:to="SBS_SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock_lbl" xml:lang="en-US">Expense related to defined benefit plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock" xlink:label="SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock" xlink:to="SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock_lbl" xml:lang="en-US">Main actuarial assumptions used</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock" xlink:label="SBS_SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock" xlink:to="SBS_SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock_lbl" xml:lang="en-US">Actuarial assumptions unfunded plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityTablesAbstract" xlink:label="SBS_EquityTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityTablesAbstract" xlink:to="SBS_EquityTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityTablesAbstract_lbl" xml:lang="en-US">Equity Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfSubscribedAndPaidinCapitalTableTextBlock" xlink:label="SBS_SummaryOfSubscribedAndPaidinCapitalTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfSubscribedAndPaidinCapitalTableTextBlock" xlink:to="SBS_SummaryOfSubscribedAndPaidinCapitalTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfSubscribedAndPaidinCapitalTableTextBlock_lbl" xml:lang="en-US">Subscribed and paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfDistributionOfEarningsTableTextBlock" xlink:label="SBS_SummaryOfDistributionOfEarningsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfDistributionOfEarningsTableTextBlock" xlink:to="SBS_SummaryOfDistributionOfEarningsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfDistributionOfEarningsTableTextBlock_lbl" xml:lang="en-US">Distribution of earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfAllocationOfProfitTableTextBlock" xlink:label="SBS_SummaryOfAllocationOfProfitTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfAllocationOfProfitTableTextBlock" xlink:to="SBS_SummaryOfAllocationOfProfitTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfAllocationOfProfitTableTextBlock_lbl" xml:lang="en-US">Allocation of profit</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOtherComprehensiveLossTableTextBlock" xlink:label="SBS_SummaryOfOtherComprehensiveLossTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOtherComprehensiveLossTableTextBlock" xlink:to="SBS_SummaryOfOtherComprehensiveLossTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfOtherComprehensiveLossTableTextBlock_lbl" xml:lang="en-US">Other comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EarningsPerShareTablesAbstract" xlink:label="SBS_EarningsPerShareTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EarningsPerShareTablesAbstract" xlink:to="SBS_EarningsPerShareTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EarningsPerShareTablesAbstract_lbl" xml:lang="en-US">Earnings Per Share Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="SBS_SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="SBS_SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US">Earnings per share, basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingSegmentInformationTablesAbstract" xlink:label="SBS_OperatingSegmentInformationTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingSegmentInformationTablesAbstract" xlink:to="SBS_OperatingSegmentInformationTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingSegmentInformationTablesAbstract_lbl" xml:lang="en-US">Operating Segment Information Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingSegmentInformationTableTextBlock" xlink:label="SBS_SummaryOfOperatingSegmentInformationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingSegmentInformationTableTextBlock" xlink:to="SBS_SummaryOfOperatingSegmentInformationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfOperatingSegmentInformationTableTextBlock_lbl" xml:lang="en-US">Operating segment information</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock" xlink:label="SBS_SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock" xlink:to="SBS_SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock_lbl" xml:lang="en-US">Impacts on gross operating income and costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InsuranceTablesAbstract" xlink:label="SBS_InsuranceTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InsuranceTablesAbstract" xlink:to="SBS_InsuranceTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InsuranceTablesAbstract_lbl" xml:lang="en-US">Insurance Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfInsuranceCoverageTableTextBlock" xlink:label="SBS_SummaryOfInsuranceCoverageTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfInsuranceCoverageTableTextBlock" xlink:to="SBS_SummaryOfInsuranceCoverageTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfInsuranceCoverageTableTextBlock_lbl" xml:lang="en-US">Insurance coverage</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingRevenueTablesAbstract" xlink:label="SBS_OperatingRevenueTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingRevenueTablesAbstract" xlink:to="SBS_OperatingRevenueTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingRevenueTablesAbstract_lbl" xml:lang="en-US">Operating Revenue Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingRevenueTableTextBlock" xlink:label="SBS_SummaryOfOperatingRevenueTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingRevenueTableTextBlock" xlink:to="SBS_SummaryOfOperatingRevenueTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfOperatingRevenueTableTextBlock_lbl" xml:lang="en-US">Operating revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue" xlink:label="SBS_SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue" xlink:to="SBS_SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue_lbl" xml:lang="en-US">Reconciliation between gross operating income and net operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingCostsAndExpensesTablesAbstract" xlink:label="SBS_OperatingCostsAndExpensesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingCostsAndExpensesTablesAbstract" xlink:to="SBS_OperatingCostsAndExpensesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingCostsAndExpensesTablesAbstract_lbl" xml:lang="en-US">Operating Costs And Expenses Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfExpensesByNatureTableTextBlock" xlink:label="SBS_SummaryOfExpensesByNatureTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfExpensesByNatureTableTextBlock" xlink:to="SBS_SummaryOfExpensesByNatureTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfExpensesByNatureTableTextBlock_lbl" xml:lang="en-US">Operating costs and expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinancialIncomeExpensesTablesAbstract" xlink:label="SBS_FinancialIncomeExpensesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialIncomeExpensesTablesAbstract" xlink:to="SBS_FinancialIncomeExpensesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinancialIncomeExpensesTablesAbstract_lbl" xml:lang="en-US">Financial Income Expenses Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfFinancialIncomeExpensesTableTextBlock" xlink:label="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock" xlink:to="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock_lbl" xml:lang="en-US">Financial Income (Expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherOperatingIncomeExpensesNetTablesAbstract" xlink:label="SBS_OtherOperatingIncomeExpensesNetTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherOperatingIncomeExpensesNetTablesAbstract" xlink:to="SBS_OtherOperatingIncomeExpensesNetTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherOperatingIncomeExpensesNetTablesAbstract_lbl" xml:lang="en-US">Other Operating Income Expenses Net Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" xlink:label="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" xlink:to="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock_lbl" xml:lang="en-US">Other operating income (expenses), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CommitmentsTablesAbstract" xlink:label="SBS_CommitmentsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CommitmentsTablesAbstract" xlink:to="SBS_CommitmentsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CommitmentsTablesAbstract_lbl" xml:lang="en-US">Commitments Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCommitmentsTableTextBlock" xlink:label="SBS_SummaryOfCommitmentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfCommitmentsTableTextBlock" xlink:to="SBS_SummaryOfCommitmentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfCommitmentsTableTextBlock_lbl" xml:lang="en-US">Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SupplementalCashFlowInformationTablesAbstract" xlink:label="SBS_SupplementalCashFlowInformationTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SupplementalCashFlowInformationTablesAbstract" xlink:to="SBS_SupplementalCashFlowInformationTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SupplementalCashFlowInformationTablesAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock" xlink:label="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock" xlink:to="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock_lbl" xml:lang="en-US">Supplemental cash flow information</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EventsAfterReportingPeriodTablesAbstract" xlink:label="SBS_EventsAfterReportingPeriodTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EventsAfterReportingPeriodTablesAbstract" xlink:to="SBS_EventsAfterReportingPeriodTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EventsAfterReportingPeriodTablesAbstract_lbl" xml:lang="en-US">Events After Reporting Period Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfTariffRevisionTableTextBlock" xlink:label="SBS_SummaryOfTariffRevisionTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfTariffRevisionTableTextBlock" xlink:to="SBS_SummaryOfTariffRevisionTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfTariffRevisionTableTextBlock_lbl" xml:lang="en-US">Tariff revision</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperationsDetailsNarrativeAbstract" xlink:label="SBS_OperationsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperationsDetailsNarrativeAbstract" xlink:to="SBS_OperationsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperationsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Operations Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated" xlink:label="SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated" xlink:to="SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated_lbl" xml:lang="en-US">Carrying amount of intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConcessionAgreementsExpired" xlink:label="SBS_ConcessionAgreementsExpired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConcessionAgreementsExpired" xlink:to="SBS_ConcessionAgreementsExpired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConcessionAgreementsExpired_lbl" xml:lang="en-US">Concession agreements</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProgramAndServiceContractsSigned" xlink:label="SBS_ProgramAndServiceContractsSigned" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProgramAndServiceContractsSigned" xlink:to="SBS_ProgramAndServiceContractsSigned_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProgramAndServiceContractsSigned_lbl" xml:lang="en-US">Program and service contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConcessionAgreementsThatWillExpire" xlink:label="SBS_ConcessionAgreementsThatWillExpire" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConcessionAgreementsThatWillExpire" xlink:to="SBS_ConcessionAgreementsThatWillExpire_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConcessionAgreementsThatWillExpire_lbl" xml:lang="en-US">Concession agreements that will expire</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PeriodOfExpiration" xlink:label="SBS_PeriodOfExpiration" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PeriodOfExpiration" xlink:to="SBS_PeriodOfExpiration_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PeriodOfExpiration_lbl" xml:lang="en-US">Period of expiration</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation" xlink:label="SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation" xlink:to="SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation_lbl" xml:lang="en-US">Carrying amount of the underlying assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation" xlink:label="SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation" xlink:to="SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation_lbl" xml:lang="en-US">Carrying amount of the underlying asset</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo" xlink:label="SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo" xlink:to="SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo_lbl" xml:lang="en-US">Gross revenue concentrated in the municipality of S&#227;o Paulo</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo" xlink:label="SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo" xlink:to="SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo_lbl" xml:lang="en-US">Intangible assets concentrated in the municipality of S&#227;o Paulo</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RevenueFromAgreementOfSantos" xlink:label="SBS_RevenueFromAgreementOfSantos" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RevenueFromAgreementOfSantos" xlink:to="SBS_RevenueFromAgreementOfSantos_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RevenueFromAgreementOfSantos_lbl" xml:lang="en-US">Gross revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsFromAgreementOfSantos" xlink:label="SBS_IntangibleAssetsFromAgreementOfSantos" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsFromAgreementOfSantos" xlink:to="SBS_IntangibleAssetsFromAgreementOfSantos_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_IntangibleAssetsFromAgreementOfSantos_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ParticipationInIntangibleAssets" xlink:label="SBS_ParticipationInIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ParticipationInIntangibleAssets" xlink:to="SBS_ParticipationInIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ParticipationInIntangibleAssets_lbl" xml:lang="en-US">Participation in intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GrossRevenuesPercentage" xlink:label="SBS_GrossRevenuesPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GrossRevenuesPercentage" xlink:to="SBS_GrossRevenuesPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GrossRevenuesPercentage_lbl" xml:lang="en-US">Gross revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresTable" xlink:label="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresTable" xlink:to="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresTable_lbl" xml:lang="en-US">SummaryOfChangesInAccountingPracticesAndDisclosuresTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems" xlink:label="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems" xlink:to="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems_lbl" xml:lang="en-US">SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements" xlink:label="ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements" xlink:to="ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements_lbl" xml:lang="en-US">New standards and revisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations" xlink:label="ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations" xlink:to="ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations_lbl" xml:lang="en-US">New standards, amendments and interpretations to existing standards that are not yet effective</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfRiskManagementTable" xlink:label="SBS_SummaryOfRiskManagementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfRiskManagementTable" xlink:to="SBS_SummaryOfRiskManagementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfRiskManagementTable_lbl" xml:lang="en-US">SummaryOfRiskManagementTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfRiskManagementLineItems" xlink:label="SBS_SummaryOfRiskManagementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfRiskManagementLineItems" xlink:to="SBS_SummaryOfRiskManagementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfRiskManagementLineItems_lbl" xml:lang="en-US">SummaryOfRiskManagementLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrenciesAxis" xlink:to="SBS_CurrenciesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_CurrenciesAxis_2_lbl" xml:lang="en-US">CurrenciesAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsUS" xlink:label="SBS_BorrowingsUS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsUS" xlink:to="SBS_BorrowingsUS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsUS_lbl" xml:lang="en-US">Borrowings and financing - US</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsYen" xlink:label="SBS_BorrowingsYen" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsYen" xlink:to="SBS_BorrowingsYen_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsYen_lbl" xml:lang="en-US">Borrowings and financing - Yen</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestChargesFromBorrowingsUS" xlink:label="SBS_InterestChargesFromBorrowingsUS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestChargesFromBorrowingsUS" xlink:to="SBS_InterestChargesFromBorrowingsUS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestChargesFromBorrowingsUS_lbl" xml:lang="en-US">Interest and charges from borrowings and financing - US$</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestChargesFromBorrowingsYen" xlink:label="SBS_InterestChargesFromBorrowingsYen" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestChargesFromBorrowingsYen" xlink:to="SBS_InterestChargesFromBorrowingsYen_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestChargesFromBorrowingsYen_lbl" xml:lang="en-US">Interest and charges from borrowings and financing - Yen</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MaximumExposureToExchangeRisk" xlink:label="SBS_MaximumExposureToExchangeRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MaximumExposureToExchangeRisk" xlink:to="SBS_MaximumExposureToExchangeRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MaximumExposureToExchangeRisk_lbl" xml:lang="en-US">Total exposure</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingCostUS" xlink:label="SBS_BorrowingCostUS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingCostUS" xlink:to="SBS_BorrowingCostUS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingCostUS_lbl" xml:lang="en-US">Borrowing cost - US</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingCostYen" xlink:label="SBS_BorrowingCostYen" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingCostYen" xlink:to="SBS_BorrowingCostYen_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingCostYen_lbl" xml:lang="en-US">Borrowing cost - Yen</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ForeignCurrencyDenominatedBorrowings" xlink:label="SBS_ForeignCurrencyDenominatedBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ForeignCurrencyDenominatedBorrowings" xlink:to="SBS_ForeignCurrencyDenominatedBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ForeignCurrencyDenominatedBorrowings_lbl" xml:lang="en-US">Total foreign currency-denominated borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsTable" xlink:label="SBS_SummaryOfBorrowingsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsTable" xlink:to="SBS_SummaryOfBorrowingsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsTable_lbl" xml:lang="en-US">SummaryOfBorrowingsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsLineItems" xlink:label="SBS_SummaryOfBorrowingsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsLineItems" xlink:to="SBS_SummaryOfBorrowingsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsLineItems_lbl" xml:lang="en-US">SummaryOfBorrowingsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsAndFinancing" xlink:label="SBS_BorrowingsAndFinancing" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsAndFinancing" xlink:to="SBS_BorrowingsAndFinancing_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsAndFinancing_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_CreditRatingSourceAxis" xlink:to="invest_CreditRatingSourceAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="invest_CreditRatingSourceAxis_2_lbl" xml:lang="en-US">Credit Rating Source [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CreditRatingInformationOfBanks" xlink:label="SBS_CreditRatingInformationOfBanks" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CreditRatingInformationOfBanks" xlink:to="SBS_CreditRatingInformationOfBanks_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CreditRatingInformationOfBanks_lbl" xml:lang="en-US">Credit rating information of the banks</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingAndFinancing" xlink:label="SBS_BorrowingAndFinancing" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingAndFinancing" xlink:to="SBS_BorrowingAndFinancing_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingAndFinancing_lbl" xml:lang="en-US">Borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US">Accounts payables to suppliers and contractors</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PublicPrivatePartnership" xlink:label="SBS_PublicPrivatePartnership" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnership" xlink:to="SBS_PublicPrivatePartnership_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_PublicPrivatePartnership_lbl" xml:lang="en-US">Public-Private Partnership - PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalCommitments" xlink:label="ifrs-full_CapitalCommitments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalCommitments" xlink:to="ifrs-full_CapitalCommitments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalCommitments_lbl" xml:lang="en-US">Program contract commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RiskManagementDetails5Abstract" xlink:label="SBS_RiskManagementDetails5Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RiskManagementDetails5Abstract" xlink:to="SBS_RiskManagementDetails5Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RiskManagementDetails5Abstract_lbl" xml:lang="en-US">Risk Management Details 5</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US">Borrowings and financing</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CashAndCashEquivalents_4_lbl" xml:lang="en-US">(-) Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DebtNet" xlink:label="SBS_DebtNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DebtNet" xlink:to="SBS_DebtNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DebtNet_lbl" xml:lang="en-US">Net debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_4_lbl" xml:lang="en-US">Total equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TotalCapital" xlink:label="SBS_TotalCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TotalCapital" xlink:to="SBS_TotalCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TotalCapital_lbl" xml:lang="en-US">Total capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LeverageRatio" xlink:label="SBS_LeverageRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LeverageRatio" xlink:to="SBS_LeverageRatio_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LeverageRatio_lbl" xml:lang="en-US">Leverage ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentContractLiabilities" xlink:to="ifrs-full_NoncurrentContractLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentContractLiabilities_2_lbl" xml:lang="en-US">Program contract commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RiskManagementDetailsNarrativeAbstract" xlink:label="SBS_RiskManagementDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RiskManagementDetailsNarrativeAbstract" xlink:to="SBS_RiskManagementDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RiskManagementDetailsNarrativeAbstract_lbl" xml:lang="en-US">Risk Management Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaximumExposureToCreditRisk" xlink:label="ifrs-full_MaximumExposureToCreditRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaximumExposureToCreditRisk" xlink:to="ifrs-full_MaximumExposureToCreditRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MaximumExposureToCreditRisk_lbl" xml:lang="en-US">Total exposure</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinancialInstrumentAssetsRelatedParties" xlink:label="SBS_FinancialInstrumentAssetsRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialInstrumentAssetsRelatedParties" xlink:to="SBS_FinancialInstrumentAssetsRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinancialInstrumentAssetsRelatedParties_lbl" xml:lang="en-US">Financial instrument assets from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EffectsOnProfitForTheYearBeforeTaxes" xlink:label="SBS_EffectsOnProfitForTheYearBeforeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EffectsOnProfitForTheYearBeforeTaxes" xlink:to="SBS_EffectsOnProfitForTheYearBeforeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EffectsOnProfitForTheYearBeforeTaxes_lbl" xml:lang="en-US">Effects on profit for the year before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EffectsOnResultsBeforeTaxes" xlink:label="SBS_EffectsOnResultsBeforeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EffectsOnResultsBeforeTaxes" xlink:to="SBS_EffectsOnResultsBeforeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EffectsOnResultsBeforeTaxes_lbl" xml:lang="en-US">Effects on results before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties" xlink:label="SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties" xlink:to="SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties_lbl" xml:lang="en-US">Financial instrument assets receivables from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReimbursementOfAdditionalRetirementAndPensionPlan" xlink:label="SBS_ReimbursementOfAdditionalRetirementAndPensionPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReimbursementOfAdditionalRetirementAndPensionPlan" xlink:to="SBS_ReimbursementOfAdditionalRetirementAndPensionPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReimbursementOfAdditionalRetirementAndPensionPlan_lbl" xml:lang="en-US">Reimbursement of additional retirement and pension plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CashAndCashEquivalentsDetailsAbstract" xlink:label="SBS_CashAndCashEquivalentsDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CashAndCashEquivalentsDetailsAbstract" xlink:to="SBS_CashAndCashEquivalentsDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CashAndCashEquivalentsDetailsAbstract_lbl" xml:lang="en-US">Cash And Cash Equivalents Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BalancesWithBanks" xlink:label="ifrs-full_BalancesWithBanks" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BalancesWithBanks" xlink:to="ifrs-full_BalancesWithBanks_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BalancesWithBanks_lbl" xml:lang="en-US">Cash and banks</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashEquivalents" xlink:label="ifrs-full_CashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashEquivalents" xlink:to="ifrs-full_CashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashEquivalents_lbl" xml:lang="en-US">Cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CashAndCashEquivalentsDetailsNarrativeAbstract" xlink:label="SBS_CashAndCashEquivalentsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CashAndCashEquivalentsDetailsNarrativeAbstract" xlink:to="SBS_CashAndCashEquivalentsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CashAndCashEquivalentsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Cash And Cash Equivalents Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AverageYieldOfFinancialInvestments" xlink:label="SBS_AverageYieldOfFinancialInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AverageYieldOfFinancialInvestments" xlink:to="SBS_AverageYieldOfFinancialInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AverageYieldOfFinancialInvestments_lbl" xml:lang="en-US">Average yield of financial investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfRestrictedCashTable" xlink:label="SBS_SummaryOfRestrictedCashTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfRestrictedCashTable" xlink:to="SBS_SummaryOfRestrictedCashTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfRestrictedCashTable_lbl" xml:lang="en-US">SummaryOfRestrictedCashTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfRestrictedCashLineItems" xlink:label="SBS_SummaryOfRestrictedCashLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfRestrictedCashLineItems" xlink:to="SBS_SummaryOfRestrictedCashLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfRestrictedCashLineItems_lbl" xml:lang="en-US">SummaryOfRestrictedCashLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfTradeReceivablesTable" xlink:label="SBS_SummaryOfTradeReceivablesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfTradeReceivablesTable" xlink:to="SBS_SummaryOfTradeReceivablesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfTradeReceivablesTable_lbl" xml:lang="en-US">SummaryOfTradeReceivablesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfTradeReceivablesLineItems" xlink:label="SBS_SummaryOfTradeReceivablesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfTradeReceivablesLineItems" xlink:to="SBS_SummaryOfTradeReceivablesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfTradeReceivablesLineItems_lbl" xml:lang="en-US">SummaryOfTradeReceivablesLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesAxis" xlink:to="SBS_TradeReceivablesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_TradeReceivablesAxis_2_lbl" xml:lang="en-US">TradeReceivablesAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesGross" xlink:label="SBS_TradeReceivablesGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesGross" xlink:to="SBS_TradeReceivablesGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesGross_lbl" xml:lang="en-US">Trade receivables, gross</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivables_2_lbl" xml:lang="en-US">Total trade receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_2_lbl" xml:lang="en-US">Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentTradeReceivables" xlink:to="ifrs-full_NoncurrentTradeReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentTradeReceivables_2_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeReceivables_3_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CurrentTradeReceivablesGross" xlink:label="SBS_CurrentTradeReceivablesGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrentTradeReceivablesGross" xlink:to="SBS_CurrentTradeReceivablesGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_CurrentTradeReceivablesGross_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesPastDue" xlink:label="SBS_TradeReceivablesPastDue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesPastDue" xlink:to="SBS_TradeReceivablesPastDue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesPastDue_lbl" xml:lang="en-US">Past-due</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesGross" xlink:to="SBS_TradeReceivablesGross_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_TradeReceivablesGross_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesDetails2Abstract" xlink:label="SBS_TradeReceivablesDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesDetails2Abstract" xlink:to="SBS_TradeReceivablesDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesDetails2Abstract_lbl" xml:lang="en-US">Trade Receivables Details 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_2_lbl" xml:lang="en-US">Balance at beginning of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector" xlink:to="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector_lbl" xml:lang="en-US">Bad debt expense recognized during the year - Private sector /government entities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RecoveriesRecognized" xlink:label="SBS_RecoveriesRecognized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RecoveriesRecognized" xlink:to="SBS_RecoveriesRecognized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RecoveriesRecognized_lbl" xml:lang="en-US">Recoveries recognized during the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale" xlink:to="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale_lbl" xml:lang="en-US">Bad debt expense recognized during the year - Wholesale customers</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BadDebtExpense" xlink:label="SBS_BadDebtExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BadDebtExpense" xlink:to="SBS_BadDebtExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BadDebtExpense_lbl" xml:lang="en-US">Net bad debt expense for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WriteoffsAccountsReceivable" xlink:label="SBS_WriteoffsAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WriteoffsAccountsReceivable" xlink:to="SBS_WriteoffsAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WriteoffsAccountsReceivable_lbl" xml:lang="en-US">Write-offs of accounts receivable during the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_3_lbl" xml:lang="en-US">Balance at end of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesDetails3Abstract" xlink:label="SBS_TradeReceivablesDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesDetails3Abstract" xlink:to="SBS_TradeReceivablesDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesDetails3Abstract_lbl" xml:lang="en-US">Trade Receivables Details 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction" xlink:label="SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction" xlink:to="SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction_lbl" xml:lang="en-US">Write-offs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties" xlink:to="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties_lbl" xml:lang="en-US">(Losses)/reversal with state entities - related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector" xlink:to="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector_lbl" xml:lang="en-US">Losses with private sector / government entities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers" xlink:to="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers_lbl" xml:lang="en-US">Losses with wholesale customers</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RecoveriesRecognized" xlink:to="SBS_RecoveriesRecognized_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SBS_RecoveriesRecognized_2_lbl" xml:lang="en-US">Recoveries</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_2_lbl" xml:lang="en-US">Amount reported in selling expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesDetailsNarrativeAbstract" xlink:label="SBS_TradeReceivablesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesDetailsNarrativeAbstract" xlink:to="SBS_TradeReceivablesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Trade Receivables Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TradeReceivablesWholesaleLosses" xlink:label="SBS_TradeReceivablesWholesaleLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TradeReceivablesWholesaleLosses" xlink:to="SBS_TradeReceivablesWholesaleLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TradeReceivablesWholesaleLosses_lbl" xml:lang="en-US">Wholesale losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfRelatedPartyBalancesAndTransactionsTable" xlink:label="SBS_SummaryOfRelatedPartyBalancesAndTransactionsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfRelatedPartyBalancesAndTransactionsTable" xlink:to="SBS_SummaryOfRelatedPartyBalancesAndTransactionsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfRelatedPartyBalancesAndTransactionsTable_lbl" xml:lang="en-US">SummaryOfRelatedPartyBalancesAndTransactionsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems" xlink:label="SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems" xlink:to="SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems_lbl" xml:lang="en-US">SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AccountsReceivableAxis" xlink:to="SBS_AccountsReceivableAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AccountsReceivableAxis_2_lbl" xml:lang="en-US">AccountsReceivableAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_2_lbl" xml:lang="en-US">Accounts receivable, current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:to="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_2_lbl" xml:lang="en-US">Accounts receivable, noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialInstrumentAssetsRelatedParties" xlink:to="SBS_FinancialInstrumentAssetsRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_FinancialInstrumentAssetsRelatedParties_2_lbl" xml:lang="en-US">Total receivables from shareholders</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestOnCapitalPayableToRelatedParties" xlink:label="SBS_InterestOnCapitalPayableToRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestOnCapitalPayableToRelatedParties" xlink:to="SBS_InterestOnCapitalPayableToRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestOnCapitalPayableToRelatedParties_lbl" xml:lang="en-US">Interest on capital payable to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherLiabilitiesRelatedParties" xlink:label="SBS_OtherLiabilitiesRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherLiabilitiesRelatedParties" xlink:to="SBS_OtherLiabilitiesRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherLiabilitiesRelatedParties_lbl" xml:lang="en-US">Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingRevenueAxis" xlink:to="SBS_OperatingRevenueAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OperatingRevenueAxis_2_lbl" xml:lang="en-US">OperatingRevenueAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Revenue_2_lbl" xml:lang="en-US">Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReceiptOfGESPReimbursementReferringToLaw" xlink:label="SBS_ReceiptOfGESPReimbursementReferringToLaw" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReceiptOfGESPReimbursementReferringToLaw" xlink:to="SBS_ReceiptOfGESPReimbursementReferringToLaw_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReceiptOfGESPReimbursementReferringToLaw_lbl" xml:lang="en-US">Receipt of GESP reimbursement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PrincipalDisbursedRelatedPartyAgreement" xlink:label="SBS_PrincipalDisbursedRelatedPartyAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PrincipalDisbursedRelatedPartyAgreement" xlink:to="SBS_PrincipalDisbursedRelatedPartyAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PrincipalDisbursedRelatedPartyAgreement_lbl" xml:lang="en-US">Principal disbursed amount</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestBalanceRelatedPartyAgreement" xlink:label="SBS_InterestBalanceRelatedPartyAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestBalanceRelatedPartyAgreement" xlink:to="SBS_InterestBalanceRelatedPartyAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestBalanceRelatedPartyAgreement_lbl" xml:lang="en-US">Interest balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RelatedPartyLoanAgreement" xlink:label="SBS_RelatedPartyLoanAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RelatedPartyLoanAgreement" xlink:to="SBS_RelatedPartyLoanAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RelatedPartyLoanAgreement_lbl" xml:lang="en-US">Loan agreement total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RelatedPartyLoanAgreementInterestRate" xlink:label="SBS_RelatedPartyLoanAgreementInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RelatedPartyLoanAgreementInterestRate" xlink:to="SBS_RelatedPartyLoanAgreementInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RelatedPartyLoanAgreementInterestRate_lbl" xml:lang="en-US">Interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RelatedPartyLoanAgreementMaturity" xlink:label="SBS_RelatedPartyLoanAgreementMaturity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RelatedPartyLoanAgreementMaturity" xlink:to="SBS_RelatedPartyLoanAgreementMaturity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RelatedPartyLoanAgreementMaturity_lbl" xml:lang="en-US">Maturity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReceivablesInCurrentAssets" xlink:label="SBS_ReceivablesInCurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReceivablesInCurrentAssets" xlink:to="SBS_ReceivablesInCurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReceivablesInCurrentAssets_lbl" xml:lang="en-US">Receivables in current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReceivablesInNoncurrentAssets" xlink:label="SBS_ReceivablesInNoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReceivablesInNoncurrentAssets" xlink:to="SBS_ReceivablesInNoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReceivablesInNoncurrentAssets_lbl" xml:lang="en-US">Receivables in non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DisputedAmountsReceivable" xlink:label="SBS_DisputedAmountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisputedAmountsReceivable" xlink:to="SBS_DisputedAmountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DisputedAmountsReceivable_lbl" xml:lang="en-US">Disputed amounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PensionBenefitObligations" xlink:label="SBS_PensionBenefitObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PensionBenefitObligations" xlink:to="SBS_PensionBenefitObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PensionBenefitObligations_lbl" xml:lang="en-US">Pension benefit obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherLiabilities" xlink:label="ifrs-full_OtherLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLiabilities" xlink:to="ifrs-full_OtherLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US">Other liabilities, current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialLiabilities" xlink:to="ifrs-full_OtherNoncurrentNonfinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentNonfinancialLiabilities_lbl" xml:lang="en-US">Other liabilities, non-current</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BalanceRelatedToFirstAmendmentWithEMAE" xlink:label="SBS_BalanceRelatedToFirstAmendmentWithEMAE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BalanceRelatedToFirstAmendmentWithEMAE" xlink:to="SBS_BalanceRelatedToFirstAmendmentWithEMAE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BalanceRelatedToFirstAmendmentWithEMAE_lbl" xml:lang="en-US">Balance related to the first amendment with EMAE</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities" xlink:label="SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities" xlink:to="SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities_lbl" xml:lang="en-US">Expenses related to personnel assigned by SABESP to other state government entities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp" xlink:label="SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp" xlink:to="SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp_lbl" xml:lang="en-US">Expenses related to personnel by other entities to SABESP</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities" xlink:label="SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities" xlink:to="SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities_lbl" xml:lang="en-US">Payables for services rendered by S&#227;o Paulo State Government entities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NonoperatingAssets" xlink:label="SBS_NonoperatingAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NonoperatingAssets" xlink:to="SBS_NonoperatingAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NonoperatingAssets_lbl" xml:lang="en-US">Non-operating assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NetActuarialLiability" xlink:label="SBS_NetActuarialLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NetActuarialLiability" xlink:to="SBS_NetActuarialLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NetActuarialLiability_lbl" xml:lang="en-US">Net actuarial liability</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="ifrs-full_KeyManagementPersonnelCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US">Compensation to Officers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherLongtermBenefits" xlink:label="ifrs-full_OtherLongtermBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLongtermBenefits" xlink:to="ifrs-full_OtherLongtermBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLongtermBenefits_lbl" xml:lang="en-US">Bonus program</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RelatedPartyLoanAgreement" xlink:to="SBS_RelatedPartyLoanAgreement_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_RelatedPartyLoanAgreement_2_lbl" xml:lang="en-US">Loan agreement related party, total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinanceIncomeRelatedParties" xlink:label="SBS_FinanceIncomeRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinanceIncomeRelatedParties" xlink:to="SBS_FinanceIncomeRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinanceIncomeRelatedParties_lbl" xml:lang="en-US">Financial income</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PaymentsOfInstallments" xlink:label="SBS_PaymentsOfInstallments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PaymentsOfInstallments" xlink:to="SBS_PaymentsOfInstallments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PaymentsOfInstallments_lbl" xml:lang="en-US">Payments of installments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UndisputedReimbursement" xlink:label="SBS_UndisputedReimbursement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UndisputedReimbursement" xlink:to="SBS_UndisputedReimbursement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UndisputedReimbursement_lbl" xml:lang="en-US">Undisputed reimbursement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReimbursementReceivableRelatedToReservoirs" xlink:label="SBS_ReimbursementReceivableRelatedToReservoirs" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReimbursementReceivableRelatedToReservoirs" xlink:to="SBS_ReimbursementReceivableRelatedToReservoirs_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReimbursementReceivableRelatedToReservoirs_lbl" xml:lang="en-US">Reimbursement receivable related to the reservoirs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AgreementReceivableGESPRemaining" xlink:label="SBS_AgreementReceivableGESPRemaining" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AgreementReceivableGESPRemaining" xlink:to="SBS_AgreementReceivableGESPRemaining_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AgreementReceivableGESPRemaining_lbl" xml:lang="en-US">GESP Agreement, remaining balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GESPAgreementInterestRate" xlink:label="SBS_GESPAgreementInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GESPAgreementInterestRate" xlink:to="SBS_GESPAgreementInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GESPAgreementInterestRate_lbl" xml:lang="en-US">GESP Agreement, interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SaoPauloGovernmentAgreement" xlink:label="SBS_SaoPauloGovernmentAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SaoPauloGovernmentAgreement" xlink:to="SBS_SaoPauloGovernmentAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SaoPauloGovernmentAgreement_lbl" xml:lang="en-US">Government Agreement receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GovernmentAgreementInflationAdjustment" xlink:label="SBS_GovernmentAgreementInflationAdjustment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GovernmentAgreementInflationAdjustment" xlink:to="SBS_GovernmentAgreementInflationAdjustment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GovernmentAgreementInflationAdjustment_lbl" xml:lang="en-US">Government Agreement inflation adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PreferredSharesIssuedForInstallments" xlink:label="SBS_PreferredSharesIssuedForInstallments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PreferredSharesIssuedForInstallments" xlink:to="SBS_PreferredSharesIssuedForInstallments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PreferredSharesIssuedForInstallments_lbl" xml:lang="en-US">Preferred shares issued for installments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PreferredSharesIssuedForInstallmentsValue" xlink:label="SBS_PreferredSharesIssuedForInstallmentsValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PreferredSharesIssuedForInstallmentsValue" xlink:to="SBS_PreferredSharesIssuedForInstallmentsValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PreferredSharesIssuedForInstallmentsValue_lbl" xml:lang="en-US">Preferred shares issued for installments, value</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SaoPauloGovernmentAgreementAdjusted" xlink:label="SBS_SaoPauloGovernmentAgreementAdjusted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SaoPauloGovernmentAgreementAdjusted" xlink:to="SBS_SaoPauloGovernmentAgreementAdjusted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SaoPauloGovernmentAgreementAdjusted_lbl" xml:lang="en-US">Government Agreement receivable, adjusted</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GovernmentAgreementInflationAdjustment1" xlink:label="SBS_GovernmentAgreementInflationAdjustment1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GovernmentAgreementInflationAdjustment1" xlink:to="SBS_GovernmentAgreementInflationAdjustment1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_GovernmentAgreementInflationAdjustment1_lbl" xml:lang="en-US">Government Agreement inflation adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CteepSharesDisposed" xlink:label="SBS_CteepSharesDisposed" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CteepSharesDisposed" xlink:to="SBS_CteepSharesDisposed_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CteepSharesDisposed_lbl" xml:lang="en-US">CTEEP shares disposed</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UseOfReservoirsAnnualPayment" xlink:label="SBS_UseOfReservoirsAnnualPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UseOfReservoirsAnnualPayment" xlink:to="SBS_UseOfReservoirsAnnualPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UseOfReservoirsAnnualPayment_lbl" xml:lang="en-US">Use of Reservoirs annual payment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UseOfReservoirsAnnualPayment1" xlink:label="SBS_UseOfReservoirsAnnualPayment1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UseOfReservoirsAnnualPayment1" xlink:to="SBS_UseOfReservoirsAnnualPayment1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_UseOfReservoirsAnnualPayment1_lbl" xml:lang="en-US">Use of Reservoirs annual payment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UseOfReservoirsAnnualPayment2" xlink:label="SBS_UseOfReservoirsAnnualPayment2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UseOfReservoirsAnnualPayment2" xlink:to="SBS_UseOfReservoirsAnnualPayment2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_UseOfReservoirsAnnualPayment2_lbl" xml:lang="en-US">Use of Reservoirs annual payment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReservoirsLongtermAverageOutflow" xlink:label="SBS_ReservoirsLongtermAverageOutflow" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReservoirsLongtermAverageOutflow" xlink:to="SBS_ReservoirsLongtermAverageOutflow_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReservoirsLongtermAverageOutflow_lbl" xml:lang="en-US">Reservoirs long-term average outflow</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SharedExpensesBasedOnTermsOfAgreement" xlink:label="SBS_SharedExpensesBasedOnTermsOfAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SharedExpensesBasedOnTermsOfAgreement" xlink:to="SBS_SharedExpensesBasedOnTermsOfAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SharedExpensesBasedOnTermsOfAgreement_lbl" xml:lang="en-US">Shared expenses based on terms of agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PresentValueOfAgreementBalance" xlink:label="SBS_PresentValueOfAgreementBalance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PresentValueOfAgreementBalance" xlink:to="SBS_PresentValueOfAgreementBalance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PresentValueOfAgreementBalance_lbl" xml:lang="en-US">Present value of balance payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BalanceOfAgreementWithEMAECurrent" xlink:label="SBS_BalanceOfAgreementWithEMAECurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BalanceOfAgreementWithEMAECurrent" xlink:to="SBS_BalanceOfAgreementWithEMAECurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BalanceOfAgreementWithEMAECurrent_lbl" xml:lang="en-US">Balance of the agreement with EMAE - current</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BalanceOfAgreementWithEMAENoncurrent" xlink:label="SBS_BalanceOfAgreementWithEMAENoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BalanceOfAgreementWithEMAENoncurrent" xlink:to="SBS_BalanceOfAgreementWithEMAENoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BalanceOfAgreementWithEMAENoncurrent_lbl" xml:lang="en-US">Balance of the agreement with EMAE - non current</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AmountDisbursedCurrent" xlink:label="SBS_AmountDisbursedCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AmountDisbursedCurrent" xlink:to="SBS_AmountDisbursedCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AmountDisbursedCurrent_lbl" xml:lang="en-US">Amount disbursed, current</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AmountDisbursedNoncurrent" xlink:label="SBS_AmountDisbursedNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AmountDisbursedNoncurrent" xlink:to="SBS_AmountDisbursedNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AmountDisbursedNoncurrent_lbl" xml:lang="en-US">Amount disbursed, noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConnectToNetworkProgramExpenditureConcentration" xlink:label="SBS_ConnectToNetworkProgramExpenditureConcentration" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConnectToNetworkProgramExpenditureConcentration" xlink:to="SBS_ConnectToNetworkProgramExpenditureConcentration_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConnectToNetworkProgramExpenditureConcentration_lbl" xml:lang="en-US">Connect to the Network Program expenditure concentration</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConnectToNetworkProgram" xlink:label="SBS_ConnectToNetworkProgram" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConnectToNetworkProgram" xlink:to="SBS_ConnectToNetworkProgram_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConnectToNetworkProgram_lbl" xml:lang="en-US">Connect to the Network Program</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties" xlink:label="SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties" xlink:to="SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties_lbl" xml:lang="en-US">Connect to the Network Program. receivable from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConnectToNetworkProgram.IntangibleAssets" xlink:label="SBS_ConnectToNetworkProgram.IntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConnectToNetworkProgram.IntangibleAssets" xlink:to="SBS_ConnectToNetworkProgram.IntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConnectToNetworkProgram.IntangibleAssets_lbl" xml:lang="en-US">Connect to the Network Program. intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConnectToNetworkProgram.Reimbursement" xlink:label="SBS_ConnectToNetworkProgram.Reimbursement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConnectToNetworkProgram.Reimbursement" xlink:to="SBS_ConnectToNetworkProgram.Reimbursement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ConnectToNetworkProgram.Reimbursement_lbl" xml:lang="en-US">Connect to the Network Program. reimbursement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract" xlink:label="SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract" xlink:to="SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract_lbl" xml:lang="en-US">Water National Agency - Ana Details Narrative</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WaterNationalAgencyNoncurrent" xlink:to="SBS_WaterNationalAgencyNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_WaterNationalAgencyNoncurrent_2_lbl" xml:lang="en-US">Water National Agency &#8211; ANA</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfInvestmentsTable" xlink:label="SBS_SummaryOfInvestmentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfInvestmentsTable" xlink:to="SBS_SummaryOfInvestmentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfInvestmentsTable_lbl" xml:lang="en-US">SummaryOfInvestmentsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfInvestmentsLineItems" xlink:label="SBS_SummaryOfInvestmentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfInvestmentsLineItems" xlink:to="SBS_SummaryOfInvestmentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfInvestmentsLineItems_lbl" xml:lang="en-US">SummaryOfInvestmentsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_InvestmentIssuerAxis" xlink:to="invest_InvestmentIssuerAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="invest_InvestmentIssuerAxis_2_lbl" xml:lang="en-US">Investment Issuer [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_5_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Equity_5_lbl" xml:lang="en-US">Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DividendsProvisionedInInvestees" xlink:label="SBS_DividendsProvisionedInInvestees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DividendsProvisionedInInvestees" xlink:to="SBS_DividendsProvisionedInInvestees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DividendsProvisionedInInvestees_lbl" xml:lang="en-US">Provisioned dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProvisionedDividendsChangeInEquity" xlink:label="SBS_ProvisionedDividendsChangeInEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProvisionedDividendsChangeInEquity" xlink:to="SBS_ProvisionedDividendsChangeInEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProvisionedDividendsChangeInEquity_lbl" xml:lang="en-US">Provisioned dividends - change in the equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProfitForYearChangeInEquity" xlink:label="SBS_ProfitForYearChangeInEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProfitForYearChangeInEquity" xlink:to="SBS_ProfitForYearChangeInEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ProfitForYearChangeInEquity_lbl" xml:lang="en-US">Profit for the year - change in the equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DividendPayables_2_lbl" xml:lang="en-US">Dividends distributed</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DividendsDistributedChangeInEquity" xlink:label="SBS_DividendsDistributedChangeInEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DividendsDistributedChangeInEquity" xlink:to="SBS_DividendsDistributedChangeInEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DividendsDistributedChangeInEquity_lbl" xml:lang="en-US">Dividends distributed - change in the equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityInResultsOfInvestmentsInAffiliates" xlink:label="SBS_EquityInResultsOfInvestmentsInAffiliates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityInResultsOfInvestmentsInAffiliates" xlink:to="SBS_EquityInResultsOfInvestmentsInAffiliates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityInResultsOfInvestmentsInAffiliates_lbl" xml:lang="en-US">Equity in the earnings of subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityInEarningsOfSubsidiariesChangeInEquity" xlink:label="SBS_EquityInEarningsOfSubsidiariesChangeInEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityInEarningsOfSubsidiariesChangeInEquity" xlink:to="SBS_EquityInEarningsOfSubsidiariesChangeInEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityInEarningsOfSubsidiariesChangeInEquity_lbl" xml:lang="en-US">Equity in the earnings of subsidiaries - change in the equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:to="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" xml:lang="en-US">Interest percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DisclosureOfInvestmentsTable" xlink:label="SBS_DisclosureOfInvestmentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisclosureOfInvestmentsTable" xlink:to="SBS_DisclosureOfInvestmentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DisclosureOfInvestmentsTable_lbl" xml:lang="en-US">DisclosureOfInvestmentsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DisclosureOfInvestmentsLineItems" xlink:label="SBS_DisclosureOfInvestmentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisclosureOfInvestmentsLineItems" xlink:to="SBS_DisclosureOfInvestmentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DisclosureOfInvestmentsLineItems_lbl" xml:lang="en-US">DisclosureOfInvestmentsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="dei_EntityCommonStockSharesOutstanding_2_lbl" xml:lang="en-US">Capital stock, shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:to="ifrs-full_ProportionOfOwnershipInterestInJointVenture_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture_2_lbl" xml:lang="en-US">Equity interest</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdvanceForFutureCapitalIncrease" xlink:label="SBS_AdvanceForFutureCapitalIncrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdvanceForFutureCapitalIncrease" xlink:to="SBS_AdvanceForFutureCapitalIncrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdvanceForFutureCapitalIncrease_lbl" xml:lang="en-US">Advance for future capital increase</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_lbl" xml:lang="en-US">Capital increase</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="ifrs-full_NumberOfSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US">Shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaid" xlink:label="ifrs-full_DividendsPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaid" xlink:to="ifrs-full_DividendsPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US">Minimum mandatory dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdditionalDividends" xlink:label="SBS_AdditionalDividends" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdditionalDividends" xlink:to="SBS_AdditionalDividends_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdditionalDividends_lbl" xml:lang="en-US">Additional dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentPropertiesDetailsAbstract" xlink:label="SBS_InvestmentPropertiesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentPropertiesDetailsAbstract" xlink:to="SBS_InvestmentPropertiesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentPropertiesDetailsAbstract_lbl" xml:lang="en-US">Investment Properties Details</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentProperty" xlink:to="ifrs-full_InvestmentProperty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_InvestmentProperty_2_lbl" xml:lang="en-US">Investment properties, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TransfersInvestmentProperty" xlink:label="SBS_TransfersInvestmentProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TransfersInvestmentProperty" xlink:to="SBS_TransfersInvestmentProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TransfersInvestmentProperty_lbl" xml:lang="en-US">Transfers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisposalsInvestmentProperty" xlink:label="ifrs-full_DisposalsInvestmentProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsInvestmentProperty" xlink:to="ifrs-full_DisposalsInvestmentProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsInvestmentProperty_lbl" xml:lang="en-US">Write-offs and disposals</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty" xlink:to="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty_lbl" xml:lang="en-US">Reversal of estimated losses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationInvestmentProperty" xlink:label="ifrs-full_DepreciationInvestmentProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationInvestmentProperty" xlink:to="ifrs-full_DepreciationInvestmentProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationInvestmentProperty_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentProperty" xlink:to="ifrs-full_InvestmentProperty_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_InvestmentProperty_3_lbl" xml:lang="en-US">Investment properties, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentPropertiesDetailsNarrativeAbstract" xlink:label="SBS_InvestmentPropertiesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentPropertiesDetailsNarrativeAbstract" xlink:to="SBS_InvestmentPropertiesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentPropertiesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Investment Properties Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentPropertyMarketValue" xlink:label="SBS_InvestmentPropertyMarketValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentPropertyMarketValue" xlink:to="SBS_InvestmentPropertyMarketValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentPropertyMarketValue_lbl" xml:lang="en-US">Investment properties, market value</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfIntangibleAssetsTable" xlink:label="SBS_SummaryOfIntangibleAssetsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfIntangibleAssetsTable" xlink:to="SBS_SummaryOfIntangibleAssetsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfIntangibleAssetsTable_lbl" xml:lang="en-US">SummaryOfIntangibleAssetsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfIntangibleAssetsLineItems" xlink:label="SBS_SummaryOfIntangibleAssetsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfIntangibleAssetsLineItems" xlink:to="SBS_SummaryOfIntangibleAssetsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfIntangibleAssetsLineItems_lbl" xml:lang="en-US">SummaryOfIntangibleAssetsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_2_lbl" xml:lang="en-US">Classes of intangible assets other than goodwill [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets_lbl" xml:lang="en-US">Cost</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsAccumulatedAmortization" xlink:label="SBS_IntangibleAssetsAccumulatedAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsAccumulatedAmortization" xlink:to="SBS_IntangibleAssetsAccumulatedAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US">Accumulated amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_2_lbl" xml:lang="en-US">Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_3_lbl" xml:lang="en-US">Intangible assets, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Additions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ContractRenewalOfConcessionsArrengements" xlink:label="SBS_ContractRenewalOfConcessionsArrengements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ContractRenewalOfConcessionsArrengements" xlink:to="SBS_ContractRenewalOfConcessionsArrengements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ContractRenewalOfConcessionsArrengements_lbl" xml:lang="en-US">Contract renewal</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Reversal of estimated losses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Transfers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Write-offs and disposals</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_4_lbl" xml:lang="en-US">Intangible assets, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipCurrent" xlink:to="SBS_PublicPrivatePartnershipCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_PublicPrivatePartnershipCurrent_2_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipNoncurrent" xlink:to="SBS_PublicPrivatePartnershipNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="SBS_PublicPrivatePartnershipNoncurrent_2_lbl" xml:lang="en-US">Noncurrent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PublicPrivatePartnershipLiabilities" xlink:label="SBS_PublicPrivatePartnershipLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipLiabilities" xlink:to="SBS_PublicPrivatePartnershipLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PublicPrivatePartnershipLiabilities_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsDetailsNarrativeAbstract" xlink:label="SBS_IntangibleAssetsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsDetailsNarrativeAbstract" xlink:to="SBS_IntangibleAssetsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Intangible Assets Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IndemnitiesReceivableNoncurrent" xlink:label="SBS_IndemnitiesReceivableNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IndemnitiesReceivableNoncurrent" xlink:to="SBS_IndemnitiesReceivableNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IndemnitiesReceivableNoncurrent_lbl" xml:lang="en-US">Indemnities receivable, noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NumberOfMunicipalities" xlink:label="SBS_NumberOfMunicipalities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NumberOfMunicipalities" xlink:to="SBS_NumberOfMunicipalities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NumberOfMunicipalities_lbl" xml:lang="en-US">Number of municipalities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentContractLiabilities" xlink:to="ifrs-full_CurrentContractLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentContractLiabilities_2_lbl" xml:lang="en-US">Program Contracts Commitments, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentContractLiabilities" xlink:to="ifrs-full_NoncurrentContractLiabilities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentContractLiabilities_3_lbl" xml:lang="en-US">Program Contracts Commitments, Noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="ifrs-full_BorrowingCostsCapitalised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsCapitalised" xlink:to="ifrs-full_BorrowingCostsCapitalised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsCapitalised_lbl" xml:lang="en-US">Capitalized interest and inflation adjustment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011" xlink:to="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011_2_lbl" xml:lang="en-US">Construction margin</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpropriationCosts" xlink:label="SBS_ExpropriationCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpropriationCosts" xlink:to="SBS_ExpropriationCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpropriationCosts_lbl" xml:lang="en-US">Expropriations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PublicPrivatePartnershipIntangibleAssets" xlink:label="SBS_PublicPrivatePartnershipIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipIntangibleAssets" xlink:to="SBS_PublicPrivatePartnershipIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PublicPrivatePartnershipIntangibleAssets_lbl" xml:lang="en-US">Intangible assets - PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp" xlink:label="SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp" xlink:to="SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp_lbl" xml:lang="en-US">Intangible assets, physical evolution of contruction - PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate" xlink:label="SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate" xlink:to="SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate_lbl" xml:lang="en-US">Intangible assets, discount rate for adjustment - PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WorkInProgressIntangibleAssets" xlink:label="SBS_WorkInProgressIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WorkInProgressIntangibleAssets" xlink:to="SBS_WorkInProgressIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WorkInProgressIntangibleAssets_lbl" xml:lang="en-US">Intangible assets work in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsWorkInProgressSaoPaulo" xlink:label="SBS_IntangibleAssetsWorkInProgressSaoPaulo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsWorkInProgressSaoPaulo" xlink:to="SBS_IntangibleAssetsWorkInProgressSaoPaulo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsWorkInProgressSaoPaulo_lbl" xml:lang="en-US">Intangible assets work in progress - S&#227;o Paulo</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsWorkInProgressPppSaoLourenco" xlink:label="SBS_IntangibleAssetsWorkInProgressPppSaoLourenco" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsWorkInProgressPppSaoLourenco" xlink:to="SBS_IntangibleAssetsWorkInProgressPppSaoLourenco_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsWorkInProgressPppSaoLourenco_lbl" xml:lang="en-US">Intangible assets work in progress - PPP S&#195;O LOUREN&#199;O</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsWorkInProgressSaoPauloFranca" xlink:label="SBS_IntangibleAssetsWorkInProgressSaoPauloFranca" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsWorkInProgressSaoPauloFranca" xlink:to="SBS_IntangibleAssetsWorkInProgressSaoPauloFranca_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsWorkInProgressSaoPauloFranca_lbl" xml:lang="en-US">Intangible assets work in progress - Franca</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsWorkInProgressItanhaem" xlink:label="SBS_IntangibleAssetsWorkInProgressItanhaem" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsWorkInProgressItanhaem" xlink:to="SBS_IntangibleAssetsWorkInProgressItanhaem_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsWorkInProgressItanhaem_lbl" xml:lang="en-US">Intangible assets work in progress, Itanha&#233;m</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AmortizationAverageRate" xlink:label="SBS_AmortizationAverageRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AmortizationAverageRate" xlink:to="SBS_AmortizationAverageRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AmortizationAverageRate_lbl" xml:lang="en-US">Amortization average rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetRelatedToPPPAltoTiete" xlink:label="SBS_IntangibleAssetRelatedToPPPAltoTiete" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetRelatedToPPPAltoTiete" xlink:to="SBS_IntangibleAssetRelatedToPPPAltoTiete_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetRelatedToPPPAltoTiete_lbl" xml:lang="en-US">Intangible assets related to PPP ALTO TIET&#202;</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EstimatedMonetaryRestatement" xlink:label="SBS_EstimatedMonetaryRestatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EstimatedMonetaryRestatement" xlink:to="SBS_EstimatedMonetaryRestatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EstimatedMonetaryRestatement_lbl" xml:lang="en-US">Estimated monetary restatement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MonthlyAssignedFundsFromTariffs" xlink:label="SBS_MonthlyAssignedFundsFromTariffs" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MonthlyAssignedFundsFromTariffs" xlink:to="SBS_MonthlyAssignedFundsFromTariffs_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MonthlyAssignedFundsFromTariffs_lbl" xml:lang="en-US">Monthly assigned funds from tariffs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentToPresentValueOfAgreement" xlink:label="SBS_AdjustmentToPresentValueOfAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentToPresentValueOfAgreement" xlink:to="SBS_AdjustmentToPresentValueOfAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdjustmentToPresentValueOfAgreement_lbl" xml:lang="en-US">Adjustment to present value of agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AgreementPercentageOfRevenue" xlink:label="SBS_AgreementPercentageOfRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AgreementPercentageOfRevenue" xlink:to="SBS_AgreementPercentageOfRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AgreementPercentageOfRevenue_lbl" xml:lang="en-US">Agreement percentage of revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RevenueFromConstructionServiceGrossMargin" xlink:label="SBS_RevenueFromConstructionServiceGrossMargin" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RevenueFromConstructionServiceGrossMargin" xlink:to="SBS_RevenueFromConstructionServiceGrossMargin_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_RevenueFromConstructionServiceGrossMargin_lbl" xml:lang="en-US">Construction margin</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FundsFromTariffsArisingFromServicesProvided" xlink:label="SBS_FundsFromTariffsArisingFromServicesProvided" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FundsFromTariffsArisingFromServicesProvided" xlink:to="SBS_FundsFromTariffsArisingFromServicesProvided_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FundsFromTariffsArisingFromServicesProvided_lbl" xml:lang="en-US">Funds from tariffs arising from services provided</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfPropertyPlantAndEquipmentTable" xlink:label="SBS_SummaryOfPropertyPlantAndEquipmentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfPropertyPlantAndEquipmentTable" xlink:to="SBS_SummaryOfPropertyPlantAndEquipmentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">SummaryOfPropertyPlantAndEquipmentTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfPropertyPlantAndEquipmentLineItems" xlink:label="SBS_SummaryOfPropertyPlantAndEquipmentLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfPropertyPlantAndEquipmentLineItems" xlink:to="SBS_SummaryOfPropertyPlantAndEquipmentLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_2_lbl" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" xlink:label="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" xlink:to="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets_lbl" xml:lang="en-US">Cost</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PropertyPlantAndEquipmentAccumulatedAmortization" xlink:label="SBS_PropertyPlantAndEquipmentAccumulatedAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PropertyPlantAndEquipmentAccumulatedAmortization" xlink:to="SBS_PropertyPlantAndEquipmentAccumulatedAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_PropertyPlantAndEquipmentAccumulatedAmortization_lbl" xml:lang="en-US">Accumulated amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_3_lbl" xml:lang="en-US">Property, plant, and equipment, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_lbl" xml:lang="en-US">Transfers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment" xlink:label="ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment" xlink:to="ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Write-offs and disposals</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_4_lbl" xml:lang="en-US">Property, plant, and equipment, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract" xlink:label="SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract" xlink:to="SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract_lbl" xml:lang="en-US">Property Plant And Equipment Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Depreciation average rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsAndFinancingTable" xlink:label="SBS_SummaryOfBorrowingsAndFinancingTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsAndFinancingTable" xlink:to="SBS_SummaryOfBorrowingsAndFinancingTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsAndFinancingTable_lbl" xml:lang="en-US">SummaryOfBorrowingsAndFinancingTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfBorrowingsAndFinancingLineItems" xlink:label="SBS_SummaryOfBorrowingsAndFinancingLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfBorrowingsAndFinancingLineItems" xlink:to="SBS_SummaryOfBorrowingsAndFinancingLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfBorrowingsAndFinancingLineItems_lbl" xml:lang="en-US">SummaryOfBorrowingsAndFinancingLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="ifrs-full_CurrentPortionOfLongtermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_2_lbl" xml:lang="en-US">Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_2_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Borrowings_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsGuarantees" xlink:label="SBS_BorrowingsGuarantees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsGuarantees" xlink:to="SBS_BorrowingsGuarantees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsGuarantees_lbl" xml:lang="en-US">Guarantees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsMaturity" xlink:label="ifrs-full_BorrowingsMaturity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsMaturity" xlink:to="ifrs-full_BorrowingsMaturity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsMaturity_lbl" xml:lang="en-US">Maturity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="ifrs-full_BorrowingsInterestRateBasis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRateBasis" xlink:to="ifrs-full_BorrowingsInterestRateBasis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US">Annual interest rates</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsExchangeRateChanges" xlink:label="SBS_BorrowingsExchangeRateChanges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsExchangeRateChanges" xlink:to="SBS_BorrowingsExchangeRateChanges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsExchangeRateChanges_lbl" xml:lang="en-US">Exchange rate changes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsInflationAdjustment" xlink:label="SBS_BorrowingsInflationAdjustment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsInflationAdjustment" xlink:to="SBS_BorrowingsInflationAdjustment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsInflationAdjustment_lbl" xml:lang="en-US">Inflation adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentYearOne" xlink:label="SBS_BorrowingsPaymentYearOne" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentYearOne" xlink:to="SBS_BorrowingsPaymentYearOne_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsPaymentYearOne_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentYearTwo" xlink:label="SBS_BorrowingsPaymentYearTwo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentYearTwo" xlink:to="SBS_BorrowingsPaymentYearTwo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsPaymentYearTwo_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentYearThree" xlink:label="SBS_BorrowingsPaymentYearThree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentYearThree" xlink:to="SBS_BorrowingsPaymentYearThree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsPaymentYearThree_lbl" xml:lang="en-US">2020</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentYearFour" xlink:label="SBS_BorrowingsPaymentYearFour" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentYearFour" xlink:to="SBS_BorrowingsPaymentYearFour_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsPaymentYearFour_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentYearFive" xlink:label="SBS_BorrowingsPaymentYearFive" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentYearFive" xlink:to="SBS_BorrowingsPaymentYearFive_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsPaymentYearFive_lbl" xml:lang="en-US">2022</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentYearSix" xlink:label="SBS_BorrowingsPaymentYearSix" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentYearSix" xlink:to="SBS_BorrowingsPaymentYearSix_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsPaymentYearSix_lbl" xml:lang="en-US">2023</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentThereafter" xlink:label="SBS_BorrowingsPaymentThereafter" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentThereafter" xlink:to="SBS_BorrowingsPaymentThereafter_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsPaymentThereafter_lbl" xml:lang="en-US">2024 to 2038</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsPaymentNet" xlink:label="SBS_BorrowingsPaymentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentNet" xlink:to="SBS_BorrowingsPaymentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsPaymentNet_lbl" xml:lang="en-US">Total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Borrowings_3_lbl" xml:lang="en-US">Borrowings and financing, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingFunding" xlink:label="SBS_BorrowingFunding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingFunding" xlink:to="SBS_BorrowingFunding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingFunding_lbl" xml:lang="en-US">Funding</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingFundingCosts" xlink:label="SBS_BorrowingFundingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingFundingCosts" xlink:to="SBS_BorrowingFundingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingFundingCosts_lbl" xml:lang="en-US">Borrowing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashOutflowForLeases" xlink:label="ifrs-full_CashOutflowForLeases" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashOutflowForLeases" xlink:to="ifrs-full_CashOutflowForLeases_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashOutflowForLeases_lbl" xml:lang="en-US">Lease</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EffectOfExchangeRateChangesOnBorrowings" xlink:label="SBS_EffectOfExchangeRateChangesOnBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EffectOfExchangeRateChangesOnBorrowings" xlink:to="SBS_EffectOfExchangeRateChangesOnBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EffectOfExchangeRateChangesOnBorrowings_lbl" xml:lang="en-US">Monetary variation &#160;and exchange rate changes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestCostsCapitalised" xlink:label="ifrs-full_InterestCostsCapitalised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestCostsCapitalised" xlink:to="ifrs-full_InterestCostsCapitalised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestCostsCapitalised_lbl" xml:lang="en-US">Inflation adjustment / update and incorporated interest - Capitalized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestCostsIncurred" xlink:label="ifrs-full_InterestCostsIncurred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestCostsIncurred" xlink:to="ifrs-full_InterestCostsIncurred_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestCostsIncurred_lbl" xml:lang="en-US">Interest and fees paid</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AccruedInterestOnBorrowings" xlink:label="SBS_AccruedInterestOnBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AccruedInterestOnBorrowings" xlink:to="SBS_AccruedInterestOnBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AccruedInterestOnBorrowings_lbl" xml:lang="en-US">Accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized" xlink:label="SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized" xlink:to="SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized_lbl" xml:lang="en-US">Provision for interest rates and fees - Capitalized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:to="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xml:lang="en-US">Borrowing costs expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Borrowings_4_lbl" xml:lang="en-US">Borrowings and financing, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BorrowingsAndFinancingCreditLimited" xlink:label="SBS_BorrowingsAndFinancingCreditLimited" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsAndFinancingCreditLimited" xlink:to="SBS_BorrowingsAndFinancingCreditLimited_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_BorrowingsAndFinancingCreditLimited_lbl" xml:lang="en-US">Borrowings and financing - Credit Limited</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClosingForeignExchangeRate" xlink:label="ifrs-full_ClosingForeignExchangeRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClosingForeignExchangeRate" xlink:to="ifrs-full_ClosingForeignExchangeRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Exchange rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AmortizedPrincipalAndInterest" xlink:label="SBS_AmortizedPrincipalAndInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AmortizedPrincipalAndInterest" xlink:to="SBS_AmortizedPrincipalAndInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AmortizedPrincipalAndInterest_lbl" xml:lang="en-US">Amortized principal and interest</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UnsecuredDebentures" xlink:label="SBS_UnsecuredDebentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UnsecuredDebentures" xlink:to="SBS_UnsecuredDebentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UnsecuredDebentures_lbl" xml:lang="en-US">Unsecured debentures, not convertible into share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingCostsIncurred" xlink:label="ifrs-full_BorrowingCostsIncurred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsIncurred" xlink:to="ifrs-full_BorrowingCostsIncurred_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingCostsIncurred_lbl" xml:lang="en-US">Debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GuaranteedForAgreements" xlink:label="SBS_GuaranteedForAgreements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GuaranteedForAgreements" xlink:to="SBS_GuaranteedForAgreements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GuaranteedForAgreements_lbl" xml:lang="en-US">Guaranteed</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CurrencyAppreciationUSD" xlink:label="SBS_CurrencyAppreciationUSD" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrencyAppreciationUSD" xlink:to="SBS_CurrencyAppreciationUSD_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CurrencyAppreciationUSD_lbl" xml:lang="en-US">Currency appreciation USD</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DebtReducedCurrencyAppreciationUsd" xlink:label="SBS_DebtReducedCurrencyAppreciationUsd" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DebtReducedCurrencyAppreciationUsd" xlink:to="SBS_DebtReducedCurrencyAppreciationUsd_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DebtReducedCurrencyAppreciationUsd_lbl" xml:lang="en-US">Debt reduced, currency appreciation USD</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CurrencyAppreciationYen" xlink:label="SBS_CurrencyAppreciationYen" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrencyAppreciationYen" xlink:to="SBS_CurrencyAppreciationYen_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CurrencyAppreciationYen_lbl" xml:lang="en-US">Currency appreciation YEN</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DebtReducedCurrencyAppreciationYen" xlink:label="SBS_DebtReducedCurrencyAppreciationYen" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DebtReducedCurrencyAppreciationYen" xlink:to="SBS_DebtReducedCurrencyAppreciationYen_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DebtReducedCurrencyAppreciationYen_lbl" xml:lang="en-US">Debt reduced, currency appreciation YEN</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfTaxesRecoverablePayableTable" xlink:label="SBS_SummaryOfTaxesRecoverablePayableTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfTaxesRecoverablePayableTable" xlink:to="SBS_SummaryOfTaxesRecoverablePayableTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfTaxesRecoverablePayableTable_lbl" xml:lang="en-US">SummaryOfTaxesRecoverablePayableTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfTaxesRecoverablePayableLineItems" xlink:label="SBS_SummaryOfTaxesRecoverablePayableLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfTaxesRecoverablePayableLineItems" xlink:to="SBS_SummaryOfTaxesRecoverablePayableLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfTaxesRecoverablePayableLineItems_lbl" xml:lang="en-US">SummaryOfTaxesRecoverablePayableLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_2_lbl" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxAssets" xlink:to="ifrs-full_CurrentTaxAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTaxAssets_2_lbl" xml:lang="en-US">Current tax assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:label="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_lbl" xml:lang="en-US">Current tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfDeferredTaxesAndContributionsTable" xlink:label="SBS_SummaryOfDeferredTaxesAndContributionsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfDeferredTaxesAndContributionsTable" xlink:to="SBS_SummaryOfDeferredTaxesAndContributionsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfDeferredTaxesAndContributionsTable_lbl" xml:lang="en-US">SummaryOfDeferredTaxesAndContributionsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfDeferredTaxesAndContributionsLineItems" xlink:label="SBS_SummaryOfDeferredTaxesAndContributionsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfDeferredTaxesAndContributionsLineItems" xlink:to="SBS_SummaryOfDeferredTaxesAndContributionsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfDeferredTaxesAndContributionsLineItems_lbl" xml:lang="en-US">SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesAxis" xlink:to="SBS_DeferredTaxesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_DeferredTaxesAxis_2_lbl" xml:lang="en-US">DeferredTaxesAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred tax assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_2_lbl" xml:lang="en-US">Deferred tax liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="ifrs-full_DeferredTaxLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Deferred tax assets (liabilities), net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_DeferredTaxAssets_2_lbl" xml:lang="en-US">Deferred tax assets, beginning</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_3_lbl" xml:lang="en-US">Deferred tax liabilities, beginning</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_2_lbl" xml:lang="en-US">Deferred tax assets, net, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxAssetChanges" xlink:label="SBS_DeferredTaxAssetChanges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxAssetChanges" xlink:to="SBS_DeferredTaxAssetChanges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxAssetChanges_lbl" xml:lang="en-US">Deferred tax asset, changes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxLiabilitiesChanges" xlink:label="SBS_DeferredTaxLiabilitiesChanges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxLiabilitiesChanges" xlink:to="SBS_DeferredTaxLiabilitiesChanges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxLiabilitiesChanges_lbl" xml:lang="en-US">Deferred tax liabilities, changes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxAssetsNetChanges" xlink:label="SBS_DeferredTaxAssetsNetChanges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxAssetsNetChanges" xlink:to="SBS_DeferredTaxAssetsNetChanges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxAssetsNetChanges_lbl" xml:lang="en-US">Deferred tax assets, net, changes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_DeferredTaxAssets_3_lbl" xml:lang="en-US">Deferred tax assets, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_4_lbl" xml:lang="en-US">Deferred tax liabilities, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_3_lbl" xml:lang="en-US">Deferred tax assets, net, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxesAndContributionsDetails3Abstract" xlink:label="SBS_DeferredTaxesAndContributionsDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesAndContributionsDetails3Abstract" xlink:to="SBS_DeferredTaxesAndContributionsDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxesAndContributionsDetails3Abstract_lbl" xml:lang="en-US">Deferred Taxes And Contributions Details 3</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Net change in the year - corresponding entry to the income statement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity" xlink:label="SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity" xlink:to="SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity_lbl" xml:lang="en-US">Net change in the year - corresponding entry to valuation adjustments to equity (Note 20 (b))</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Total net change</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredTaxesAndContributionsDetails4Abstract" xlink:label="SBS_DeferredTaxesAndContributionsDetails4Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesAndContributionsDetails4Abstract" xlink:to="SBS_DeferredTaxesAndContributionsDetails4Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxesAndContributionsDetails4Abstract_lbl" xml:lang="en-US">Deferred Taxes And Contributions Details 4</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_3_lbl" xml:lang="en-US">Profit before income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ifrs-full_ApplicableTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ApplicableTaxRate" xlink:to="ifrs-full_ApplicableTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US">Statutory rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US">Estimated expense at statutory rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xlink:to="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xml:lang="en-US">Tax benefit of interest on equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PermanentDifferencesProvisionLaw" xlink:label="SBS_PermanentDifferencesProvisionLaw" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PermanentDifferencesProvisionLaw" xlink:to="SBS_PermanentDifferencesProvisionLaw_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PermanentDifferencesProvisionLaw_lbl" xml:lang="en-US">Permanent differences: Provision &#8211; Law 4,819/58</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PermanentDifferencesDonations" xlink:label="SBS_PermanentDifferencesDonations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PermanentDifferencesDonations" xlink:to="SBS_PermanentDifferencesDonations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PermanentDifferencesDonations_lbl" xml:lang="en-US">Permanent differences: Donations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PermanentDifferencesGESPAgreement" xlink:label="SBS_PermanentDifferencesGESPAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PermanentDifferencesGESPAgreement" xlink:to="SBS_PermanentDifferencesGESPAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PermanentDifferencesGESPAgreement_lbl" xml:lang="en-US">Permanent differences: GESP Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherTaxDifferences" xlink:label="SBS_OtherTaxDifferences" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherTaxDifferences" xlink:to="SBS_OtherTaxDifferences_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherTaxDifferences_lbl" xml:lang="en-US">Other differences</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncomeTaxAndSocialContribution" xlink:to="SBS_IncomeTaxAndSocialContribution_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="SBS_IncomeTaxAndSocialContribution_2_lbl" xml:lang="en-US">Actual income tax and social contribution expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Current income tax and social contribution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncome" xlink:to="ifrs-full_DeferredTaxExpenseIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncome_2_lbl" xml:lang="en-US">Deferred income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AverageEffectiveTaxRate" xlink:label="ifrs-full_AverageEffectiveTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageEffectiveTaxRate" xlink:to="ifrs-full_AverageEffectiveTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US">Effective rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfProvisionsTable" xlink:label="SBS_SummaryOfProvisionsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfProvisionsTable" xlink:to="SBS_SummaryOfProvisionsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfProvisionsTable_lbl" xml:lang="en-US">SummaryOfProvisionsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfProvisionsLineItems" xlink:label="SBS_SummaryOfProvisionsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfProvisionsLineItems" xlink:to="SBS_SummaryOfProvisionsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfProvisionsLineItems_lbl" xml:lang="en-US">SummaryOfProvisionsLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfProvisionsAxis" xlink:to="ifrs-full_ClassesOfProvisionsAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ClassesOfProvisionsAxis_2_lbl" xml:lang="en-US">Classes of other provisions [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProvisionsGross" xlink:label="SBS_ProvisionsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProvisionsGross" xlink:to="SBS_ProvisionsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_ProvisionsGross_lbl" xml:lang="en-US">Provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherProvisions" xlink:label="ifrs-full_OtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisions" xlink:to="ifrs-full_OtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US">Escrow deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProvisionsNet" xlink:label="SBS_ProvisionsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProvisionsNet" xlink:to="SBS_ProvisionsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_ProvisionsNet_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentProvisions" xlink:label="ifrs-full_CurrentProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisions" xlink:to="ifrs-full_CurrentProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentProvisions_lbl" xml:lang="en-US">Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisions" xlink:to="ifrs-full_NoncurrentProvisions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentProvisions_2_lbl" xml:lang="en-US">Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Provisions_2_lbl" xml:lang="en-US">Provisions, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionalProvisionsOtherProvisions" xlink:label="ifrs-full_AdditionalProvisionsOtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalProvisionsOtherProvisions" xlink:to="ifrs-full_AdditionalProvisionsOtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalProvisionsOtherProvisions_lbl" xml:lang="en-US">Additional provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions" xlink:label="ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions" xlink:to="ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions_lbl" xml:lang="en-US">Interest and inflation adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProvisionUsedOtherProvisions" xlink:label="ifrs-full_ProvisionUsedOtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionUsedOtherProvisions" xlink:to="ifrs-full_ProvisionUsedOtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionUsedOtherProvisions_lbl" xml:lang="en-US">Use of the accrual</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UnusedProvisionReversedOtherProvisions" xlink:label="ifrs-full_UnusedProvisionReversedOtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedProvisionReversedOtherProvisions" xlink:to="ifrs-full_UnusedProvisionReversedOtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnusedProvisionReversedOtherProvisions_lbl" xml:lang="en-US">Amounts not used (reversal)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Provisions_3_lbl" xml:lang="en-US">Provisions, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates" xlink:label="ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates" xlink:to="ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates_lbl" xml:lang="en-US">Significant contingent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LawsuitsFiledByCommercialCustomers" xlink:label="SBS_LawsuitsFiledByCommercialCustomers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LawsuitsFiledByCommercialCustomers" xlink:to="SBS_LawsuitsFiledByCommercialCustomers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LawsuitsFiledByCommercialCustomers_lbl" xml:lang="en-US">Lawsuits filed by commercial customers</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff" xlink:label="SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff" xlink:to="SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff_lbl" xml:lang="en-US">Lawsuits which customers claim a reduction in the sewage tariff</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LawsuitsWhichCustomersPleadReductionInTariff" xlink:label="SBS_LawsuitsWhichCustomersPleadReductionInTariff" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LawsuitsWhichCustomersPleadReductionInTariff" xlink:to="SBS_LawsuitsWhichCustomersPleadReductionInTariff_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LawsuitsWhichCustomersPleadReductionInTariff_lbl" xml:lang="en-US">Lawsuits which customers plead reduction in tariff</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution" xlink:label="SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution" xlink:to="SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution_lbl" xml:lang="en-US">Tax claims related to income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TaxDeficiencyNoticeRelatedToSewageServices" xlink:label="SBS_TaxDeficiencyNoticeRelatedToSewageServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TaxDeficiencyNoticeRelatedToSewageServices" xlink:to="SBS_TaxDeficiencyNoticeRelatedToSewageServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TaxDeficiencyNoticeRelatedToSewageServices_lbl" xml:lang="en-US">Tax deficiency notice related to sewage services</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable" xlink:label="SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable" xlink:to="SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable_lbl" xml:lang="en-US">Offset requests for the extinction of IRPJ/CSLL payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RequestForAuthorizationToOffsetTaxes" xlink:label="SBS_RequestForAuthorizationToOffsetTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RequestForAuthorizationToOffsetTaxes" xlink:to="SBS_RequestForAuthorizationToOffsetTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RequestForAuthorizationToOffsetTaxes_lbl" xml:lang="en-US">Request for an authorization to offset taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod" xlink:label="SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod" xlink:to="SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod_lbl" xml:lang="en-US">Tax adjustment rejected</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities" xlink:label="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities" xlink:to="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities_lbl" xml:lang="en-US">Request to offset tax credits related to IRPJ and CSLL - contingent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued" xlink:label="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued" xlink:to="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued_lbl" xml:lang="en-US">Request to offset tax credits related to IRPJ and CSLL - accrued</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LawsuitsRelatedToTaxesAndFinesAccrued" xlink:label="SBS_LawsuitsRelatedToTaxesAndFinesAccrued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LawsuitsRelatedToTaxesAndFinesAccrued" xlink:to="SBS_LawsuitsRelatedToTaxesAndFinesAccrued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LawsuitsRelatedToTaxesAndFinesAccrued_lbl" xml:lang="en-US">Lawsuits related to taxes and fines - accrued</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities" xlink:label="SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities" xlink:to="SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities_lbl" xml:lang="en-US">Lawsuits related to taxes and fines - contingent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IntangibleAssetsRelatedToMunicipalities" xlink:label="SBS_IntangibleAssetsRelatedToMunicipalities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IntangibleAssetsRelatedToMunicipalities" xlink:to="SBS_IntangibleAssetsRelatedToMunicipalities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IntangibleAssetsRelatedToMunicipalities_lbl" xml:lang="en-US">Intangible assets related to the municipalities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IndemnitiesReceivable" xlink:label="SBS_IndemnitiesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IndemnitiesReceivable" xlink:to="SBS_IndemnitiesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IndemnitiesReceivable_lbl" xml:lang="en-US">Indemnities receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities" xlink:label="SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities" xlink:to="SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities_lbl" xml:lang="en-US">Increase in lawsuits deemed as contingent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LegalAndAdministrativeAgreements" xlink:label="SBS_LegalAndAdministrativeAgreements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LegalAndAdministrativeAgreements" xlink:to="SBS_LegalAndAdministrativeAgreements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LegalAndAdministrativeAgreements_lbl" xml:lang="en-US">Legal and administrative agreements</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LegalAndAdministrativeAgreementsRelatedToConstruction" xlink:label="SBS_LegalAndAdministrativeAgreementsRelatedToConstruction" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LegalAndAdministrativeAgreementsRelatedToConstruction" xlink:to="SBS_LegalAndAdministrativeAgreementsRelatedToConstruction_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LegalAndAdministrativeAgreementsRelatedToConstruction_lbl" xml:lang="en-US">Legal and administrative agreements related to construction</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications" xlink:label="SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications" xlink:to="SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications_lbl" xml:lang="en-US">Legal and administrative agreements related to environmental indemnifications</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EnvironmentalIndemnifications" xlink:label="SBS_EnvironmentalIndemnifications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EnvironmentalIndemnifications" xlink:to="SBS_EnvironmentalIndemnifications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EnvironmentalIndemnifications_lbl" xml:lang="en-US">Environmental indemnifications</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GuaranteeInsuranceForEscrowDeposit" xlink:label="SBS_GuaranteeInsuranceForEscrowDeposit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GuaranteeInsuranceForEscrowDeposit" xlink:to="SBS_GuaranteeInsuranceForEscrowDeposit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_GuaranteeInsuranceForEscrowDeposit_lbl" xml:lang="en-US">Guarantee insurance for escrow deposit</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GuaranteeInsuranceForEscrowDepositRenewed" xlink:label="SBS_GuaranteeInsuranceForEscrowDepositRenewed" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GuaranteeInsuranceForEscrowDepositRenewed" xlink:to="SBS_GuaranteeInsuranceForEscrowDepositRenewed_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GuaranteeInsuranceForEscrowDepositRenewed_lbl" xml:lang="en-US">Renewed guarantee insurance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfEmployeeBenefitsTable" xlink:label="SBS_SummaryOfEmployeeBenefitsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfEmployeeBenefitsTable" xlink:to="SBS_SummaryOfEmployeeBenefitsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfEmployeeBenefitsTable_lbl" xml:lang="en-US">SummaryOfEmployeeBenefitsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfEmployeeBenefitsLineItems" xlink:label="SBS_SummaryOfEmployeeBenefitsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfEmployeeBenefitsLineItems" xlink:to="SBS_SummaryOfEmployeeBenefitsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfEmployeeBenefitsLineItems_lbl" xml:lang="en-US">SummaryOfEmployeeBenefitsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Present value of defined benefit obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PlanAssetsAtFairValue" xlink:label="ifrs-full_PlanAssetsAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl" xml:lang="en-US">Fair value of the plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SurplusDeficitInPlan" xlink:label="ifrs-full_SurplusDeficitInPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SurplusDeficitInPlan" xlink:to="ifrs-full_SurplusDeficitInPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SurplusDeficitInPlan_lbl" xml:lang="en-US">Net liabilities recognized for defined benefit obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations" xlink:label="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations" xlink:to="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations_lbl" xml:lang="en-US">Liability as per statement of financial position &#8211; pension obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial gains/(losses) on obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Gains/(losses) on financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Total gains/(losses)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeferredIncomeTaxAndSocialContributionPlan" xlink:label="SBS_DeferredIncomeTaxAndSocialContributionPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredIncomeTaxAndSocialContributionPlan" xlink:to="SBS_DeferredIncomeTaxAndSocialContributionPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredIncomeTaxAndSocialContributionPlan_lbl" xml:lang="en-US">Deferred income tax and social contribution - G1 Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US">Valuation adjustments to equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EmployeesBenefitsDetails2Abstract" xlink:label="SBS_EmployeesBenefitsDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EmployeesBenefitsDetails2Abstract" xlink:to="SBS_EmployeesBenefitsDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EmployeesBenefitsDetails2Abstract_lbl" xml:lang="en-US">Employees Benefits Details 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_2_lbl" xml:lang="en-US">Defined benefit obligation, beginning of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Current service cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Interest cost</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome" xlink:label="SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome" xlink:to="SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome_lbl" xml:lang="en-US">Actuarial (gains)/losses recorded as other comprehensive income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Effect of the plan migration &#8211; early reduction/curtailment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Benefits paid</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_3_lbl" xml:lang="en-US">Defined benefit obligation, end of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EmployeesBenefitsDetails3Abstract" xlink:label="SBS_EmployeesBenefitsDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EmployeesBenefitsDetails3Abstract" xlink:to="SBS_EmployeesBenefitsDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EmployeesBenefitsDetails3Abstract_lbl" xml:lang="en-US">Employees Benefits Details 3</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_2_lbl" xml:lang="en-US">Fair value of the plan&#8217;s assets, beginning of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Expected return on the plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany" xlink:label="SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany" xlink:to="SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany_lbl" xml:lang="en-US">Expected Company&#8217;s contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Expected participants&#8217; contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset" xlink:label="SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Benefits paid</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_2_lbl" xml:lang="en-US">Actuarial gains/(losses) included in&#160;other comprehensive income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Effect of the plan migration &#8211; early reduction/curtailment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_3_lbl" xml:lang="en-US">Fair value of the plan&#8217;s assets, end of the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SurplusDeficitInPlan" xlink:to="ifrs-full_SurplusDeficitInPlan_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_SurplusDeficitInPlan_2_lbl" xml:lang="en-US">(Deficit)/Surplus</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EmployeesBenefitsDetails4Abstract" xlink:label="SBS_EmployeesBenefitsDetails4Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EmployeesBenefitsDetails4Abstract" xlink:to="SBS_EmployeesBenefitsDetails4Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EmployeesBenefitsDetails4Abstract_lbl" xml:lang="en-US">Employees Benefits Details 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CurrentServiceCostEmployeeBenefits" xlink:label="SBS_CurrentServiceCostEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrentServiceCostEmployeeBenefits" xlink:to="SBS_CurrentServiceCostEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CurrentServiceCostEmployeeBenefits_lbl" xml:lang="en-US">Current service expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InterestCostRateEmployeeBenefits" xlink:label="SBS_InterestCostRateEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestCostRateEmployeeBenefits" xlink:to="SBS_InterestCostRateEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InterestCostRateEmployeeBenefits_lbl" xml:lang="en-US">Interest cost rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Expected return on the plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Total expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EmployeesBenefitsDetails5Abstract" xlink:label="SBS_EmployeesBenefitsDetails5Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EmployeesBenefitsDetails5Abstract" xlink:to="SBS_EmployeesBenefitsDetails5Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EmployeesBenefitsDetails5Abstract_lbl" xml:lang="en-US">Employees Benefits Details 5</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EstimateOfContributionExpectedToBePaidToPlan" xlink:label="SBS_EstimateOfContributionExpectedToBePaidToPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EstimateOfContributionExpectedToBePaidToPlan" xlink:to="SBS_EstimateOfContributionExpectedToBePaidToPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_EstimateOfContributionExpectedToBePaidToPlan_lbl" xml:lang="en-US">Current service cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:label="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_lbl" xml:lang="en-US">Interest cost rates</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants" xlink:label="SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants" xlink:to="SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants_lbl" xml:lang="en-US">Participants contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NetProfitabilityOnFinancialAssets" xlink:label="SBS_NetProfitabilityOnFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NetProfitabilityOnFinancialAssets" xlink:to="SBS_NetProfitabilityOnFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NetProfitabilityOnFinancialAssets_lbl" xml:lang="en-US">Net profitability on financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpensesToBeRecognizedByEmployer" xlink:label="SBS_ExpensesToBeRecognizedByEmployer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpensesToBeRecognizedByEmployer" xlink:to="SBS_ExpensesToBeRecognizedByEmployer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpensesToBeRecognizedByEmployer_lbl" xml:lang="en-US">Expense to be recognized by employer</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EmployeesBenefitsDetails6Abstract" xlink:label="SBS_EmployeesBenefitsDetails6Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EmployeesBenefitsDetails6Abstract" xlink:to="SBS_EmployeesBenefitsDetails6Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EmployeesBenefitsDetails6Abstract_lbl" xml:lang="en-US">Employees Benefits Details 6</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US">Discount rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_lbl" xml:lang="en-US">Inflation rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherMaterialActuarialAssumptions" xlink:label="ifrs-full_OtherMaterialActuarialAssumptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherMaterialActuarialAssumptions" xlink:to="ifrs-full_OtherMaterialActuarialAssumptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherMaterialActuarialAssumptions_lbl" xml:lang="en-US">Expected rate of return on assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US">Future salary increase</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ActuarialAssumptionOfMortalityRates2" xlink:label="SBS_ActuarialAssumptionOfMortalityRates2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ActuarialAssumptionOfMortalityRates2" xlink:to="SBS_ActuarialAssumptionOfMortalityRates2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ActuarialAssumptionOfMortalityRates2_lbl" xml:lang="en-US">Mortality table</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SensitivityAnalysisAxis" xlink:to="SBS_SensitivityAnalysisAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SensitivityAnalysisAxis_2_lbl" xml:lang="en-US">SensitivityAnalysisAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseDecreaseAxis" xlink:to="SBS_IncreaseDecreaseAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_IncreaseDecreaseAxis_2_lbl" xml:lang="en-US">IncreaseDecreaseAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ImpactOnPresentValueOfDefinedBenefitObligations" xlink:label="SBS_ImpactOnPresentValueOfDefinedBenefitObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ImpactOnPresentValueOfDefinedBenefitObligations" xlink:to="SBS_ImpactOnPresentValueOfDefinedBenefitObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ImpactOnPresentValueOfDefinedBenefitObligations_lbl" xml:lang="en-US">Impact on present value of the defined benefit obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets" xlink:label="ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets" xlink:to="ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets_lbl" xml:lang="en-US">Fixed income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets" xlink:label="ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets" xlink:to="ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets_lbl" xml:lang="en-US">Equities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets" xlink:label="ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets" xlink:to="ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets_lbl" xml:lang="en-US">Structured investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherAssetsAmountContributedToFairValueOfPlanAssets" xlink:label="ifrs-full_OtherAssetsAmountContributedToFairValueOfPlanAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAssetsAmountContributedToFairValueOfPlanAssets" xlink:to="ifrs-full_OtherAssetsAmountContributedToFairValueOfPlanAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherAssetsAmountContributedToFairValueOfPlanAssets_lbl" xml:lang="en-US">Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_4_lbl" xml:lang="en-US">Fair value of plan assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_2_lbl" xml:lang="en-US">Current interest expense and service costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_3_lbl" xml:lang="en-US">Actuarial (gains)/losses recorded as other comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AmountReceivedFromGESP" xlink:label="SBS_AmountReceivedFromGESP" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AmountReceivedFromGESP" xlink:to="SBS_AmountReceivedFromGESP_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AmountReceivedFromGESP_lbl" xml:lang="en-US">Amount received from GESP (undisputed amount)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Expense to be recognize</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Interest cost rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ExpenseToBeRecognizedByEmployer" xlink:label="SBS_ExpenseToBeRecognizedByEmployer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpenseToBeRecognizedByEmployer" xlink:to="SBS_ExpenseToBeRecognizedByEmployer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ExpenseToBeRecognizedByEmployer_lbl" xml:lang="en-US">Expense to be recognize</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherMaterialActuarialAssumptions" xlink:to="ifrs-full_OtherMaterialActuarialAssumptions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherMaterialActuarialAssumptions_2_lbl" xml:lang="en-US">Future salary increase</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ExpensesByNatureAxis" xlink:to="SBS_ExpensesByNatureAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_ExpensesByNatureAxis_2_lbl" xml:lang="en-US">ExpensesByNatureAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingCostsMember" xlink:label="SBS_OperatingCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingCostsMember" xlink:to="SBS_OperatingCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingCostsMember_lbl" xml:lang="en-US">Operating costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SellingExpensesMember" xlink:label="SBS_SellingExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SellingExpensesMember" xlink:to="SBS_SellingExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SellingExpensesMember_lbl" xml:lang="en-US">Selling expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdministrativeExpensesMember" xlink:label="SBS_AdministrativeExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdministrativeExpensesMember" xlink:to="SBS_AdministrativeExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AdministrativeExpensesMember_lbl" xml:lang="en-US">Administrative Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AverageGrossPayroll" xlink:label="SBS_AverageGrossPayroll" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AverageGrossPayroll" xlink:to="SBS_AverageGrossPayroll_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AverageGrossPayroll_lbl" xml:lang="en-US">Average gross payroll</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SurplusDeficitInPlan" xlink:to="ifrs-full_SurplusDeficitInPlan_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SurplusDeficitInPlan_3_lbl" xml:lang="en-US">Net actuarial liability</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts" xlink:label="SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts" xlink:to="SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts_lbl" xml:lang="en-US">Defined pension plan expense recorded in operating costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DefinedPensionPlanExpenseRecordedInSellingExpense" xlink:label="SBS_DefinedPensionPlanExpenseRecordedInSellingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DefinedPensionPlanExpenseRecordedInSellingExpense" xlink:to="SBS_DefinedPensionPlanExpenseRecordedInSellingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DefinedPensionPlanExpenseRecordedInSellingExpense_lbl" xml:lang="en-US">Defined pension plan expense recorded in selling expense</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense" xlink:label="SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense" xlink:to="SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense_lbl" xml:lang="en-US">Defined pension plan expense recorded in administrative expense</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DefinedPensionPlanExpenseCapitalizedInAssets" xlink:label="SBS_DefinedPensionPlanExpenseCapitalizedInAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DefinedPensionPlanExpenseCapitalizedInAssets" xlink:to="SBS_DefinedPensionPlanExpenseCapitalizedInAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DefinedPensionPlanExpenseCapitalizedInAssets_lbl" xml:lang="en-US">Defined pension plan expense capitalized in assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits" xlink:label="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits" xlink:to="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits_lbl" xml:lang="en-US">Number of active participants</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits" xlink:label="SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits" xlink:to="SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits_lbl" xml:lang="en-US">Number of inactive participants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotesAndDebenturesIssued" xlink:label="ifrs-full_NotesAndDebenturesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotesAndDebenturesIssued" xlink:to="ifrs-full_NotesAndDebenturesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotesAndDebenturesIssued_lbl" xml:lang="en-US">Debentures issued</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AssetsConsolidatedProfitablilty" xlink:label="SBS_AssetsConsolidatedProfitablilty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AssetsConsolidatedProfitablilty" xlink:to="SBS_AssetsConsolidatedProfitablilty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AssetsConsolidatedProfitablilty_lbl" xml:lang="en-US">Asset's consolidated profitablilty</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AssetsProfitabilityActuarialTarget" xlink:label="SBS_AssetsProfitabilityActuarialTarget" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AssetsProfitabilityActuarialTarget" xlink:to="SBS_AssetsProfitabilityActuarialTarget_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AssetsProfitabilityActuarialTarget_lbl" xml:lang="en-US">Asset's profitability actuarial target</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReturnOfIbovespa" xlink:label="SBS_ReturnOfIbovespa" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReturnOfIbovespa" xlink:to="SBS_ReturnOfIbovespa_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReturnOfIbovespa_lbl" xml:lang="en-US">Return of Ibovespa</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Contribution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Contribution - participants</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ActuarialDeficit" xlink:label="SBS_ActuarialDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ActuarialDeficit" xlink:to="SBS_ActuarialDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ActuarialDeficit_lbl" xml:lang="en-US">Actuarial deficit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_4_lbl" xml:lang="en-US">Defined benefit obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DefinedBenefitObligationOperatingCosts" xlink:label="SBS_DefinedBenefitObligationOperatingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DefinedBenefitObligationOperatingCosts" xlink:to="SBS_DefinedBenefitObligationOperatingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DefinedBenefitObligationOperatingCosts_lbl" xml:lang="en-US">Defined benefit obligation, operating costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DefinedBenefitObligationInSellingExpense" xlink:label="SBS_DefinedBenefitObligationInSellingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DefinedBenefitObligationInSellingExpense" xlink:to="SBS_DefinedBenefitObligationInSellingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DefinedBenefitObligationInSellingExpense_lbl" xml:lang="en-US">Defined benefit obligation in selling expense</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DefinedBenefitObligationInAdministrativeExpense" xlink:label="SBS_DefinedBenefitObligationInAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DefinedBenefitObligationInAdministrativeExpense" xlink:to="SBS_DefinedBenefitObligationInAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DefinedBenefitObligationInAdministrativeExpense_lbl" xml:lang="en-US">Defined benefit obligation in administrative expense</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SalariesPayrollChargesAndSocialContributionsPayable" xlink:label="SBS_SalariesPayrollChargesAndSocialContributionsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SalariesPayrollChargesAndSocialContributionsPayable" xlink:to="SBS_SalariesPayrollChargesAndSocialContributionsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SalariesPayrollChargesAndSocialContributionsPayable_lbl" xml:lang="en-US">Salaries, payroll charges and social contributions</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ActiveParticipantsOfPlan" xlink:label="SBS_ActiveParticipantsOfPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ActiveParticipantsOfPlan" xlink:to="SBS_ActiveParticipantsOfPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ActiveParticipantsOfPlan_lbl" xml:lang="en-US">Active participants of Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_BeneficiariesRetireesAndSurvivors" xlink:label="SBS_BeneficiariesRetireesAndSurvivors" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BeneficiariesRetireesAndSurvivors" xlink:to="SBS_BeneficiariesRetireesAndSurvivors_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BeneficiariesRetireesAndSurvivors_lbl" xml:lang="en-US">Beneficiaries, retirees and survivors</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BenefitsPaidOrPayable" xlink:label="ifrs-full_BenefitsPaidOrPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BenefitsPaidOrPayable" xlink:to="ifrs-full_BenefitsPaidOrPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BenefitsPaidOrPayable_lbl" xml:lang="en-US">Benefits payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CapitalizedInAssets" xlink:label="SBS_CapitalizedInAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CapitalizedInAssets" xlink:to="SBS_CapitalizedInAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CapitalizedInAssets_lbl" xml:lang="en-US">Capitalized in assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MigrationProcessNonrecurringContribution" xlink:label="SBS_MigrationProcessNonrecurringContribution" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MigrationProcessNonrecurringContribution" xlink:to="SBS_MigrationProcessNonrecurringContribution_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MigrationProcessNonrecurringContribution_lbl" xml:lang="en-US">Migration process, non-recurring contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MigrationProcessPreviousBalance" xlink:label="SBS_MigrationProcessPreviousBalance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MigrationProcessPreviousBalance" xlink:to="SBS_MigrationProcessPreviousBalance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MigrationProcessPreviousBalance_lbl" xml:lang="en-US">Migration process, previous balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ServicesPayableDetailsNarrativeAbstract" xlink:label="SBS_ServicesPayableDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ServicesPayableDetailsNarrativeAbstract" xlink:to="SBS_ServicesPayableDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ServicesPayableDetailsNarrativeAbstract_lbl" xml:lang="en-US">Services Payable Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ServicesPayable" xlink:label="SBS_ServicesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ServicesPayable" xlink:to="SBS_ServicesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_ServicesPayable_lbl" xml:lang="en-US">Services payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfEquityTable" xlink:label="SBS_SummaryOfEquityTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfEquityTable" xlink:to="SBS_SummaryOfEquityTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfEquityTable_lbl" xml:lang="en-US">SummaryOfEquityTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfEquityLineItems" xlink:label="SBS_SummaryOfEquityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfEquityLineItems" xlink:to="SBS_SummaryOfEquityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfEquityLineItems_lbl" xml:lang="en-US">SummaryOfEquityLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_NumberOfSharesIssued_2_lbl" xml:lang="en-US">Number of shares</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PercentageOfSharesHeld" xlink:label="SBS_PercentageOfSharesHeld" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PercentageOfSharesHeld" xlink:to="SBS_PercentageOfSharesHeld_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PercentageOfSharesHeld_lbl" xml:lang="en-US">Percentage of shares</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityDetails1Abstract" xlink:label="SBS_EquityDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityDetails1Abstract" xlink:to="SBS_EquityDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityDetails1Abstract_lbl" xml:lang="en-US">Equity Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatutoryReserve" xlink:label="ifrs-full_StatutoryReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserve" xlink:to="ifrs-full_StatutoryReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatutoryReserve_lbl" xml:lang="en-US">(-) Legal reserve - 5%</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ProfitForTheYearNetOfLegalReserve" xlink:label="SBS_ProfitForTheYearNetOfLegalReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProfitForTheYearNetOfLegalReserve" xlink:to="SBS_ProfitForTheYearNetOfLegalReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_ProfitForTheYearNetOfLegalReserve_lbl" xml:lang="en-US">Distribution of earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MinimumMandatoryDividend" xlink:label="SBS_MinimumMandatoryDividend" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MinimumMandatoryDividend" xlink:to="SBS_MinimumMandatoryDividend_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MinimumMandatoryDividend_lbl" xml:lang="en-US">Minimum mandatory dividend &#8211; 25% (R$0.87539, R$1.0240 and R$0.1863 as of December 31, 2017, 2016 and 2015 per share and per ADS)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityDetails2Abstract" xlink:label="SBS_EquityDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityDetails2Abstract" xlink:to="SBS_EquityDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityDetails2Abstract_lbl" xml:lang="en-US">Equity Details 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserve" xlink:to="ifrs-full_StatutoryReserve_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_StatutoryReserve_2_lbl" xml:lang="en-US">Legal reserve</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MinimumMandatoryDividend" xlink:to="SBS_MinimumMandatoryDividend_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_MinimumMandatoryDividend_2_lbl" xml:lang="en-US">Minimum mandatory dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AdditionalProposedDividends" xlink:label="SBS_AdditionalProposedDividends" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdditionalProposedDividends" xlink:to="SBS_AdditionalProposedDividends_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_AdditionalProposedDividends_lbl" xml:lang="en-US">Additional proposed dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentReserveRecorded" xlink:label="SBS_InvestmentReserveRecorded" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentReserveRecorded" xlink:to="SBS_InvestmentReserveRecorded_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentReserveRecorded_lbl" xml:lang="en-US">Investment reserve recorded in 2017</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_2_lbl" xml:lang="en-US">Other comprehensive loss, beginning</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_4_lbl" xml:lang="en-US">Actuarial gains/(losses) for the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_3_lbl" xml:lang="en-US">Other comprehensive loss, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EquityDetailsNarrativeAbstract" xlink:label="SBS_EquityDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityDetailsNarrativeAbstract" xlink:to="SBS_EquityDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EquityDetailsNarrativeAbstract_lbl" xml:lang="en-US">Equity Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_AuthorizedCapital" xlink:label="SBS_AuthorizedCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AuthorizedCapital" xlink:to="SBS_AuthorizedCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AuthorizedCapital_lbl" xml:lang="en-US">Authorized capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_MinimumMandatoryDividendPerShareAndPerADS" xlink:label="SBS_MinimumMandatoryDividendPerShareAndPerADS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_MinimumMandatoryDividendPerShareAndPerADS" xlink:to="SBS_MinimumMandatoryDividendPerShareAndPerADS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_MinimumMandatoryDividendPerShareAndPerADS_lbl" xml:lang="en-US">Minimum mandatory dividend per share and per ADS</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities" xlink:label="SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities" xlink:to="SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities_lbl" xml:lang="en-US">Withholding income tax recognized in current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendPayables_3_lbl" xml:lang="en-US">Interest on capital balance payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DeclaredDividendPayables" xlink:label="SBS_DeclaredDividendPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeclaredDividendPayables" xlink:to="SBS_DeclaredDividendPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeclaredDividendPayables_lbl" xml:lang="en-US">Interest on capital balance payable declared</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DividendsWitheldIncomeTax" xlink:label="SBS_DividendsWitheldIncomeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DividendsWitheldIncomeTax" xlink:to="SBS_DividendsWitheldIncomeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DividendsWitheldIncomeTax_lbl" xml:lang="en-US">Interest on capital balance payable witheld income tax</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentReserve" xlink:label="SBS_InvestmentReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentReserve" xlink:to="SBS_InvestmentReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_InvestmentReserve_lbl" xml:lang="en-US">Investment reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount" xlink:label="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount" xlink:to="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount_lbl" xml:lang="en-US">Reallocation of retained earnings to investment reserve account</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SubscribedAndPaidincapital" xlink:label="SBS_SubscribedAndPaidincapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SubscribedAndPaidincapital" xlink:to="SBS_SubscribedAndPaidincapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SubscribedAndPaidincapital_lbl" xml:lang="en-US">Subscribed and paid-in-capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SurplusMinimumMandatory" xlink:label="SBS_SurplusMinimumMandatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SurplusMinimumMandatory" xlink:to="SBS_SurplusMinimumMandatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SurplusMinimumMandatory_lbl" xml:lang="en-US">Surplus minimum mandatory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:label="ifrs-full_DividendsPaidOrdinarySharesPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:to="ifrs-full_DividendsPaidOrdinarySharesPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidOrdinarySharesPerShare_lbl" xml:lang="en-US">Dividend per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EarningsPerShareDetailsAbstract" xlink:label="SBS_EarningsPerShareDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EarningsPerShareDetailsAbstract" xlink:to="SBS_EarningsPerShareDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EarningsPerShareDetailsAbstract_lbl" xml:lang="en-US">Earnings Per Share Details</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLoss_4_lbl" xml:lang="en-US">Equity attributable to Company's owners</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_2_lbl" xml:lang="en-US">Basic and diluted earnings per share (reais per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingSegmentInformationTable" xlink:label="SBS_SummaryOfOperatingSegmentInformationTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingSegmentInformationTable" xlink:to="SBS_SummaryOfOperatingSegmentInformationTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingSegmentInformationTable_lbl" xml:lang="en-US">SummaryOfOperatingSegmentInformationTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingSegmentInformationLineItems" xlink:label="SBS_SummaryOfOperatingSegmentInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingSegmentInformationLineItems" xlink:to="SBS_SummaryOfOperatingSegmentInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingSegmentInformationLineItems_lbl" xml:lang="en-US">SummaryOfOperatingSegmentInformationLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueAndOperatingIncome" xlink:label="ifrs-full_RevenueAndOperatingIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAndOperatingIncome" xlink:to="ifrs-full_RevenueAndOperatingIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xml:lang="en-US">Gross operating revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_GrossSalesDeductions" xlink:label="SBS_GrossSalesDeductions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_GrossSalesDeductions" xlink:to="SBS_GrossSalesDeductions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_GrossSalesDeductions_lbl" xml:lang="en-US">Gross sales deductions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Revenue_3_lbl" xml:lang="en-US">Net operating revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_CostsSellingAndAdministrativeExpenses" xlink:label="SBS_CostsSellingAndAdministrativeExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CostsSellingAndAdministrativeExpenses" xlink:to="SBS_CostsSellingAndAdministrativeExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_CostsSellingAndAdministrativeExpenses_lbl" xml:lang="en-US">Costs, selling and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting" xlink:label="SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting" xlink:to="SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting_lbl" xml:lang="en-US">Income from operations before other operating expenses, net and equity accounting</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingIncome" xlink:to="ifrs-full_MiscellaneousOtherOperatingIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome_2_lbl" xml:lang="en-US">Other operating income / (expenses), net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityInResultsOfInvestmentsInAffiliaties" xlink:to="SBS_EquityInResultsOfInvestmentsInAffiliaties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_EquityInResultsOfInvestmentsInAffiliaties_2_lbl" xml:lang="en-US">Equity accounting</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinanceIncomeExpenseNet" xlink:to="SBS_FinanceIncomeExpenseNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinanceIncomeExpenseNet_2_lbl" xml:lang="en-US">Financial result, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_4_lbl" xml:lang="en-US">Income from operations before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingSegmentInformationDetails1Abstract" xlink:label="SBS_OperatingSegmentInformationDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingSegmentInformationDetails1Abstract" xlink:to="SBS_OperatingSegmentInformationDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingSegmentInformationDetails1Abstract_lbl" xml:lang="en-US">Operating Segment Information Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset" xlink:label="ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset" xlink:to="ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset_lbl" xml:lang="en-US">Gross revenue from construction recognized under IFRIC 12</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ConstructionCostIncurred" xlink:label="SBS_ConstructionCostIncurred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ConstructionCostIncurred" xlink:to="SBS_ConstructionCostIncurred_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SBS_ConstructionCostIncurred_lbl" xml:lang="en-US">Construction costs recognized under IFRIC 12</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011" xlink:to="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011_3_lbl" xml:lang="en-US">Construction margin</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfInsuranceTable" xlink:label="SBS_SummaryOfInsuranceTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfInsuranceTable" xlink:to="SBS_SummaryOfInsuranceTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfInsuranceTable_lbl" xml:lang="en-US">SummaryOfInsuranceTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfInsuranceLineItems" xlink:label="SBS_SummaryOfInsuranceLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfInsuranceLineItems" xlink:to="SBS_SummaryOfInsuranceLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfInsuranceLineItems_lbl" xml:lang="en-US">SummaryOfInsuranceLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InsutanceCoverage" xlink:label="SBS_InsutanceCoverage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InsutanceCoverage" xlink:to="SBS_InsutanceCoverage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InsutanceCoverage_lbl" xml:lang="en-US">Coverage</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingRevenueTable" xlink:label="SBS_SummaryOfOperatingRevenueTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingRevenueTable" xlink:to="SBS_SummaryOfOperatingRevenueTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingRevenueTable_lbl" xml:lang="en-US">SummaryOfOperatingRevenueTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingRevenueLineItems" xlink:label="SBS_SummaryOfOperatingRevenueLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingRevenueLineItems" xlink:to="SBS_SummaryOfOperatingRevenueLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingRevenueLineItems_lbl" xml:lang="en-US">SummaryOfOperatingRevenueLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OperatingRevenueDetails1Abstract" xlink:label="SBS_OperatingRevenueDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OperatingRevenueDetails1Abstract" xlink:to="SBS_OperatingRevenueDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OperatingRevenueDetails1Abstract_lbl" xml:lang="en-US">Operating Revenue Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SanitationServicesRevenue" xlink:label="SBS_SanitationServicesRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SanitationServicesRevenue" xlink:to="SBS_SanitationServicesRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_SanitationServicesRevenue_lbl" xml:lang="en-US">Sanitation services</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RevenueFromConstruction" xlink:label="SBS_RevenueFromConstruction" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RevenueFromConstruction" xlink:to="SBS_RevenueFromConstruction_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RevenueFromConstruction_lbl" xml:lang="en-US">Construction revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SalesTaxOnRevenue" xlink:label="SBS_SalesTaxOnRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SalesTaxOnRevenue" xlink:to="SBS_SalesTaxOnRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SalesTaxOnRevenue_lbl" xml:lang="en-US">Sales Tax</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_RegulationControlAndOversightFee" xlink:label="SBS_RegulationControlAndOversightFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_RegulationControlAndOversightFee" xlink:to="SBS_RegulationControlAndOversightFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RegulationControlAndOversightFee_lbl" xml:lang="en-US">Regulation, Control and Oversight Fee (TRCF)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingCostsAndExpensesTable" xlink:label="SBS_SummaryOfOperatingCostsAndExpensesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingCostsAndExpensesTable" xlink:to="SBS_SummaryOfOperatingCostsAndExpensesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingCostsAndExpensesTable_lbl" xml:lang="en-US">SummaryOfOperatingCostsAndExpensesTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfOperatingCostsAndExpensesLineItems" xlink:label="SBS_SummaryOfOperatingCostsAndExpensesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOperatingCostsAndExpensesLineItems" xlink:to="SBS_SummaryOfOperatingCostsAndExpensesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingCostsAndExpensesLineItems_lbl" xml:lang="en-US">SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpenseByNature" xlink:label="ifrs-full_ExpenseByNature" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_ExpenseByNature_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ExpenseByNature_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfFinancialIncomeExpenseTable" xlink:label="SBS_SummaryOfFinancialIncomeExpenseTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfFinancialIncomeExpenseTable" xlink:to="SBS_SummaryOfFinancialIncomeExpenseTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfFinancialIncomeExpenseTable_lbl" xml:lang="en-US">SummaryOfFinancialIncomeExpenseTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfFinancialIncomeExpenseLineItems" xlink:label="SBS_SummaryOfFinancialIncomeExpenseLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfFinancialIncomeExpenseLineItems" xlink:to="SBS_SummaryOfFinancialIncomeExpenseLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfFinancialIncomeExpenseLineItems_lbl" xml:lang="en-US">SummaryOfFinancialIncomeExpenseLineItems [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialIncomeExpenseAxis" xlink:to="SBS_FinancialIncomeExpenseAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_FinancialIncomeExpenseAxis_2_lbl" xml:lang="en-US">FinancialIncomeExpenseAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinanceIncome_2_lbl" xml:lang="en-US">Financial income</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges" xlink:label="SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges" xlink:to="SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges_lbl" xml:lang="en-US">Financial income (expenses), net before exchange rate changes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetForeignExchangeGain" xlink:to="ifrs-full_NetForeignExchangeGain_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NetForeignExchangeGain_2_lbl" xml:lang="en-US">Exchange rate changes, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinanceIncomeExpenseNet" xlink:to="SBS_FinanceIncomeExpenseNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_FinanceIncomeExpenseNet_3_lbl" xml:lang="en-US">Financial income (expenses), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherOperatingIncomeExpensesNetDetailsAbstract" xlink:label="SBS_OtherOperatingIncomeExpensesNetDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherOperatingIncomeExpensesNetDetailsAbstract" xlink:to="SBS_OtherOperatingIncomeExpensesNetDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherOperatingIncomeExpensesNetDetailsAbstract_lbl" xml:lang="en-US">Other Operating Income Expenses Net Details</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingIncome" xlink:to="ifrs-full_MiscellaneousOtherOperatingIncome_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome_3_lbl" xml:lang="en-US">Other operating income, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingExpense" xlink:to="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xml:lang="en-US">Other operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="ifrs-full_OtherOperatingIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherOperatingIncomeExpense" xlink:to="ifrs-full_OtherOperatingIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US">Other operating income (expenses), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCommitmentsTable" xlink:label="SBS_SummaryOfCommitmentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfCommitmentsTable" xlink:to="SBS_SummaryOfCommitmentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfCommitmentsTable_lbl" xml:lang="en-US">SummaryOfCommitmentsTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SummaryOfCommitmentsLineItems" xlink:label="SBS_SummaryOfCommitmentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfCommitmentsLineItems" xlink:to="SBS_SummaryOfCommitmentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfCommitmentsLineItems_lbl" xml:lang="en-US">SummaryOfCommitmentsLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ContractLiabilitiesExpenses" xlink:label="SBS_ContractLiabilitiesExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ContractLiabilitiesExpenses" xlink:to="SBS_ContractLiabilitiesExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ContractLiabilitiesExpenses_lbl" xml:lang="en-US">Contractual obligations, Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ContractLiabilitiesInvestments" xlink:label="SBS_ContractLiabilitiesInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ContractLiabilitiesInvestments" xlink:to="SBS_ContractLiabilitiesInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ContractLiabilitiesInvestments_lbl" xml:lang="en-US">Contractual obligations, Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContractLiabilities" xlink:label="ifrs-full_ContractLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractLiabilities" xlink:to="ifrs-full_ContractLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractLiabilities_lbl" xml:lang="en-US">Contractual obligations, Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_SupplementalCashFlowInformationDetailsAbstract" xlink:label="SBS_SupplementalCashFlowInformationDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SupplementalCashFlowInformationDetailsAbstract" xlink:to="SBS_SupplementalCashFlowInformationDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SupplementalCashFlowInformationDetailsAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information Details</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_2_lbl" xml:lang="en-US">Total additions to intangible assets (Note 14 (b))</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ItemsNotAffectingCash" xlink:label="SBS_ItemsNotAffectingCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ItemsNotAffectingCash" xlink:to="SBS_ItemsNotAffectingCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ItemsNotAffectingCash_lbl" xml:lang="en-US">Items not affecting cash (see breakdown below)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Total additions to intangible assets as per statement of cash flows</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract" xlink:label="SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract" xlink:to="SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract_lbl" xml:lang="en-US">Investments and financing operations affecting intangible assets but not cash:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsCapitalised" xlink:to="ifrs-full_BorrowingCostsCapitalised_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingCostsCapitalised_2_lbl" xml:lang="en-US">Interest capitalized in the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ContractorsPayable" xlink:label="SBS_ContractorsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ContractorsPayable" xlink:to="SBS_ContractorsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_ContractorsPayable_lbl" xml:lang="en-US">Contractors payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_ContractCommitments" xlink:label="SBS_ContractCommitments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ContractCommitments" xlink:to="SBS_ContractCommitments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_ContractCommitments_lbl" xml:lang="en-US">Program contract commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_PublicPrivatePartnershipSaoLourenco" xlink:label="SBS_PublicPrivatePartnershipSaoLourenco" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipSaoLourenco" xlink:to="SBS_PublicPrivatePartnershipSaoLourenco_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PublicPrivatePartnershipSaoLourenco_lbl" xml:lang="en-US">Public Private Partnership - Sao Lourenco PPP</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_Leases" xlink:label="SBS_Leases" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_Leases" xlink:to="SBS_Leases_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_Leases_lbl" xml:lang="en-US">Leases</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_OtherInvestmentsAndFinancingOperations" xlink:label="SBS_OtherInvestmentsAndFinancingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherInvestmentsAndFinancingOperations" xlink:to="SBS_OtherInvestmentsAndFinancingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SBS_OtherInvestmentsAndFinancingOperations_lbl" xml:lang="en-US">Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ItemsNotAffectingCash" xlink:to="SBS_ItemsNotAffectingCash_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SBS_ItemsNotAffectingCash_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_EventsAfterReportingPeriodDetailsAbstract" xlink:label="SBS_EventsAfterReportingPeriodDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EventsAfterReportingPeriodDetailsAbstract" xlink:to="SBS_EventsAfterReportingPeriodDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_EventsAfterReportingPeriodDetailsAbstract_lbl" xml:lang="en-US">Events After Reporting Period Details</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinalRegulatoryRemunerationBase" xlink:label="SBS_FinalRegulatoryRemunerationBase" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinalRegulatoryRemunerationBase" xlink:to="SBS_FinalRegulatoryRemunerationBase_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinalRegulatoryRemunerationBase_lbl" xml:lang="en-US">Final Regulatory Remuneration Base</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_WeightedAverageCostOfCapital" xlink:label="SBS_WeightedAverageCostOfCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WeightedAverageCostOfCapital" xlink:to="SBS_WeightedAverageCostOfCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_WeightedAverageCostOfCapital_lbl" xml:lang="en-US">WACC</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FactorX" xlink:label="SBS_FactorX" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FactorX" xlink:to="SBS_FactorX_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FactorX_lbl" xml:lang="en-US">Factor X</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_FinalMaximumAverageTariff" xlink:label="SBS_FinalMaximumAverageTariff" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_FinalMaximumAverageTariff" xlink:to="SBS_FinalMaximumAverageTariff_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_FinalMaximumAverageTariff_lbl" xml:lang="en-US">P0</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_TariffRepositioningIndex" xlink:label="SBS_TariffRepositioningIndex" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_TariffRepositioningIndex" xlink:to="SBS_TariffRepositioningIndex_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_TariffRepositioningIndex_lbl" xml:lang="en-US">Tariff Repositioning Index (IRT)</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DisclosureOfEventsAfterReportingPeriodTable" xlink:label="SBS_DisclosureOfEventsAfterReportingPeriodTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisclosureOfEventsAfterReportingPeriodTable" xlink:to="SBS_DisclosureOfEventsAfterReportingPeriodTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DisclosureOfEventsAfterReportingPeriodTable_lbl" xml:lang="en-US">DisclosureOfEventsAfterReportingPeriodTable [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_DisclosureOfEventsAfterReportingPeriodLineItems" xlink:label="SBS_DisclosureOfEventsAfterReportingPeriodLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisclosureOfEventsAfterReportingPeriodLineItems" xlink:to="SBS_DisclosureOfEventsAfterReportingPeriodLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DisclosureOfEventsAfterReportingPeriodLineItems_lbl" xml:lang="en-US">DisclosureOfEventsAfterReportingPeriodLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sbs-20171231.xsd#SBS_UnsecuredNonconvertibleDebentures" xlink:label="SBS_UnsecuredNonconvertibleDebentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UnsecuredNonconvertibleDebentures" xlink:to="SBS_UnsecuredNonconvertibleDebentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UnsecuredNonconvertibleDebentures_lbl" xml:lang="en-US">Unsecured non-convertible debentures</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingAndFinancing" xlink:to="SBS_BorrowingAndFinancing_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_BorrowingAndFinancing_doc" xml:lang="en-US">The amount of outstanding funds that the entity is obligated to repay.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_CurrentServiceCostEmployeeBenefits" xlink:to="SBS_CurrentServiceCostEmployeeBenefits_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_CurrentServiceCostEmployeeBenefits_doc" xml:lang="en-US">The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredIncomeTaxAndSocialContributionPlan" xlink:to="SBS_DeferredIncomeTaxAndSocialContributionPlan_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_DeferredIncomeTaxAndSocialContributionPlan_doc" xml:lang="en-US">The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DisclosureOfWaterNationalAgencyExplanatory" xlink:to="SBS_DisclosureOfWaterNationalAgencyExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_DisclosureOfWaterNationalAgencyExplanatory_doc" xml:lang="en-US">Agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as ""Treated Sewage Purchase Program"". This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&amp;#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_EquityInResultsOfInvestmentsInAffiliates" xlink:to="SBS_EquityInResultsOfInvestmentsInAffiliates_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_EquityInResultsOfInvestmentsInAffiliates_doc" xml:lang="en-US">The increase (decrease) in the entity's equity resulting from the change in the equity of subsidiaries.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_InterestCostRateEmployeeBenefits" xlink:to="SBS_InterestCostRateEmployeeBenefits_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_InterestCostRateEmployeeBenefits_doc" xml:lang="en-US">The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProgramContractCommitments" xlink:to="SBS_ProgramContractCommitments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_ProgramContractCommitments_doc" xml:lang="en-US">After the enactment of the regulatory framework in 2007, renewals of concessions started to be made through of program contracts. In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental actions. The assets built and financial commitments assumed within the program contracts are recorded as intangible assets and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnership" xlink:to="SBS_PublicPrivatePartnership_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_PublicPrivatePartnership_doc" xml:lang="en-US">Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipCurrent" xlink:to="SBS_PublicPrivatePartnershipCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_PublicPrivatePartnershipCurrent_doc" xml:lang="en-US">Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipNoncurrent" xlink:to="SBS_PublicPrivatePartnershipNoncurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_PublicPrivatePartnershipNoncurrent_doc" xml:lang="en-US">Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount" xlink:to="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount_doc" xml:lang="en-US">Reallocation of retained earnings to investment reserve account</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UnsecuredNonconvertibleDebentures" xlink:to="SBS_UnsecuredNonconvertibleDebentures_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_UnsecuredNonconvertibleDebentures_doc" xml:lang="en-US">Unsecured nonconvertible debentures</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WaterNationalAgencyNoncurrent" xlink:to="SBS_WaterNationalAgencyNoncurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_WaterNationalAgencyNoncurrent_doc" xml:lang="en-US">Agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as ""Treated Sewage Purchase Program"". This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&amp;#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends" xlink:to="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends_doc" xml:lang="en-US">The amount of income tax consequences of dividends to shareholders of the entity that were proposed or declared and are recognised as a liability in the financial statements.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PensionObligations" xlink:to="SBS_PensionObligations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_PensionObligations_doc" xml:lang="en-US">Defined Benefit The Company makes contributions to defined benefit plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;), a supplementary private pension closely-held entity. The regular contributions comprise the net administrative expenses and are recognized in the income statement for the period. Liabilities from defined benefit pension plan obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair value of the plan&#8217;s assets. The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent actuaries, using the projected unit credit method. The estimated future cash outflows is discounted to its present value, using the interest rates of Government bonds with maturities that approximate the maturity of the related liability. Defined Contribution The Company makes contributions to defined contribution plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held entity that provides postemployment benefits to its employees. A defined contribution plan is a pension plan according to which the Company makes fixed contributions to a separate entity. The Company has no obligation of making contributions if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations" xlink:to="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations_doc" xml:lang="en-US">Defined Benefit The Company makes contributions to defined benefit plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;), a supplementary private pension closely-held entity. The regular contributions comprise the net administrative expenses and are recognized in the income statement for the period. Liabilities from defined benefit pension plan obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair value of the plan&#8217;s assets. The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent actuaries, using the projected unit credit method. The estimated future cash outflows is discounted to its present value, using the interest rates of Government bonds with maturities that approximate the maturity of the related liability. Defined Contribution The Company makes contributions to defined contribution plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held entity that provides postemployment benefits to its employees. A defined contribution plan is a pension plan according to which the Company makes fixed contributions to a separate entity. The Company has no obligation of making contributions if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherTaxPayableMember" xlink:to="SBS_OtherTaxPayableMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherTaxPayableMember_2_lbl" xml:lang="en-US">OtherTaxPayableMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherInsuranceCoverageMember" xlink:to="SBS_OtherInsuranceCoverageMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherInsuranceCoverageMember_2_lbl" xml:lang="en-US">OtherInsuranceCoverageMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherCreditGradesMember" xlink:to="SBS_OtherCreditGradesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherCreditGradesMember_2_lbl" xml:lang="en-US">OtherCreditGradesMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_2_lbl" xml:lang="en-US">Other property, plant and equipment [member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherBankMember" xlink:to="SBS_OtherBankMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherBankMember_2_lbl" xml:lang="en-US">OtherBankMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherBorrowingsMember" xlink:to="SBS_OtherBorrowingsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherBorrowingsMember_2_lbl" xml:lang="en-US">OtherBorrowingsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsInterestAndChargesMember" xlink:to="SBS_BorrowingsInterestAndChargesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsInterestAndChargesMember_2_lbl" xml:lang="en-US">BorrowingsInterestAndChargesMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredTaxesOtherMember" xlink:to="SBS_DeferredTaxesOtherMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredTaxesOtherMember_2_lbl" xml:lang="en-US">DeferredTaxesOtherMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherEntityEquitytMember" xlink:to="SBS_OtherEntityEquitytMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherEntityEquitytMember_2_lbl" xml:lang="en-US">OtherEntityEquitytMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherFinancialIncomeMember" xlink:to="SBS_OtherFinancialIncomeMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherFinancialIncomeMember_2_lbl" xml:lang="en-US">OtherFinancialIncomeMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AquapoloAmbiental1Member" xlink:to="SBS_AquapoloAmbiental1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AquapoloAmbiental1Member_2_lbl" xml:lang="en-US">AquapoloAmbiental1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AquapoloAmbiental2Member" xlink:to="SBS_AquapoloAmbiental2Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AquapoloAmbiental2Member_2_lbl" xml:lang="en-US">AquapoloAmbiental2Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SanitationServices1Member" xlink:to="SBS_SanitationServices1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SanitationServices1Member_2_lbl" xml:lang="en-US">SanitationServices1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_OtherMember" xlink:to="SBS_OtherMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherMember_2_lbl" xml:lang="en-US">OtherMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncreaseOfYear1Member" xlink:to="SBS_IncreaseOfYear1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncreaseOfYear1Member_2_lbl" xml:lang="en-US">IncreaseOfYear1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DecreaseOfYear1Member" xlink:to="SBS_DecreaseOfYear1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DecreaseOfYear1Member_2_lbl" xml:lang="en-US">DecreaseOfYear1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member" xlink:to="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_AnnualAndExtraordinaryShareholdersMeeting1Member_2_lbl" xml:lang="en-US">AnnualAndExtraordinaryShareholdersMeeting1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_2_lbl" xml:lang="en-US">Current assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentTradeReceivables" xlink:to="ifrs-full_NoncurrentTradeReceivables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentTradeReceivables_3_lbl" xml:lang="en-US">Non-current trade receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermDeposits" xlink:to="ifrs-full_LongtermDeposits_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermDeposits_2_lbl" xml:lang="en-US">Long-term deposits</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentReceivables" xlink:to="ifrs-full_OtherNoncurrentReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentReceivables_2_lbl" xml:lang="en-US">Other non-current receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_2_lbl" xml:lang="en-US">Non-current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_2_lbl" xml:lang="en-US">Assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Provisions_4_lbl" xml:lang="en-US">Provisions [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_2_lbl" xml:lang="en-US">Current liabilities [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_DeferredIncomeTaxAndSocialContribution" xlink:to="SBS_DeferredIncomeTaxAndSocialContribution_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_DeferredIncomeTaxAndSocialContribution_2_lbl" xml:lang="en-US">DeferredIncomeTaxAndSocialContribution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisions" xlink:to="ifrs-full_NoncurrentProvisions_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentProvisions_3_lbl" xml:lang="en-US">Non-current provisions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PensionObligations" xlink:to="SBS_PensionObligations_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PensionObligations_3_lbl" xml:lang="en-US">PensionObligations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnershipNoncurrent" xlink:to="SBS_PublicPrivatePartnershipNoncurrent_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PublicPrivatePartnershipNoncurrent_4_lbl" xml:lang="en-US">PublicPrivatePartnershipNoncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentLiabilities_2_lbl" xml:lang="en-US">Other non-current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_2_lbl" xml:lang="en-US">Non-current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_2_lbl" xml:lang="en-US">Liabilities [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_2_lbl" xml:lang="en-US">Issued capital</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_4_lbl" xml:lang="en-US">Accumulated other comprehensive income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_2_lbl" xml:lang="en-US">Equity and liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CostOfSales_2_lbl" xml:lang="en-US">Cost of sales</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossProfit_2_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_2_lbl" xml:lang="en-US">Administrative expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromContinuingOperations" xlink:to="ifrs-full_ProfitLossFromContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_2_lbl" xml:lang="en-US">Profit (loss) from continuing operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceCosts_2_lbl" xml:lang="en-US">Finance costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncome_2_lbl" xml:lang="en-US">Current tax expense (income)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_IncomeTaxAndSocialContribution" xlink:to="SBS_IncomeTaxAndSocialContribution_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_IncomeTaxAndSocialContribution_3_lbl" xml:lang="en-US">IncomeTaxAndSocialContribution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_LegalReserve" xlink:to="SBS_LegalReserve_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_LegalReserve_2_lbl" xml:lang="en-US">LegalReserve</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes" xlink:to="SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes_2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents_2_lbl" xml:lang="en-US">Cash flows from (used in) decrease (increase) in restricted cash and cash equivalents</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_3_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Dividends paid, classified as financing activities</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Payments of finance lease liabilities, classified as financing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_ProgramContractCommitments" xlink:to="SBS_ProgramContractCommitments_3_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_2_lbl" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_2_lbl" xml:lang="en-US">Disclosure of cash and cash equivalents [text block]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:to="ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfCashAndCashEquivalentsTableTextBlock" xlink:to="SBS_SummaryOfCashAndCashEquivalentsTableTextBlock_2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfInvestmentPropertiesTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfInvestmentPropertiesTableTextBlock</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOtherComprehensiveLossTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfOtherComprehensiveLossTableTextBlock</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingSegmentInformationTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfOperatingSegmentInformationTableTextBlock</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOperatingRevenueTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfOperatingRevenueTableTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfExpensesByNatureTableTextBlock" xlink:to="SBS_SummaryOfExpensesByNatureTableTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfExpensesByNatureTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfExpensesByNatureTableTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock" xlink:to="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfFinancialIncomeExpensesTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfFinancialIncomeExpensesTableTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" xlink:to="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfOtherOperatingIncomeExpensesTableTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfCommitmentsTableTextBlock" xlink:to="SBS_SummaryOfCommitmentsTableTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfCommitmentsTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfCommitmentsTableTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock" xlink:to="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock_2_lbl" xml:lang="en-US">SummaryOfSupplementalCashFlowInformationTableTextBlock</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_PublicPrivatePartnership" xlink:to="SBS_PublicPrivatePartnership_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PublicPrivatePartnership_3_lbl" xml:lang="en-US">PublicPrivatePartnership</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_5_lbl" xml:lang="en-US">Borrowings [Default Label]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReceivables_2_lbl" xml:lang="en-US">Other receivables [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaximumExposureToCreditRisk" xlink:to="ifrs-full_MaximumExposureToCreditRisk_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaximumExposureToCreditRisk_2_lbl" xml:lang="en-US">Maximum exposure to credit risk</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_4_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_OtherLiabilitiesRelatedParties_2_lbl" xml:lang="en-US">OtherLiabilitiesRelatedParties</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UseOfReservoirsAnnualPayment1" xlink:to="SBS_UseOfReservoirsAnnualPayment1_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_UseOfReservoirsAnnualPayment2" xlink:to="SBS_UseOfReservoirsAnnualPayment2_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_UseOfReservoirsAnnualPayment2_2_lbl" xml:lang="en-US">UseOfReservoirsAnnualPayment2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_2_lbl" xml:lang="en-US">Impairment loss recognised in profit or loss, intangible assets other than goodwill</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill_2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill_2_lbl" xml:lang="en-US">Disposals, intangible assets other than goodwill</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_RevenueFromConstructionServiceGrossMargin_2_lbl" xml:lang="en-US">RevenueFromConstructionServiceGrossMargin</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" xlink:to="ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets_2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_PropertyPlantAndEquipmentAccumulatedAmortization_2_lbl" xml:lang="en-US">PropertyPlantAndEquipmentAccumulatedAmortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment" xlink:to="ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Depreciation, property, plant and equipment</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsPaymentYearTwo_2_lbl" xml:lang="en-US">BorrowingsPaymentYearTwo</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentYearThree" xlink:to="SBS_BorrowingsPaymentYearThree_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsPaymentYearThree_2_lbl" xml:lang="en-US">BorrowingsPaymentYearThree</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsPaymentYearFour_2_lbl" xml:lang="en-US">BorrowingsPaymentYearFour</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsPaymentYearFive_2_lbl" xml:lang="en-US">BorrowingsPaymentYearFive</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsPaymentNet" xlink:to="SBS_BorrowingsPaymentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsPaymentNet_2_lbl" xml:lang="en-US">BorrowingsPaymentNet</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SBS_BorrowingsAndFinancingCreditLimited" xlink:to="SBS_BorrowingsAndFinancingCreditLimited_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SBS_BorrowingsAndFinancingCreditLimited_2_lbl" xml:lang="en-US">BorrowingsAndFinancingCreditLimited</link:label>
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    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>sbs-20171231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758144944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001170858<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">683,509,869<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2017<span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DocumentAndEntityInformationAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:gMonthDayItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6759197552">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of Financial Position - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">R$ 2,283,047<span></span>
</td>
<td class="nump">R$ 1,886,221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">1,672,595<span></span>
</td>
<td class="nump">1,557,472<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable from related parties</a></td>
<td class="nump">180,773<span></span>
</td>
<td class="nump">202,553<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">85,671<span></span>
</td>
<td class="nump">58,002<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">18,822<span></span>
</td>
<td class="nump">24,078<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssets', window );">Recoverable taxes</a></td>
<td class="nump">276,585<span></span>
</td>
<td class="nump">42,633<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Other receivables</a></td>
<td class="nump">56,592<span></span>
</td>
<td class="nump">52,676<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">4,574,085<span></span>
</td>
<td class="nump">3,823,635<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Noncurrent assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">215,910<span></span>
</td>
<td class="nump">153,834<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Accounts receivable from related parties</a></td>
<td class="nump">634,387<span></span>
</td>
<td class="nump">669,156<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermDeposits', window );">Escrow deposits</a></td>
<td class="nump">122,686<span></span>
</td>
<td class="nump">77,915<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Deferred income tax and social contribution</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">186,345<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WaterNationalAgencyNoncurrent', window );">Water National Agency - ANA</a></td>
<td class="nump">70,487<span></span>
</td>
<td class="nump">81,221<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Other receivables</a></td>
<td class="nump">113,123<span></span>
</td>
<td class="nump">114,693<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">36,932<span></span>
</td>
<td class="nump">31,096<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentProperty', window );">Investment properties</a></td>
<td class="nump">57,652<span></span>
</td>
<td class="nump">57,968<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">33,466,132<span></span>
</td>
<td class="nump">31,246,788<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">255,050<span></span>
</td>
<td class="nump">302,383<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total noncurrent assets</a></td>
<td class="nump">34,972,359<span></span>
</td>
<td class="nump">32,921,399<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">39,546,444<span></span>
</td>
<td class="nump">36,745,034<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Trade payables and contractors</a></td>
<td class="nump">344,947<span></span>
</td>
<td class="nump">311,960<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current portion of long-term borrowings and financing</a></td>
<td class="nump">1,746,755<span></span>
</td>
<td class="nump">1,246,567<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisionsForEmployeeBenefits', window );">Accrued payroll and related taxes</a></td>
<td class="nump">588,073<span></span>
</td>
<td class="nump">458,299<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilities', window );">Taxes and contributions</a></td>
<td class="nump">183,965<span></span>
</td>
<td class="nump">168,757<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Interest on capital</a></td>
<td class="nump">598,612<span></span>
</td>
<td class="nump">700,034<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions</a></td>
<td class="nump">607,959<span></span>
</td>
<td class="nump">730,334<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="nump">408,275<span></span>
</td>
<td class="nump">460,054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipCurrent', window );">Public-Private Partnership - PPP</a></td>
<td class="nump">60,007<span></span>
</td>
<td class="nump">31,898<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentContractLiabilities', window );">Program Contract Commitments</a></td>
<td class="nump">128,802<span></span>
</td>
<td class="nump">109,042<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">104,485<span></span>
</td>
<td class="nump">85,563<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">4,771,880<span></span>
</td>
<td class="nump">4,302,508<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Noncurrent liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">10,354,211<span></span>
</td>
<td class="nump">10,717,576<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredIncomeTaxAndSocialContribution', window );">Deferred income tax and social contribution</a></td>
<td class="nump">36,754<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred Cofins and PASEP</a></td>
<td class="nump">130,182<span></span>
</td>
<td class="nump">138,071<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisions', window );">Provisions</a></td>
<td class="nump">470,245<span></span>
</td>
<td class="nump">442,741<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PensionObligations', window );">Pension obligations</a></td>
<td class="nump">2,932,338<span></span>
</td>
<td class="nump">3,265,250<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipNoncurrent', window );">Public-Private Partnership - PPP</a></td>
<td class="nump">3,011,409<span></span>
</td>
<td class="nump">2,217,520<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentContractLiabilities', window );">Program Contract Commitments</a></td>
<td class="nump">110,698<span></span>
</td>
<td class="nump">69,051<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">215,778<span></span>
</td>
<td class="nump">173,106<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total noncurrent liabilities</a></td>
<td class="nump">17,261,555<span></span>
</td>
<td class="nump">17,023,315<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">22,033,435<span></span>
</td>
<td class="nump">21,325,823<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">10,000,000<span></span>
</td>
<td class="nump">10,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReserves', window );">Earnings reserves</a></td>
<td class="nump">8,051,110<span></span>
</td>
<td class="nump">6,244,859<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss</a></td>
<td class="num">(538,101)<span></span>
</td>
<td class="num">(825,648)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">17,513,009<span></span>
</td>
<td class="nump">15,419,211<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total equity and liabilities</a></td>
<td class="nump">R$ 39,546,444<span></span>
</td>
<td class="nump">R$ 36,745,034<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredIncomeTaxAndSocialContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredIncomeTaxAndSocialContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PensionObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Defined Benefit The Company makes contributions to defined benefit plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;), a supplementary private pension closely-held entity. The regular contributions comprise the net administrative expenses and are recognized in the income statement for the period. Liabilities from defined benefit pension plan obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair value of the plan&#8217;s assets. The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent actuaries, using the projected unit credit method. The estimated future cash outflows is discounted to its present value, using the interest rates of Government bonds with maturities that approximate the maturity of the related liability. Defined Contribution The Company makes contributions to defined contribution plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held entity that provides postemployment benefits to its employees. A defined contribution plan is a pension plan according to which the Company makes fixed contributions to a separate entity. The Company has no obligation of making contributions if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PensionObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnershipCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnershipCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnershipNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnershipNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WaterNationalAgencyNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as ""Treated Sewage Purchase Program"". This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&amp;#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WaterNationalAgencyNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccumulatedOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccumulatedOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions for employee benefits. [Refer: Provisions for employee benefits]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The excess of amount paid for current tax in respect of current and prior periods over the amount due for those periods. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax for current and prior periods to the extent unpaid. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B16&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2019-01-01: The amount of property (land or a building - or part of a building - or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business.
Effective 2019-01-01: The amount of property (land or a building - or part of a building - or both) held (by the owner or by the lessee as a right-of-use asset) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 76<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_76&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_79_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long-term deposits held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Provisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities of uncertain timing or the amount recognised when: (a) the entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable (ie more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Provisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment due to suppliers for goods and services used in the entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758894432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Statement - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating income</a></td>
<td class="nump">R$ 14,608,233<span></span>
</td>
<td class="nump">R$ 14,098,208<span></span>
</td>
<td class="nump">R$ 11,711,569<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(8,778,963)<span></span>
</td>
<td class="num">(9,013,120)<span></span>
</td>
<td class="num">(8,260,763)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">5,829,270<span></span>
</td>
<td class="nump">5,085,088<span></span>
</td>
<td class="nump">3,450,806<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(768,693)<span></span>
</td>
<td class="num">(730,047)<span></span>
</td>
<td class="num">(598,125)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(1,098,990)<span></span>
</td>
<td class="num">(934,896)<span></span>
</td>
<td class="nump">44,958<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income (expenses), net</a></td>
<td class="num">(5,679)<span></span>
</td>
<td class="nump">4,722<span></span>
</td>
<td class="nump">143,755<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliaties', window );">Equity in results of investments in affiliaties</a></td>
<td class="nump">5,760<span></span>
</td>
<td class="nump">4,740<span></span>
</td>
<td class="nump">2,597<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Profit from operations before finance income (expenses) and income tax and social contribution</a></td>
<td class="nump">3,961,668<span></span>
</td>
<td class="nump">3,429,607<span></span>
</td>
<td class="nump">3,043,991<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="num">(688,280)<span></span>
</td>
<td class="num">(839,891)<span></span>
</td>
<td class="num">(859,732)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial revenues</a></td>
<td class="nump">326,244<span></span>
</td>
<td class="nump">448,710<span></span>
</td>
<td class="nump">395,234<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Exchange result, net</a></td>
<td class="num">(96,018)<span></span>
</td>
<td class="nump">1,090,628<span></span>
</td>
<td class="num">(1,991,964)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinanceIncomeExpenseNet', window );">Financial result, net</a></td>
<td class="num">(458,054)<span></span>
</td>
<td class="nump">699,447<span></span>
</td>
<td class="num">(2,456,462)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit before income tax and social contribution</a></td>
<td class="nump">3,503,614<span></span>
</td>
<td class="nump">4,129,054<span></span>
</td>
<td class="nump">587,529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Income tax and social contribution</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current</a></td>
<td class="num">(882,787)<span></span>
</td>
<td class="num">(1,121,289)<span></span>
</td>
<td class="num">(1,226)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred</a></td>
<td class="num">(101,517)<span></span>
</td>
<td class="num">(60,667)<span></span>
</td>
<td class="num">(50,024)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncomeTaxAndSocialContribution', window );">Income tax and social contribution, total</a></td>
<td class="num">(984,304)<span></span>
</td>
<td class="num">(1,181,956)<span></span>
</td>
<td class="num">(51,250)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">R$ 2,519,310<span></span>
</td>
<td class="nump">R$ 2,947,098<span></span>
</td>
<td class="nump">R$ 536,279<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Earnings per share - basic and diluted (in reais)</a></td>
<td class="nump">R$ 3.69<span></span>
</td>
<td class="nump">R$ 4.31<span></span>
</td>
<td class="nump">R$ 0.78<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EquityInResultsOfInvestmentsInAffiliaties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EquityInResultsOfInvestmentsInAffiliaties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinanceIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinanceIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IncomeTaxAndSocialContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncomeTaxAndSocialContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2017-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2017-03-01&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758106000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Comprehensive Income - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">R$ 2,519,310<span></span>
</td>
<td class="nump">R$ 2,947,098<span></span>
</td>
<td class="nump">R$ 536,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income (loss)</a></td>
<td class="nump">287,547<span></span>
</td>
<td class="num">(472,266)<span></span>
</td>
<td class="nump">36,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items which will not be subsequently reclassified to the income statement:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains and (losses) on defined benefit plans</a></td>
<td class="nump">287,547<span></span>
</td>
<td class="num">(472,266)<span></span>
</td>
<td class="nump">36,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="nump">R$ 2,806,857<span></span>
</td>
<td class="nump">R$ 2,474,832<span></span>
</td>
<td class="nump">R$ 572,645<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760401680">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Statements of Changes in Equity - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Capital stock</div></th>
<th class="th"><div>Legal reserve</div></th>
<th class="th"><div>Investment reserve</div></th>
<th class="th"><div>Additional dividend proposed</div></th>
<th class="th"><div>Retained earnings</div></th>
<th class="th"><div>Other comprehensive loss</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Beginning balance at Dec. 31, 2014</a></td>
<td class="nump">R$ 10,000,000<span></span>
</td>
<td class="nump">R$ 758,141<span></span>
</td>
<td class="nump">R$ 2,914,008<span></span>
</td>
<td class="nump">R$ 22,002<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="num">R$ (389,748)<span></span>
</td>
<td class="nump">R$ 13,304,403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">536,279<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">536,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains (losses)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36,366<span></span>
</td>
<td class="nump">36,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">536,279<span></span>
</td>
<td class="nump">36,366<span></span>
</td>
<td class="nump">572,645<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LegalReserve', window );">Legal reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(26,814)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestExpenseOnCapital', window );">Interest on capital (R$0.1863 per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(127,366)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(127,366)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdditionalDividendsProposedApproved', window );">2014 additional proposed dividends, approved (R$0.0554 per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(22,002)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(22,002)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear', window );">Additional proposed dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,527<span></span>
</td>
<td class="num">(22,527)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends', window );">Withholding income tax on interest on capital attributable as minimum mandatory dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,074)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,074)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve', window );">Transfer to investments reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">359,572<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(359,572)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2015</a></td>
<td class="nump">10,000,000<span></span>
</td>
<td class="nump">784,955<span></span>
</td>
<td class="nump">3,273,580<span></span>
</td>
<td class="nump">11,453<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(353,382)<span></span>
</td>
<td class="nump">13,716,606<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,947,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,947,098<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains (losses)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(472,266)<span></span>
</td>
<td class="num">(472,266)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,947,098<span></span>
</td>
<td class="num">(472,266)<span></span>
</td>
<td class="nump">2,474,832<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LegalReserve', window );">Legal reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">147,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(147,355)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestExpenseOnCapital2', window );">Interest on capital (R$1.0240 per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(699,936)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(699,936)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdditionalDividendsProposedApproved2', window );">2015 additional proposed dividends, approved (R$0.0330 per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,453)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,453)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear', window );">Additional proposed dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">123,557<span></span>
</td>
<td class="num">(123,557)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends', window );">Withholding income tax on interest on capital attributable as minimum mandatory dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(60,838)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(60,838)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve', window );">Transfer to investments reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,976,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,976,250)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2016</a></td>
<td class="nump">10,000,000<span></span>
</td>
<td class="nump">932,310<span></span>
</td>
<td class="nump">5,249,830<span></span>
</td>
<td class="nump">62,719<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(825,648)<span></span>
</td>
<td class="nump">15,419,211<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,519,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,519,310<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains (losses)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">287,547<span></span>
</td>
<td class="nump">287,547<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,519,310<span></span>
</td>
<td class="nump">287,547<span></span>
</td>
<td class="nump">2,806,857<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LegalReserve', window );">Legal reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">125,965<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(125,965)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestExpenseOnCapital3', window );">Interest on capital (R$0.87539 per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(598,336)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(598,336)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdditionalDividendsProposedApproved3', window );">2016 additional proposed dividends, approved (R$0.09176 per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(62,719)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(62,719)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear', window );">Additional proposed dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105,543<span></span>
</td>
<td class="num">(105,543)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends', window );">Withholding income tax on interest on capital attributable as minimum mandatory dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(52,004)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(52,004)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve', window );">Transfer to investments reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,689,466<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,689,466)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2017</a></td>
<td class="nump">R$ 10,000,000<span></span>
</td>
<td class="nump">R$ 1,058,275<span></span>
</td>
<td class="nump">R$ 6,939,296<span></span>
</td>
<td class="nump">R$ 53,539<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="num">R$ (538,101)<span></span>
</td>
<td class="nump">R$ 17,513,009<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdditionalDividendsProposedApproved">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdditionalDividendsProposedApproved</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdditionalDividendsProposedApproved2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdditionalDividendsProposedApproved2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdditionalDividendsProposedApproved3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdditionalDividendsProposedApproved3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestExpenseOnCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestExpenseOnCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestExpenseOnCapital2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestExpenseOnCapital2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestExpenseOnCapital3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestExpenseOnCapital3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LegalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LegalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax consequences of dividends to shareholders of the entity that were proposed or declared and are recognised as a liability in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WithholdingIncomeTaxOnInterestOnCapitalAttributableAsMinimumMandatoryDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends relating to the current year, recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from transfers to a statutory reserve. [Refer: Statutory reserve]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758220576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Cash Flows - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Cash flow from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit before income tax and social contribution</a></td>
<td class="nump">R$ 3,503,614<span></span>
</td>
<td class="nump">R$ 4,129,054<span></span>
</td>
<td class="nump">R$ 587,529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">1,301,897<span></span>
</td>
<td class="nump">1,146,626<span></span>
</td>
<td class="nump">1,074,032<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets', window );">Residual value of property, plant and equipment and intangible assets written-off</a></td>
<td class="nump">24,935<span></span>
</td>
<td class="nump">15,168<span></span>
</td>
<td class="nump">52,040<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Bad debt expense</a></td>
<td class="nump">82,681<span></span>
</td>
<td class="nump">90,488<span></span>
</td>
<td class="nump">2,420<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsAndInflationAdjustment', window );">Provisions and inflation adjustment</a></td>
<td class="nump">185,080<span></span>
</td>
<td class="nump">276,654<span></span>
</td>
<td class="num">(4,706)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Pension plan liabilities - early reduction (curtailment)</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(334,152)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Interest calculated on borrowings and financing payable</a></td>
<td class="nump">426,781<span></span>
</td>
<td class="nump">449,470<span></span>
</td>
<td class="nump">474,056<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing', window );">Inflation adjustment and exchange gains (losses) on borrowings and financing</a></td>
<td class="nump">159,087<span></span>
</td>
<td class="num">(969,430)<span></span>
</td>
<td class="nump">2,163,754<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestAndInflationAdjustmentOnLiabilities', window );">Interest and inflation adjustment on liabilities</a></td>
<td class="nump">25,751<span></span>
</td>
<td class="nump">24,297<span></span>
</td>
<td class="nump">27,168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestAndInflationAdjustmentOnAssets', window );">Interest and inflation adjustment on assets</a></td>
<td class="num">(31,619)<span></span>
</td>
<td class="num">(80,675)<span></span>
</td>
<td class="num">(130,762)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinanceChargesFromCustomers', window );">Finance charges from customers</a></td>
<td class="num">(193,683)<span></span>
</td>
<td class="num">(207,789)<span></span>
</td>
<td class="num">(125,966)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011', window );">Margin of fair value on intangible assets arising from concession</a></td>
<td class="num">(70,335)<span></span>
</td>
<td class="num">(81,513)<span></span>
</td>
<td class="num">(72,908)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionForConsentDecree', window );">Provision for Consent Decree (TAC)</a></td>
<td class="nump">72,933<span></span>
</td>
<td class="nump">89,083<span></span>
</td>
<td class="num">(15,601)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries', window );">Equity in results of investments in affiliates</a></td>
<td class="num">(5,760)<span></span>
</td>
<td class="num">(4,740)<span></span>
</td>
<td class="num">(2,597)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionFromSaoPauloAgreement', window );">Provision from S&#227;o Paulo agreement</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">11,252<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans', window );">Provision for pension plan - Sabesprev Mais</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">235<span></span>
</td>
<td class="nump">8,349<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans', window );">Pension obligations</a></td>
<td class="nump">304,500<span></span>
</td>
<td class="nump">377,886<span></span>
</td>
<td class="nump">352,710<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAdjustmentsToReconcileProfitLoss', window );">Other adjustments</a></td>
<td class="nump">92,461<span></span>
</td>
<td class="nump">24,412<span></span>
</td>
<td class="num">(6,103)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentForGespAgreement', window );">GESP Agreement</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(696,283)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLoss', window );">Total adustments</a></td>
<td class="nump">5,878,323<span></span>
</td>
<td class="nump">4,945,074<span></span>
</td>
<td class="nump">3,698,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncreaseDecreaseInAssetsAbstract', window );"><strong>Changes in assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade receivables</a></td>
<td class="num">(42,194)<span></span>
</td>
<td class="num">(34,665)<span></span>
</td>
<td class="num">(111,738)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables', window );">Accounts receivable from related parties</a></td>
<td class="nump">51,594<span></span>
</td>
<td class="num">(3,163)<span></span>
</td>
<td class="num">(2,818)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(27,633)<span></span>
</td>
<td class="nump">7,156<span></span>
</td>
<td class="num">(550)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsForRecoverableTaxes', window );">Recoverable taxes</a></td>
<td class="num">(233,952)<span></span>
</td>
<td class="nump">35,195<span></span>
</td>
<td class="nump">70,940<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits', window );">Escrow deposits</a></td>
<td class="num">(32,200)<span></span>
</td>
<td class="nump">33,232<span></span>
</td>
<td class="nump">35,083<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables', window );">Other receivables</a></td>
<td class="nump">8,312<span></span>
</td>
<td class="nump">144,920<span></span>
</td>
<td class="num">(9,785)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncreaseDecreaseInLiabilitiesAbstract', window );"><strong>Changes in liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Trade payables and contractors</a></td>
<td class="num">(180,353)<span></span>
</td>
<td class="nump">6,371<span></span>
</td>
<td class="num">(18,314)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables', window );">Services payable</a></td>
<td class="num">(51,779)<span></span>
</td>
<td class="nump">72,775<span></span>
</td>
<td class="nump">57,054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes', window );">Accrued payroll and related taxes</a></td>
<td class="nump">56,841<span></span>
</td>
<td class="nump">21,240<span></span>
</td>
<td class="num">(24,394)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable', window );">Taxes and contributions payable</a></td>
<td class="nump">15,983<span></span>
</td>
<td class="num">(90,325)<span></span>
</td>
<td class="nump">35,947<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP', window );">Deferred Cofins/PASEP</a></td>
<td class="num">(7,889)<span></span>
</td>
<td class="nump">5,150<span></span>
</td>
<td class="nump">3,570<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForProvisions', window );">Provisions</a></td>
<td class="num">(279,951)<span></span>
</td>
<td class="num">(185,793)<span></span>
</td>
<td class="num">(133,427)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsForPensionObligations', window );">Pension obligations</a></td>
<td class="num">(228,282)<span></span>
</td>
<td class="num">(201,736)<span></span>
</td>
<td class="num">(182,514)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities', window );">Other liabilities</a></td>
<td class="num">(16,741)<span></span>
</td>
<td class="nump">17,842<span></span>
</td>
<td class="num">(47,607)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperations', window );">Cash generated from operations</a></td>
<td class="nump">4,910,079<span></span>
</td>
<td class="nump">4,773,273<span></span>
</td>
<td class="nump">3,369,831<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Interest paid</a></td>
<td class="num">(676,087)<span></span>
</td>
<td class="num">(739,944)<span></span>
</td>
<td class="num">(710,688)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Income tax and social contribution paid</a></td>
<td class="num">(932,110)<span></span>
</td>
<td class="num">(1,029,737)<span></span>
</td>
<td class="num">(17,743)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash generated from operating activities</a></td>
<td class="nump">3,301,882<span></span>
</td>
<td class="nump">3,003,592<span></span>
</td>
<td class="nump">2,641,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Acquisition of intangible</a></td>
<td class="num">(1,957,780)<span></span>
</td>
<td class="num">(2,108,167)<span></span>
</td>
<td class="num">(2,397,352)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">5,256<span></span>
</td>
<td class="nump">5,078<span></span>
</td>
<td class="num">(9,406)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities', window );">Investment increase</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,540)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchase of property, plant and equipment</a></td>
<td class="num">(18,920)<span></span>
</td>
<td class="num">(27,631)<span></span>
</td>
<td class="num">(54,794)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceivedClassifiedAsInvestingActivities', window );">Dividends received</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">4,612<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(1,971,444)<span></span>
</td>
<td class="num">(2,130,720)<span></span>
</td>
<td class="num">(2,459,480)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancingAbstract', window );"><strong>Borrowings and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from loans</a></td>
<td class="nump">1,007,572<span></span>
</td>
<td class="nump">1,250,524<span></span>
</td>
<td class="nump">1,303,296<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of loans</a></td>
<td class="num">(1,098,558)<span></span>
</td>
<td class="num">(1,535,312)<span></span>
</td>
<td class="num">(1,292,322)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of interest on capital</a></td>
<td class="num">(765,933)<span></span>
</td>
<td class="num">(139,399)<span></span>
</td>
<td class="num">(202,115)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Public-Private Partnership - PPP</a></td>
<td class="num">(31,758)<span></span>
</td>
<td class="num">(30,498)<span></span>
</td>
<td class="num">(23,799)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProgramContractCommitments', window );">Program Contract Commitments</a></td>
<td class="num">(44,935)<span></span>
</td>
<td class="num">(171,180)<span></span>
</td>
<td class="num">(50,757)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash generated by (used in) financing activities</a></td>
<td class="num">(933,612)<span></span>
</td>
<td class="num">(625,865)<span></span>
</td>
<td class="num">(265,697)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Increase/(decrease) in cash and cash equivalents</a></td>
<td class="nump">396,826<span></span>
</td>
<td class="nump">247,007<span></span>
</td>
<td class="num">(83,777)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CashAndCashEquivalentsRepresentedByAbstract', window );"><strong>Represented by :</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the beginning of the year</a></td>
<td class="nump">1,886,221<span></span>
</td>
<td class="nump">1,639,214<span></span>
</td>
<td class="nump">1,722,991<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the end of the year</a></td>
<td class="nump">2,283,047<span></span>
</td>
<td class="nump">1,886,221<span></span>
</td>
<td class="nump">1,639,214<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Increase/(decrease) in cash and cash equivalents</a></td>
<td class="nump">R$ 396,826<span></span>
</td>
<td class="nump">R$ 247,007<span></span>
</td>
<td class="num">R$ (83,777)<span></span>
</td>
</tr>
</table>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentForGespAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsForDecreaseIncreaseInAccruedPayrollTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsForDecreaseIncreaseInDeferredCofinsPASEP</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsForDecreaseIncreaseInOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsForDecreaseIncreaseInTaxesAndContributionsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsForIncreaseDecreaseInEscrowDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsForPensionObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsForPensionObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsForRecoverableTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsForRecoverableTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsAndFinancingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsAndFinancingAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CashAndCashEquivalentsRepresentedByAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CashAndCashEquivalentsRepresentedByAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinanceChargesFromCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinanceChargesFromCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IncreaseDecreaseInAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncreaseDecreaseInAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IncreaseDecreaseInLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncreaseDecreaseInLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InflationAdjustmentAndExchangeGainsLossesOnBorrowingsAndFinancing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestAndInflationAdjustmentOnAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestAndInflationAdjustmentOnAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestAndInflationAdjustmentOnLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestAndInflationAdjustmentOnLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProgramContractCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>After the enactment of the regulatory framework in 2007, renewals of concessions started to be made through of program contracts. In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental actions. The assets built and financial commitments assumed within the program contracts are recorded as intangible assets and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProgramContractCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProvisionForConsentDecree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProvisionForConsentDecree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProvisionFromSaoPauloAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProvisionFromSaoPauloAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProvisionsAndInflationAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProvisionsAndInflationAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other operating receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other liabilities; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other operating payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for losses (gains) on disposal of non-current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Non-current assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 14<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_14&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash from (used in) the entity's operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=sect_AStatementofcashflowsforanentityotherthanafinancialinstitution&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceivedClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from dividends received, classified as investing activities. [Refer: Dividends received]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceivedClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 14<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the entity's equity resulting from the change in the equity of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAdjustmentsToReconcileProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note. [Refer: Adjustments to reconcile profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAdjustmentsToReconcileProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Inflows (outflows) of cash, classified as investing activities, that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_21&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from past service cost. Past service cost is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction or withdrawal of, or changes to, a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan). [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of finance lease liabilities, classified as financing activities. [Refer: Finance lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_17_e&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of post-employment benefit expense relating to defined benefit plans. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 5<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of post-employment benefit expense relating to defined contribution plans. Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 53<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) recognised on exchanging construction services for an intangible asset in service concession arrangements. [Refer: Service concession arrangements [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name SIC<br> -Number 29<br> -IssueDate 2017-01-01<br> -Paragraph 6A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=SIC&amp;num=29&amp;date=2017-03-01&amp;anchor=para_6A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741350320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>1. Operations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperationsAbstract', window );"><strong>Operations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfOperationsExplanatory', window );">Operations</a></td>
<td class="text"><p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Companhia
de Saneamento B&#225;sico do Estado de S&#227;o Paulo (&#34;SABESP&#34; or the &#34;Company&#34;) is a mixed-capital company headquartered
in S&#227;o Paulo, at Rua Costa Carvalho, 300, CEP 05429-900, controlled by the S&#227;o Paulo State Government. The Company is
engaged in the provision of basic and environmental sanitation services in the State of S&#227;o Paulo, as well as it supplies
treated water and sewage services on a wholesale basis.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">In
addition to providing basic sanitation services in the State of S&#227;o Paulo, SABESP may performs these activities in other
states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. SABESP aims to be
a world reference in the provision of sanitation services, in a sustainable, competitive and innovative manner, with a focus on
customers.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017, the Company operated water and sewage services in 368 municipalities of the State of S&#227;o Paulo. Most
of these municipalities operations are based on 30-year concession, program and services contracts.&#160; The Company has two
partial contracts with the municipality of Mogi das Cruzes, however, since most of municipality is serviced by wholesale, it was
not included in the 368 municipalities. As of December 31, 2017, the Company had 370 contracts.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">SABESP
is not temporarily operating in the municipalities of Macatuba and Cajobi due to judicial orders. The lawsuits are in progress
and the carrying amount of these municipalities&#8217; intangible assets was R$4,345 as of December 31, 2017 (R$4,345 as of December
31, 2016).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017, 51 concession agreements (54 as of December 31, 2016) had expired and are being negotiated. From 2018 to
2030, 32 concession agreements will expire. Management believes that concession agreements expired and not yet renewed will result
in new contracts, disregarding the risk of discontinuity in the provision of municipal water supply and sewage services. By December
31, 2017, 287 program and services contracts were signed (281 contracts as of December 31, 2016).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017, the carrying amount of the underlying assets used in the 51 concessions of the municipalities under negotiation
totaled R$6,205,337, accounting for 18.54% of the total of intangible assets, and the related gross revenue for the year ended
December 31, 2017 totaled R$1,577,787, accounting for 10,26% of the total of gross revenue.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company&#8217;s operations are concentrated in the municipality of S&#227;o Paulo, which represents 55.38% of the gross revenues
as of December 31, 2017 (55.46% as of December 31, 2016 and 51.79% as of December 31, 2015) and 46.92% of intangible assets (46.57%
on December 31, 2016).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">On
June 23, 2010, the State of S&#227;o Paulo, the Municipality of S&#227;o Paulo, the Company and the regulatory agency &#8220;Sanitation
and Energy Regulatory Agency &#8211; ARSESP&#8221; signed an agreement to share the responsibility for water supply and sewage
services to the Municipality of S&#227;o Paulo based on a 30-year concession agreement. This agreement is extendable for another
30 years, pursuant to the law.&#160; This agreement sets forth SABESP as the exclusive service provider and designates ARSESP
as regulator, establishing prices, controlling and monitoring services. On the same date, the State of S&#227;o Paulo, the Municipality
of S&#227;o Paulo and SABESP signed the &#8220;Public service provision agreement of water supply and sewage services&#8221;,
a 30-year concession agreement which is extendable for another 30 years. This agreement involves the following activities:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">i.
protection of the sources of water in collaboration with other agencies of the State and the City;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">ii.
capture, transport and treatment of water;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">iii.
collect, transport, treatment and final dispose of&#160; sanitary sewage; and</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">iv.
adoption of other actions of basic and environmental sanitation.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company operates under an authorization by public deed in some municipalities in the Santos coast region and in the Ribeira Valley,
where the Company started to operate after the merger of the companies that formed it. In September 2015, the Company entered
into a water supply and sewage public utility services agreement with the municipality&#160; of Santos; the gross revenue calculated
in the year ended December 31, 2017 totaled R$&#160;294.658 (R$280,689 as of December 31, 2016 and R$269,530 as of December 31,
2015) and the intangible asset was R$310,577 in the year ended December 31, 2017 (R$303,540 as of December 31, 2016).&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Article
58 of Law 11,445/07 determines that precarious and overdue concessions, as well as those effective for an undetermined period
of time, including those that do not have an instrument formalizing them, will be valid until December 31, 2010. However, Article
2 of Law 12,693 of July 24, 2012, which amended Article 7&#176;-A of Law 11,578, of November 26, 2007, allowed the provision of
public basic sanitation services to be executed until December 31, 2016. </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company&#8217;s Management understands that in the municipalities where the concession agreements were not yet renewed, the operation
is governed by Laws 8,987/95 and 11,445/07, including those municipalities served without an agreement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Public
deeds are valid and governed by the Brazilian Civil Code.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company's shares have been listed in the Novo Mercado (New Market) segment of B3 under the ticker symbol SBSP3 since April 2002
and on the New York Stock Exchange (NYSE) as American Depositary Receipts (&#8220;ADRs&#8221;) Level III, under the SBS code,
since May 2002.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Since
2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, &#193;guas
de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, &#193;guas de Castilho, Attend Ambiental and Paulista Geradora de Energia.
Although SABESP has no majority interest in the capital stock of these companies, the shareholders&#8217; agreements provide for
the power of veto and casting vote in certain issues jointly with associates, indicating the shared control in the management
of investees.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">As
of March 3, 2018, the Jaguari-Atibainha interconnection was inaugurated; this interconnection will allow the transfer of an average
annual outflow of 5.13 cubic meters per second (m&#179;/s) and a maximum outflow of 8.5 m&#179;/s from the Para&#237;ba do Sul
Basin to the Cantareira System. Expected to be inaugurated in April 2018, the S&#227;o Louren&#231;o Production System will expand
water production and capacity by 6.4 m&#179;/s. After construction is completed, the Company will have nine large production systems
available to supply the S&#227;o Paulo Metropolitan Region. These two important works aim at expand water security in the S&#227;o
Paulo Metropolitan Region.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Management
expects that with the normalization of rainfall, the generation of operating cash and the credit lines available for investment,
the Company will have sufficient funds to meet its commitments and not compromise its necessary investments.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Corporate
reorganization</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">As
of May 12, 2017, the Board of the State Privatization Program approved:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 72.55pt; text-align: justify; text-indent: -51.25pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">the conducting of studies for SABESP&#8217;s Capitalization
(as defined below);</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 72.55pt; text-align: justify; text-indent: -51.25pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(ii)&#160;&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">the hiring, by SABESP, of the International Finance
Corporation, which is associated with the World Bank;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(iii)&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">the execution of an agreement between SABESP and
the State Government through the Water Resources and Sanitation Department and the Treasury Department, in order to define the
scope of the contract and control the relationship between the parties, including a proportional expense reimbursement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
proposed Capitalization provides for the creation of a corporation to directly control SABESP through the transfer of the shares
held by the State of S&#227;o Paulo to the capital stock of the new corporation. The State of S&#227;o Paulo will continue holding
a sufficient number of shares to ensure SABESP&#8217;s control, as provided for in law. The objective of the Capitalization is
to overcome a situation that restricts investments designed to preserve the expansion of activities to ensure the universalization
of basic sanitation services offered by the Company.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>



<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Capitalization may provide for the admission of institutional investors to contribute financial resources to the capital stock
of the new company, strengthening SABESP&#8217;s corporate governance and business efficiency in order to promote and accelerate
the universalization of sanitation services in the State of S&#227;o Paulo.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">As
of&#160;&#160;&#160;&#160;&#160; September 15, 2017, Law 16,525 was sanctioned, enacted and published; it provides for the corporate
reorganization of Companhia de Saneamento B&#225;sico de S&#227;o Paulo - SABESP and sets forth other provisions.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
main provisions of the Law are:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The Executive branch is authorized to establish a corporation, governed by Federal Law 6,404/76, to hold basic sanitation and
other assets, whose exploration relates to its main purpose (&#34;Parent Company&#34;);</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The objective of the Parent Company is, among others:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 106.95pt; text-align: justify; text-indent: -78.6pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(i)&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Control SABESP;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(ii)
</font><font style="font: 8pt Times New Roman, Times, Serif">Hold the ownership, manage and explore assets
of any nature, aiming the universalization and efficiency of basic sanitation services in the State of S&#227;o Paulo;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(iii)&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Structure and implement funding operations to
strengthen its ability to execute strategies and initiatives in the basic sanitation sector;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(iv)&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Assist the State of S&#227;o Paulo and other federal
entities in the implementation of public policies in the basic sanitation sector;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(v)
</font><font style="font: 8pt Times New Roman, Times, Serif">Explore other business opportunities related to
the basic sanitation sector inside and outside the State of S&#227;o Paulo, supported by SABESP;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(vi)&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Use legally appropriate contractual and corporate
arrangements to fulfill its corporate purpose, including the creation of wholly-owned subsidiaries, formation of consortia and
holding interests in other public or private companies, provided that approved by the Board of Directors.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The Government will hold ownership of most of the common shares of the Parent Company; other shareholders may also hold minority
interests in the Parent Company;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
Private shareholders will be allowed in the Parent Company in order to contribute capital, add value to the business and strengthen
the Company&#8217;s and the Parent Company&#8217;s corporate governance, provided that they do not restrict the capacity of the
S&#227;o Paulo State Government to guide them in the attainment of the public interest that justified their creation;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The S&#227;o Paulo State Government is authorized to pay-in its interest in the Parent Company&#8217;s capital through the transfer
of the shares it holds in SABESP;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The Parent Company and SABESP may acquire shares from other state-owned or private companies that have potential synergy with
SABESP&#8217;s activities;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The Parent Company may increase SABESP&#8217;s capital to pay-in in cash or with assets, inclusive by holding a tender offer in
the capital market; and</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The S&#227;o Paulo State Government is authorized to sell or encumber the Parent Company&#8217;s shares or its respective subscription
rights, provided that the ownership of most of the common shares is maintained;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The State Government may waive its preemptive right to subscribe to shares in future capital increases of the Parent Company,
in order to enable contributions from new shareholders without losing its the control;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
The S&#227;o Paulo State Government will mandatorily allocate at least 30% of the proceeds from the sale of the Parent Company&#8217;s
shares to investments in basic sanitation projects;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -7.05pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;
A management agreement will be entered into by the S&#227;o Paulo State Government, the Parent Company and SABESP to strengthen
the companies&#8217; administrative and financial efficiency;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font: 8pt Times New Roman, Times, Serif">The
execution of the management agreement will be preceded by the assumption of SABESP&#8217;s control by the Parent Company and will
establish performance targets related to the reduction of water losses and the universalization of basic sanitation services provided
by SABESP;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt">(ii)&#160;&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">The management agreement will also provide for
the increase in the companies&#8217; managerial autonomy regarding:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 113.9pt; text-align: justify; text-indent: -99.7pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;
the definition of a personnel policy;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 113.9pt; text-align: justify; text-indent: -99.7pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;
procedures for bids and the contracting of suppliers and service providers;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 113.9pt; text-align: justify; text-indent: -99.7pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;
cash management, treasury operations, bank payments of salaries and suppliers; and</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.15pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;
autonomy for the general shareholders&#8217; meeting to establish the salaries and other types of compensation to members of management,
based on the limits and parameters established in the management agreement;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(iii)
The agreement will be valid for five years, but may be renegotiated and successively renewed.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The
financial statements were approved by Management on April 26, 2018.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741587264">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. Basis of preparation and presentation of the financial statements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements of the Company have
been prepared in accordance with the International Financial Reporting Standards &#8211; IFRS as issued by the International Accounting
Standards Board &#8211; IASB. All material information related to the financial statements, and this information alone, is being
disclosed and corresponds to the information used by the Company&#8217;s Management in its administration<font style="font-family: Georgia, Times, Serif">.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements have been prepared
under the historical cost except for certain financial instruments measured at fair value when required by the standards.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
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in the process of applying the Company's accounting policies.&#160; The areas involving a higher degree to judgment or complexity,
or areas where assumptions and estimates are significant to the financial statements are described in Note <font style="font-family: Georgia, Times, Serif">6.
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the basis used for the preparation of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741375136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>Summary Of Significant Accounting Policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">Summary of Significant Accounting Policies</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The main accounting policies applied in the
preparation of these financial statements are defined below.&#160; These policies have been applied consistently in all years presented.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.1&#160; Cash and cash equivalents</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents include cash in hand,
bank deposits, overdraft accounts and other short-term highly liquid investments with original maturities less than three months
as of the investment date, with an insignificant risk of changing value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.2&#160; Financial assets and liabilities</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Financial Asset - Classification</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company classifies its
financial assets according to the following categories: measured at fair value through profit or loss, borrowings and
receivables, held-to-maturity and available for sale.&#160; The classification depends on the purpose for which the financial
assets were acquired.&#160; Management determines the classification of the financial assets at inception. As of December 31,
2017 and 2016, the Company did not have financial assets classified under the fair value through profit or loss, held-to-maturity
and available-for-sale financial instruments category.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Borrowings and receivables</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">These comprise receivables, which
are non-derivative financial assets with fixed or determinable payments, not quoted in an active market.&#160; Borrowings and receivables
are presented in current assets, except for those with maturity of more than 12 months after the reporting date (these are classified
as noncurrent assets).&#160; The Company's borrowings and receivables include cash and cash equivalents, restrict cash, balances
of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency &#8211;
ANA.&#160; Borrowings and receivables are recorded at fair value and subsequently at amortized cost, under the effective interest
rate method.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Financial Liabilities - Classification</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company classifies its financial liabilities
into the following categories: measured at fair value through profit or loss and other liabilities.&#160; Classification depends
on the purpose to which the financial liabilities were assumed.&#160; As of December 31, 2017 and 2016, the Company did not have
liabilities classified into the &#8220;fair value through profit or loss&#8221; category.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Other liabilities</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">This category comprises balances
payable to contractors and suppliers, borrowings and financing, services payable, balances payable from public-private partnership
(PPP), and program contract commitments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">The effective interest rate method
is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period.&#160;
The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue
costs) throughout the financial liability&#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition
of the net carrying amount.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.3&#160; Operating income</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Revenue from sanitation services</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from sanitation services are recognized
as the water is consumed and services are provided.&#160; Revenues, including the revenues unbilled, are recognized at the fair
value of the consideration received or receivable for the sale of those services. Revenue is shown net of value-added tax and fees,
rebates and discounts.&#160; Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed
until the end of the each period and are recorded as trade receivables based on monthly estimates of the completed services.&#160;
Concerning revenues of wholesale municipal governments, which do not pay the full invoice, the Company establishes an allowance
for doubtful accounts upon invoicing in revenue reduction account.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes revenue when: i) products
are delivered or services are rendered; ii) the amount of revenue can be reliably measured, iii) it is probable that future economic
benefits will flow to the Company and iv) it is probable that the amounts will be collected.&#160; The amount of revenue is not
considered to be reliably measurable until all conditions relating to the sale have been satisfied.&#160; Amounts in dispute are
recognized as revenue when collected.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Construction revenue</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from concession construction
contracts is recognized in accordance with IFRIC 12 (Service Concession Arrangements)     and IAS 11
(Construction Contracts), using the percentage-of-completion method, provided that the applicable conditions for application
are fulfilled.&#160; The percentage of completion is calculated from the ratio of the actual costs incurred on the balance
sheet date to the planned total costs (cost-to-cost method).&#160; Revenue from cost plus contracts is recognized by
reference to the construction costs incurred during the period plus a fee earned.&#160; The fee represents the additional
margin related to the work performed by the Company in relation to such construction contracts and it is added construction
costs, resulting in the construction revenue.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.4&#160; Trade receivables and allowance
for doubtful accounts</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trade receivables are amounts due from customers
for services performed in the ordinary course of business.&#160; These are classified as current assets, except when maturity exceeds
12 months after the end of the reporting period.&#160; In these cases, they are presented as noncurrent assets.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company establishes an allowance for doubtful
accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses. The analysis
is carried out based on objective accounts receivable data, past receipts and existing guarantees and it does not expect to incur
additional significant losses.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.5&#160; Inventories</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories of supplies for consumption
and maintenance of the water and sewage systems are stated at the lower of average cost of acquisition or net realizable
value, and are classified in current assets.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.6&#160; Investment properties</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The investment properties are recorded at the
acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method
at rates that consider the estimated useful life of assets.&#160; Expenditures related to repairs and maintenance are recorded
in the income statement when incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also maintains few assets for undetermined
use in the future, i.e., it is not defined if the Company will use these assets in the operation or sell them in the short term
during the ordinary course of business.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.7&#160; Property, plant and equipment</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property, plant and equipment comprise
mainly administrative facilities not composing the assets, subject-matter of the concession agreements.&#160; Those assets
are stated at historical acquisition or construction cost less depreciation, net of impairment charge, when necessary.&#160;
Interest, other finance charges and inflationary effects deriving from financing effectively applied to construction in
progress are recorded as cost of respective property, plant and equipment, in this case, for the qualifying
assets. Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale.
The Company considers that substantial period means a period greater than 12 months. This period was established by
considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to
one fiscal year of SABESP.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent costs included in the existing asset's
carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated
with the item will flow to the Company and the cost of the item can be measured reliably.&#160; Repairs and maintenance are charged
to the income statement during the financial period in which they were incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation is calculated using the straight-line
method to allocate their cost and is described in Note 15(c).&#160; Lands are not depreciated.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Residual values and the useful life of assets
are revised and adjusted, where applicable, at the end of each year.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gain and losses on disposals are determined
by the difference between the proceeds with the carrying amount and are recognized within other operating income (expenses) in
the income statement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.8&#160; Intangible assets</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangibles are stated at acquisition cost and/or
construction of the underlying assets, including construction margin, interest and other finance charges capitalized during the
construction period, in this case, for the qualifying assets.&#160; Qualifying assets are assets that, necessarily, take a substantial
period to get ready for its intended use or sale.&#160; The Company considers that substantial period means a period greater than
12 months.&#160; This period was established by considering the completion period of the majority of its constructions, which is
greater than 12 months, which corresponds to one fiscal year of SABESP.&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The intangible has its amortization initiated
when the intangible assets are available for use in location and the necessary condition when this asset becomes operational.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br />
&#160;The amortization of intangible assets reflects the period over the expected future economic benefits generated by the intangible
asset are consumed by the Company and can be the period of the contract or the useful life of the asset.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amortization of the intangible assets is
discontinued when the asset is totally consumed or it is disposed of, whatever occurs first.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Donations in assets, received from third parties
and governmental entities to allow the Company to render water  and sewage services are not recorded in the Company&#8217;s
financial statements, since these assets are controlled by the concession grantor.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial resources received as donations for
the construction of infrastructure are recorded under &#8220;Other operating income&#8221;.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Concession arrangements/program</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates concession agreements including
the rendering of basic sanitation, environmental, water supply and sewage services signed with the concession grantor.&#160; The
infrastructure used by SABESP subject to service concession arrangements is considered to be controlled by the concession grantor
when:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them,
and at what price;&#160; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;
The grantor controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SABESP's rights over infrastructure operated
under concession arrangements is accounted for as an intangible asset as SABESP has the right to charge for use of the infrastructure
assets, and users (consumers) have the primary responsibility to pay SABESP for the services.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of construction and other work
on the infrastructure is recognized as revenue, as its fair value, when the infrastructure is built, provided that this work is
expected to generate future economic benefits.&#160; The accounting policy to recognize construction revenue is described in Note
3.3.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br />
Intangible assets related to Concession agreements and Program contracts, when there is no right to receive the residual value
of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract, or the useful
life of the underlying asset, whichever occurs first.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments made and not recovered through rendering
of services, when there is  right to receive the  residual value of the assets at the end of the contract, must
be indemnified by the concession grantor, (1) with cash or cash equivalents or also, in general (2) with the contract extension.&#160;
These investments are amortized by the useful life of asset.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The details referring to amortization of
intangible  arising from concession arrangements/programs are described in Note 14 (d).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Law 11,445/07 indicates, whenever possible,
that basic sanitation public utilities will have the economic and financial sustainability ensured through the remuneration due
to service collection, preferably as tariffs and other public prices, which may be established for each service or both jointly.
&#160;Therefore, investments made and not recovered through services rendered, within original term of the contract, are recorded
as intangible assets and amortized by the useful life of the asset, taking into consideration a solid track record of concession
renewal and, therefore, the continuity of services.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;Software licenses</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Software licensing is capitalized based on the
acquisition costs and other implementation costs.&#160; Amortizations are recorded according to the useful lives and the expenses
associated with maintaining these are recognized as expenses when incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.9&#160; Impairment of non-financial assets</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property, plant and equipment, intangibles and
other noncurrent assets with definite useful lives, are yearly reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.&#160; The Company does not record assets with indefinite useful life
and assessed that there are no indications of impairment losses, mainly supported by Law 11,445/07, which ensures that basic sanitation
public utilities will have assured its economic and financial sustainability through tariffs or via indemnity.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.10&#160; Trade accounts payable and contractors</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">Accounts
payable to contractors and suppliers are obligations to pay for goods or services purchased from suppliers in the ordinary course
of business and are classified as current liabilities if the payment is due in the period up to one year. Otherwise, the accounts
payable are presented as noncurrent liabilities and are initially measured at fair value, which generally correspond to the bill
and subsequently at amortized cost.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.11&#160; Borrowings and financing</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Borrowings are initially recognized at fair
value, upon receipt of funds, net of transaction costs.&#160; Subsequently, borrowings are stated at amortized cost, as presented
in Note 16.&#160; Borrowings and financing are classified as current liabilities unless the Company has an unconditional right
to defer settlement of the liability for at least 12 months after the end of the reporting period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nonconvertible bonds issued by the Company are
recognized in a similar manner to borrowings.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.12&#160; Borrowing costs</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Borrowing costs attributable to acquisition,
construction or production of an asset, which, necessarily, requires a substantial time period to be ready for use or sale are
capitalized as part of the cost of these assets.&#160; Other borrowing costs are recognized as expenses in the period they are
incurred.&#160; Borrowing costs are interest rates and other charges incurred by the Company related to loans, including exchange
variation, as described below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The capitalization occurs during the period
in which the asset has been built, considering the weighted average rate of loans effective on the capitalization date.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For foreign currency-denominated loans or financing,
the Company analyzes them as if they were contracted in local currency, restricting the capitalization of interest and/or exchange
variation by the amount that would be capitalized if these were contracted in the domestic market in similar lines of credit and
loans.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.13&#160; Payroll, related charges and contributions</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Salaries, vacations and the 13th salary and
additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on the accrual
basis.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.14&#160; Profit sharing</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The profit sharing plan for its employees is
based on operational and financial targets of the Company as a whole.&#160; The Company recognizes a provision when it is contractually
required or when there is a practice in the past that created a constructive obligation.&#160; The accrual for profit sharing is
recorded on the accrual basis period as operating cost, selling and administrative expenses.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.15&#160; Provisions, legal liabilities,
escrow deposits and contingent assets</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provisions related to claims are recognized
when: i) the Company has a present (legal or constructive) obligation as a result of past event; ii) it is probable that an outflow
of resources that comprise economic benefits will be required to settle the obligation; and iii) the amount can be reliably estimated.&#160;
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by
considering the class of obligations as a whole.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provisions are measured at the present value
of the disbursements expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the obligation.&#160; The increase in the provision due to passage of time
is recognized as interest expense.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For financial statement presentation purposes,
the provision is stated net of the related escrow deposits based on the legal right to offset.&#160; The bases and the nature of
the provisions for civil, tax, labor and environmental risks are described in Note 19.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Escrow deposits not linked to related liabilities
are recorded in noncurrent assets. Escrow deposits are adjusted for inflation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contingent assets are not recognized in the
statements of financial position.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.16&#160; Environmental costs</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Costs related to ongoing environmental programs
are expensed in the income statement, when there is any indication of an event. Ongoing programs are designed to minimize the environmental
impact of the operations and to manage the environmental risks inherent to the Company's activities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.17&#160; Income taxes &#8211; current and
deferred</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes expenses comprise current and deferred
income tax and social contributions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Current tax</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision for income tax and social contribution
is based on the taxable income for the year.&#160; The income tax was accrued at rate 15%, plus 10% surtax on taxable income exceeding
R$ 240.&#160; The social contribution was accrued at rate 9% over adjusted net income. Taxable income differs from net income (profit
presented in the income statement), because it excludes income and expenses taxable or deductible in other years, and excludes
items not permanently taxable or not deductible. Income tax and social contribution are accrued based on legislation in place in
the end of the year. Management periodically evaluates and measures the positions taken in the income tax return with respect to
situations in which applicable tax regulations are subject to interpretation. It establishes provisions where appropriate on the
basis of amounts expected to be paid to the tax authorities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Deferred tax</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income tax is recognized, using the
liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in
the financial statements, according to IAS 12. However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor
taxable profit nor loss, except for business combinations.&#160; Deferred income tax is determined using tax rates (and laws) effective
at the end of the reporting period and expected to apply when the related deferred income tax asset is realized or the deferred
income tax liability is settled.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income tax and social contribution
assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences
can be utilized and tax losses can be carryforward.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred taxes assets and liabilities are offset
when there is a legally enforceable right of offsetting current tax assets against current tax liabilities and when deferred income
tax assets and liabilities are related to income taxes levied by same tax authority over the tax entity.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.18&#160; Taxes on revenues</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from water and sewage services
are recognized on accrual basis for PASEP and Cofins, calculated at the rates of 1.65% and 7.60%, respectively.&#160;Taxes
levied on billed amounts to public entities are due when bills are received.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, revenues from sanitation
services  are also subject to the Regulatory, Control and Inspection Fee (TRCF - Taxa de Regula&#231;&#227;o, Controle e
Fiscaliza&#231;&#227;o), whose taxable event is the performance of regulation, control and monitoring activities by ARSESP,
calculated at 0.50% of the annual revenue directly generated by the service provided less taxes levied on the service.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The taxes related to PASEP and Cofins
incident on amounts invoiced to public entities are due when invoices  are received.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As these taxes are calculated by the non-cumulativeness
regime and presented net of tax credits, as deductions from gross revenues.&#160; Debts measured on &#8220;other operating income&#8221;
are presented as deductions from the respective operating income or expense.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.19&#160; Pension obligations</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160; Defined
benefit</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company makes contributions to defined benefit
plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;),
a supplementary private pension closely-held entity.&#160; The regular contributions comprise the net administrative expenses and
are recognized in the income statement for the period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Liabilities from defined benefit pension plan
obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair
value of the plan&#8217;s assets.&#160; The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent
actuaries, using the projected unit credit method.&#160; The estimated future cash outflows is discounted to its present value,
using the interest rates of Government bonds with maturities that approximate the maturity of the related liability.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Referring to actuarial gains and losses deriving
from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive
income (OCI), so that the plan's net assets or liabilities are recognized in the statement of financial position in order to reflect
the full amount of plan&#8217;s deficit or surplus.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The expenses related to pension plan are recognized
in profit and loss of the year as operating cost, selling expenses or administrative expenses, according to employee&#8217;s allocation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In an event where a curtailment relates to only
some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate
share of the past service cost and actuarial gains and losses.&#160; The proportionate share is determined on the basis of the
present value of the obligations before and after the curtailment or settlement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b) &#160;&#160;&#160;&#160; Defined contribution</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company makes contributions to defined contribution
plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held
entity that provides post-employment benefits to its employees.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A defined contribution plan is a pension plan
according to which the Company makes fixed contributions to a separate entity.&#160; The Company has no obligation of making contributions
if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous
period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.20&#160; Financial revenues and expenses</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial revenue is primarily comprised of
interest, inflation adjustments and exchange rate changes resulting from financial investments, escrow deposits and negotiations
with customer to pay by installments, using the effective interest rate method.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial expenses are primarily comprised of
interest, inflation adjustments and exchange rate changes on borrowings and financing, provisions, public-private partnership and
program contract commitments. These financial income and expenses are calculated using the effective interest rate method.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inflation adjustments and exchange gains and
losses derive from the collection or payment to third parties, as contractually required by law or court decision, and recognized
on an accrual basis <i>pro rata temporis</i>. Inflation adjustments included in the agreements are not considered embedded derivatives,
since they are deemed as inflation adjustment rates for the Company&#8217;s economic scenario.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.21&#160; Leases</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lease agreements are classified as finance lease
when property, risks and rewards inherent to the ownership of asset to the lessee are transferred.&#160; Other leases are classified
as operational lease, recognized as expenses in the income statement on a straight-line basis during the lease term.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finance lease agreements are measured based
on the lower amount between the present value of minimum mandatory payments of the agreement or the fair value of asset on the
start date the lease agreement.&#160; The amounts payable deriving from considerations of finance lease agreements are impacted
by financial expenses and amortization of finance lease payables so that to obtain a constant interest rate.&#160; The corresponding
lessor&#8217;s liability is recorded as current and noncurrent debt.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.22&#160; Other current and noncurrent assets
and liabilities</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other assets are stated at cost of acquisition,
net of any impairment loss, where applicable.&#160; The amounts recognized as other liabilities are stated at known or estimated
amounts, including, where applicable, related charges and inflation adjustments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.23&#160; Dividends and interest on capital</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses the tax benefits of
distributing dividends as interest on capital, as permitted by Brazilian Law.&#160; This distribution of dividend is
accounted for in accordance with Brazilian Law 9,249/95 for tax deductibility purposes, limited to the daily pro rata
fluctuation of the Long-term Interest Rate (TJLP). The benefit attributed to the shareholders is recognized in the current
liability against Equity, based on its by-laws. Dividends and interest on capital over the minimum established in the by-laws
are recognized when approved by the shareholders in the shareholders&#8217; meeting, except for taxes incurring in the
distribution of interest on capital. The tax benefit of the interest on capital  are accrued in the income statement of the
year, under the same recognition basis of expenses with interest on capital.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.24&#160; Present value adjustment</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current and noncurrent financial assets and
liabilities are adjusted to present value based on discount rate at current market rate as of the transaction date, when the effects
are relevant.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.25&#160; Segment information</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating segments are determined in a manner
consistent with the internal reporting to the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;), which, in the
case of SABESP, is the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consequently, the Company determined that it
has one operating segment (sanitation services).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accounting policies used to determine segment
information are the same as those used to prepare the Company&#8217;s financial statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The measure of the segment&#8217;s profit or
loss is  operating income before other operating expenses, net and equity accounting, which excludes construction revenue and
related costs.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CODM analyzes asset and liability information
on a consolidated basis. Consequently, the Company does not disclose segment information on assets and liabilities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the Company&#8217;s noncurrent
assets and revenue generated from customers are located in S&#227;o Paulo State. Consequently, financial information is not disclosed
by geographic area.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3.26&#160; Translation into foreign currency</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160; Functional
and reporting currency</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Items included in the financial statements are
measured using the currency of the primary economic environment in which the company operates (&#34;the functional currency&#34;).
The financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial
information has been stated in reais and rounded to the next thousand, except where otherwise indicated.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Foreign
currency translation</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign currency-denominated transactions are
translated into Brazilian reais using the exchange rates prevailing at the transaction dates. Statement of financial position accounts
are translated by the exchange rate prevailing at reporting date.&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exchange gains and losses resulting from the
settlement of these transactions and the translation of foreign currency-denominated cash assets and liabilities are recognized
in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in
progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described
in Note 3.12.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741409600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Changes in accounting practices and disclosures<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ChangesInAccountingPracticesAndDisclosuresAbstract', window );"><strong>Changes In Accounting Practices And Disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations', window );">Changes in accounting practices and disclosures</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4.1&#160; New standards, amendments and interpretations
effective for periods beginning on or after January 1, 2017</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New standards and revisions</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 23%"><font style="font-size: 8pt"><b>Standard</b></font></td>
    <td style="width: 47%"><font style="font-size: 8pt"><b>Description</b></font></td>
    <td style="width: 30%"><font style="font-size: 8pt"><b>Impact</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IAS 12  &#8211; Recognition of Deferred Income Tax for Unrealized Losses </font></td>
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Describes about the treatment of temporary differences.</font></td>
    <td>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt">The application of this amendment did not impact the disclosures
        or amounts recognized in the annual financial statements.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0">&#160;</p></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IAS 7  &#8211; Disclosure Initiatives </font></td>
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Describes about disclosures that enable users to measure the changes in liabilities related to financing activities.</font></td>
    <td>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt">The application of these amendments did not impact the disclosures
        or amounts recognized in the annual financial statements.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0">&#160;</p></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Annual improvements to IFRSs: 2015-2017 cycle</font></td>
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IFRS 12 &#8211; Disclosure of interests in other entities &#8211; clarification on the standard&#8217;s scope.</font></td>
    <td>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt">The application of this amendment did not impact the disclosures
        or amounts recognized in the annual financial statements.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0">&#160;</p></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4.2 New standards, amendments and interpretations
to existing standards that are not yet effective&#160; </b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not early adopt these standards
and is assessing the impacts of the new and revised IFRS below on the disclosures or amounts recognized in the financial statements:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 25%"><font style="font-size: 8pt"><b>Standard</b></font></td>
    <td style="width: 47%"><font style="font-size: 8pt"><b>Description</b></font></td>
    <td style="width: 28%"><font style="font-size: 8pt"><b>Impact</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">IFRS 9 - Financial Instruments <sup>1</sup></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company assessed the main aspects of this  and has concluded that will not have an impact on the classification and measurement of losses on its financial assets and financial liabilities or hedge accounting, given that it does not have any operation of this nature. </font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">IFRS 15 - Revenue from Contracts with Customers<sup>1</sup></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">Establishes a single comprehensive framework to
        determine if         and when         a revenue is recognized and how revenue is measured.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">IFRS 15 will supersede the current revenue recognition
        guidance including IAS 18 Revenue, IAS 11  Construction Contracts and IFRIC 13 Interpretation A - Customer
        Loyalty Programmes.</p></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company assessed the impacts on its customer contracts, including those with consumers with special billing characteristics, and concluded that the adoption of this standard will not have material impacts.</font></td></tr>
<tr style="vertical-align: top; background-color: #D5EAEA">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">IFRS 16 &#8211; Leases<sup>2</sup></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">Establishes a single model for the accounting of
        leases         in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right to use the
        leased asset and         a lease liability that represents his obligation to make lease payments. The lessor&#8217;s
        accounting remains similar to the current         standard, that is, the lessors continue to classify the leases as financial
        or operating.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">IFRS 16 will supersede the current leases guidance including
        IAS 17  Leases and IFRIC 4, SIC 15 and SIC 27 Determining Whether an Arrangement Contains a Lease.</p></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company is assessing the effects of recording operating leases in its financial statements and expects impacts which are currently under evaluation.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IFRS 2 &#8211; Classification and measurement of share-based payment transactions <sup>2</sup></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">Describe about modifications of settled options of shares.</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">1 Effective for annual periods beginning
on or after January 1, 2018.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">2 Effective for annual periods beginning
on or after January 1, 2019.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no other standards and interpretations
not yet adopted that may, in the opinion of Management, have a significant impact on the result for the year of equity disclosed
by the Company in its financial statements.</p>

<p style="margin: 0">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the initial application of an IFRS. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742175200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Risk Management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RiskManagementAbstract', window );"><strong>Risk Management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMarketRiskExplanatory', window );">Risk Management</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5.1&#160; Financial Risk Management</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Financial risk factors</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's activities are affected by Brazilian
economic scenario, making it exposed to market risk (exchange rate and interest rate), credit risk and liquidity risk. The Company&#8217;s
financial risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects
on the Company&#8217;s financial performance.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not utilized derivative instruments
in any of the reported periods.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify; text-indent: -17.85pt"><b>(a)&#160;
&#160;&#160;&#160;&#160;&#160;Market risk</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign currency risk</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SABESP&#8217;s foreign exchange exposure implies
market risks associated with currency fluctuations, since the Company has foreign currency-denominated liabilities, mainly US dollar
and yen-denominated short and long-term borrowings.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management of SABESP&#8217;s foreign currency
exposure considers several current and projected economic factors, besides market conditions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This risk arises from the possibility that the
Company may incur in losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated
borrowings and financing raised in the market and related financial expenses. The Company does not maintain hedge or swap contracts
or any derivative financial instrument to hedge against this risk.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A significant amount of the Company&#8217;s
financial debt is indexed to the U.S. dollar and Yen, in the total amount of R$ 5,702,375 as of December 31, 2017 (R$ 5,692,984
as of December 31, 2016). Below, the Company&#8217;s exposure to exchange risk:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Foreign currency</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>R$</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Foreign currency</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>R$</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowings and financing &#8211; US$</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,200,786</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">3,972,200</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,241,963</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">4,047,682</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowings and financing &#8211; Yen</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"><font style="font-size: 8pt">57,575,271</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,692,713</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">57,643,930</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,609,419</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Interest and charges from borrowings and financing &#8211; US$</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">26,628</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">25,114</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Interest and charges from borrowings and financing &#8211; Yen</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,834&#160;&#160;&#160;</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,769&#160;&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total exposure</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"><font style="font-size: 8pt">5,702,375</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">5,692,984</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowing cost &#8211; US$</font></td>
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    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowing cost &#8211; Yen</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,100)&#160;&#160;&#160;</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(2,971)&#160;&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Total foreign currency-denominated borrowings (Note 16)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,672,821&#160;&#160;&#160;</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,660,363&#160;&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 0.2% increase in foreign currency-denominated
debt from December 31, 2016 to December 31, 2017 was mainly due to the following:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -22.7pt">1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
A 1.5% increase in the US dollar, from R$&#160;3.2591 as of December 31, 2016 to R$&#160;3.3080 as of December 31, 2017. The
US dollar-denominated debt accounts for 70.0% of foreign currency-denominated debts; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -22.7pt">2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
A 5.3% increase in the Yen-denominated , from R$&#160;0.02792 as of December 31, 2016 to R$&#160;0.02940 as of December
31, 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, if the Brazilian real
had depreciated or appreciated by 10%, in addition to the impacts mentioned above, against the US dollar and Yen with all other
variables held constant, effects on results before taxes on the year would have been R$ 570,238 (R$ 569,298 as of December 31,
2016), lower or higher, mainly as a result of exchange losses or gains on the translation of foreign currency-denominated loans.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Interest rate risk</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This risk arises from the possibility that the
Company could incur losses due to fluctuations in interest rates, increasing the financial expenses related to borrowings and financing.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not entered into any derivative
contract to hedge against this risk; however continually monitors market interest rates, in order to evaluate the possible need
to replace its debt.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below provides the Company's borrowings
and financing subject to variable interest rate:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 30%; padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 37%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 33%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">TR<sup>(i)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,574,564</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,535,030</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">CDI<sup>(ii)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,144,391</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,082,228</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">TJLP<sup>(iii)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,354,987</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,326,631</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">IPCA<sup>(iv)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,699,747</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,697,452</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">LIBOR<sup>(v)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,814,399</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,906,999</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Interest and charges</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">125,172&#160;&#160;&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">142,644&#160;&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total </font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,713,260&#160;&#160;&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,690,984&#160;&#160;&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) TR &#8211; Interest Benchmark Rate</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) CDI &#8211; (Certificado de Dep&#243;sito
Interbanc&#225;rio), an interbank deposit certificate</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii) TJLP &#8211; (Taxa de Juros a Longo Prazo),
a long-term interest rate index</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iv) IPCA &#8211; (&#205;ndice Nacional de Pre&#231;os
ao Consumidor Amplo), a consumer price index</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(v) LIBOR &#8211; London Interbank Offered Rate</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Another risk to which the Company
is exposed, is the mismatch of the monetary restatement indices of its debts with those of its service revenues. The
tariff adjustments of the Company&#8217;s services provided do not necessarily follow the increases in the
inflation indexes to adjust loans, financing and interest rates affecting indebtedness.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, if interest rates
on borrowings and financing had been 1 percentage point higher or lower with all other variables held constant, the effects
on profit for the year before taxes would have been R$ 87,133 (R$ 86,910 as of December 31, 2016) lower or higher, mainly as
a result of a lower or higher interest expense on floating rate borrowings and financing.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Credit
risk</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Credit risk arises from cash and cash equivalents,
deposits in banks and financial institutions, as well as credit exposures to wholesale basis and retail customers, including outstanding
accounts receivable, restricted cash and accounts receivable from related parties. Credit risk exposure to customers is mitigated
by sales to a dispersed base.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The maximum exposures to credit risk as of December
31, 2017 are the carrying amounts of instruments classified as cash equivalents, deposits in banks and financial institutions,
restricted cash, trade receivables and accounts receivable from related parties in the balance sheet date.&#160; See additional
information in Notes 7, 8, 9 and 10.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding the financial assets held
with financial institutions, the credit quality that is not past due or subject to impairment can be assessed by reference
to external credit ratings (if available) or to historical information about the banks&#8217; default rates.&#160; The
credit quality of the banks, such as deposits and financial investments, the Company considers the lower rating of the
counterparty published by three main international rating agencies (Fitch, Moody's and S&#38;P), according to internal policy
of market risk management:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 44%">&#160;</td>
    <td style="width: 28%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Cash at bank and short-term bank deposits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">AA+(bra)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,222,001</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,850,220</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">AAA(bra)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">43,978</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">35,452</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other (*)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">17,068&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">549&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,283,047</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,886,221</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) This category includes current accounts
and investment funds in banks whose balances were not significant.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The available credit rating information of the
banks, as at December 31, 2017, in which the Company made deposit transactions and financial investments in domestic currency (R$
- domestic rating) during the year is as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 37%"><font style="font-size: 8pt"><b>Banks</b></font></td>
    <td style="width: 21%; text-align: right"><font style="font-size: 8pt"><b>Fitch</b></font></td>
    <td style="width: 21%; text-align: right"><font style="font-size: 8pt"><b>Moody's</b></font></td>
    <td style="width: 21%; text-align: right"><font style="font-size: 8pt"><b>Standard Poor's</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Banco do Brasil S/A</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">AA+(bra)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aa1.br</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Banco Santander Brasil S/A</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aaa.br</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right"><font style="font-size: 8pt">AA+(bra)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aa1.br</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160; Liquidity risk</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's liquidity is primarily reliant
upon cash provided by operating activities, loans from Brazilian Federal and State governmental financial institutions, and financing
in the domestic and international capital markets.&#160; The liquidity risk management considers the assessment of its liquidity
requirements to ensure it has sufficient cash to meet its operating and capital expenditures needs, as well as the payment of debts.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The funds held by the Company are invested in
interest-bearing current accounts, time deposits and securities, selecting instruments with appropriate maturity or liquidity sufficient
to provide margin as determined by projections mentioned above.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below shows the financial
liabilities of the Company,  by relevant maturities, including the installment of principal and future interest to be paid
according to the agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 30%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2020</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2021</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2022</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2023 onwards</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-bottom: 1pt"><font style="font-size: 8pt"><b>As of December 31, 2017</b></font></td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Borrowings and financing</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,221,645</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,321,046</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,648,021</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,134,162</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,077,914</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,534,627</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">14,937,415</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Accounts payables to suppliers and contractors</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Services payable</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Public-Private Partnership &#8211; PPP (*)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">185,816</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,148,952</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">6,807,392</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Program contract commitments</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">128,820</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">92,505</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,639</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,779</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,029</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,981</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">269,753</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*)The Company also considered future commitments
(construction not yet performed) still not recognized in the financial statements related to S&#227;o Louren&#231;o PPP, due to
the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment
through an agreement signed by the parties.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future interest</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future interest were calculated based on the
contractual clauses for all agreements. For agreements with floating interest rate, the interest rates used correspond to the base
dates above.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cross default</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has borrowings and financing agreements
including cross default clauses, i.e., the early maturity of any debt, may imply the early maturity of these agreements. The indicators
are continuously monitored in order to avoid the execution of these clauses.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5.2 Capital management</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s objectives when managing
capital are ensure its ability to continue as a going concern in order to provide returns for shareholders and benefits for other
stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company monitors capital based on the leverage
ratio. This ratio corresponds to net debt divided by total capital. Net debt corresponds to total borrowings and financing less
cash and cash equivalents. Total capital is calculated as total equity as shown in the statement of the financial position plus
net debt.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 48%; text-align: justify">&#160;</td>
    <td style="width: 26%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 26%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Total borrowings and financing (Note 16)</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">(-) Cash and cash equivalents (Note 7)</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">(2,283,047)</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">(1,886,221)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Net debt</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">9,817,919</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">10,077,922</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Total equity</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">17,513,009</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">15,419,211</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Total capital</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">27,330,928</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">25,497,133</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Leverage ratio</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">36%</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">40%</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the leverage ratio
decreased to 36% from the 40% as of December 31, 2016, mainly due to the increase in equity generated by the 2017 earnings retention.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5.3 Fair value estimates</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is assumed that balances from trade receivables
(current) and accounts payable to suppliers by carrying amount, less impairment approximate their fair values, considering the
short maturity.&#160; Long-term trade receivables also approximate their fair values, as they will be adjusted by inflation and/or
will bear contractual interest rates over time.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5.4 Financial instruments</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017 and December 31, 2016,
the Company did not have financial assets classified as fair value through profit or loss, held to maturity and available for sale
neither financial liabilities classified as fair value through profit or loss. The Company&#8217;s financial instruments included
in the borrowings and receivables category comprise cash and cash equivalents, restricted cash, trade receivables, balances with
related parties, other receivables, and balances receivable from the Water National Agency &#8211; ANA. The financial instruments
under the &#8220;other liabilities&#8221; category comprise accounts payable to contractors and suppliers, borrowings and financing,
services payable, balances payable deriving from the Public Private Partnership-PPP and program contract commitments, which are
nonderivative financial assets and liabilities with fixed or determinable payments, not quoted in an active market.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated fair values of financial instruments
are as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial assets</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: center">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Cash and cash equivalents</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,283,047</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,283,047</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,886,221</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,886,221</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Restricted cash</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">18,822</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">18,822</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">24,078</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">24,078</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Trade receivables</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,888,505</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,888,505</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,711,306</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,711,306</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Water National Agency &#8211; ANA </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">70,487</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">70,487</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">81,221</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">81,221</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Other receivables </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">169,715</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">169,715</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,369</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,369</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) Amount recorded under &#8220;other
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, SABESP has financial instrument
assets receivables from related parties, in the amount of R$ 815,160 as of December 31, 2017 (R$ 871,709 as of December 31, 2016),
which were calculated in accordance with the conditions negotiated between related parties. The conditions and additional information
referring to these financial instruments are disclosed in Note 10 to the financial statements. Part of this balance, in the amount
of R$ 709,208 (R$ 788,180 as of December 31, 2016), refers to reimbursement of additional retirement and pension plan - G0 and
is indexed by IPCA plus simple interest of 0.5% p.m. This interest rate approximates that one practiced by federal government bonds
(NTN-b) with terms similar to those of related-party transactions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial liabilities</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
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    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Borrowings and financing</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">12,100,966</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,967,909</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,776,178</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;&#160; Accounts payables to suppliers and contractors</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">311,960</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">311,960</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Services payable</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">460,054</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">460,054</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Program contract commitments</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">239,500</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">239,500</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">178,093</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">178,093</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Public-Private Partnership - PPP</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,071,416</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,071,416</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,249,418</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,249,418</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To obtain fair value of borrowings and financing,
the following criteria have been adopted:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;
Agreements with Banco do Brasil and CEF (Brazilian Federal Savings Bank) were projected until their final maturities, at
contractual rates (projected TR + spread) and discounted at present value by TR x DI, both rates were obtained&#160; from B3
(previous denominated BM&#38;FBovespa).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">(ii)&#160;&#160;&#160;&#160;
Debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and discounted to
present value considering the future interest rate published by ANBIMA in the secondary market, or by market equivalent rates,
or the Company&#8217;s share traded in the Brazilian market.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">(iii)&#160;&#160;
BNDES loans are financial instruments valued at carrying amount plus contractual interest rate until the maturity date, and are
indexed by long term interest rate &#8211;&#160; TJLP.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">These financing have specific characteristics
and the conditions defined in the financing agreements with BNDES between independent parties, and reflect the conditions for those
types of loan.&#160; In Brazil, a consolidated market of long-term debts does not exist with the same characteristics of BNDES
financing, the offering of credit to the entities in general, with this long-term characteristic, usually is restricted to BNDES.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">(iv)&#160;&#160;
Other financing in local currency are considered by carrying amount plus contractual interest rate until maturity date, discounted
to present value considering a future interest rate published by B3.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">(v)&#160;&#160;&#160;&#160;
Agreements with BID and IBRD, were projected until final&#160; maturity&#160; in&#160; origin&#160; currency,&#160; applying interest
rates contracted, discounted at present value at Libor futures rate, obtained from Bloomberg.&#160; Eurobonds was priced at market
value through quotes published by Bloomberg.&#160; All the amounts obtained&#160; were translated into Brazilian reais at the exchange
rate of December 31,&#160; 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">(vi)&#160;&#160;
Agreements with JICA, were projected until final maturity in origin currency, using interest rates contracted and discounted at
present value, at Tibor futures rate obtained from Bloomberg.&#160; The amounts obtained were translated into Brazilian reais at
the exchange rate of December 31, 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -19.85pt">(vii) Leases
are financial instruments considered by face value restated until maturity date, whose characteristic is the indexation by fixed
contractual rate, which is a specific type, not compared to any other market rate.&#160; Thus, the Company discloses as market
capitalization, the amount recorded as of December 31, 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments referring to investments
and borrowings and financing are classified as Level 2 in the fair value hierarchy.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Considering the nature of other financial
instruments, assets and liabilities of the Company, the balances recognized in the statement of financial position approximate the fair values, taking into account the maturities close to the end of the reporting period, comparison
of contractual interest rates with market rates in similar operations at the end of the reporting periods, their nature
and maturity terms.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of market risk. [Refer: Market risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742543728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. Key accounting estimates and judgments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_KeyAccountingEstimatesAndJudgmentsAbstract', window );"><strong>Key Accounting Estimates And Judgments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Key accounting estimates and judgments</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Estimates and judgments are continually evaluated
and are based on historical experience and on other factors, including expectations of future events that are believed to be reasonable
under the circumstances.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company makes estimates and assumptions
concerning the future.&#160; The resulting accounting estimates, by definition, may differ from actual results.&#160; The estimates
and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within
the next financial year are addressed below:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Allowance for doubtful accounts</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company establishes an allowance for doubtful
accounts in an amount that Management considers sufficient to cover expected losses (see Note 9 (c)), based on an analysis of trade
receivables, in accordance with the accounting policy stated in Note 3.4.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The methodology for determining the allowance
for doubtful accounts receivable requires significant estimates, considering a number of factors including historical receipt experience,
current economic trends, estimates of forecast write-offs, the aging of the accounts receivable portfolio.&#160; While the Company
believes that the assumptions used are reasonable, actual results could be different.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Intangible assets arising from concession and program contracts</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes as intangible assets
arising from concession agreements.&#160; The Company estimates the fair value of construction and other work on the infrastructure
to recognize the cost of the intangible asset, which is recognized when the infrastructure is built and provided that it will generate
future economic benefits.&#160; The great majority of the Company's contracts for service concession arrangements entered with
each grantor is under service concession agreements in which the Company has the right to receive, at the end of the contract,
a payment equivalent to the unamortized asset balance of the concession intangible asset, which in this case, are amortized over
the useful life of the underlying physical assets, thus at the end of the contract, the remaining value of the intangible would
be equal to the residual value of the related fixed asset.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concession intangible assets under Concession
agreements and Program contracts, in which, at the end of the contract, the Company has no right to receive a payment equivalent
to the unamortized asset balance of the concession intangible, are amortized on a straight-line basis over the useful life of asset
or contract period, which occurs first.&#160; Additional information on the accounting for intangible assets arising from concession
agreements  are described in Notes 3.8 and 14.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The recognition of fair value for the intangible
assets arising on concession agreements is subject to assumptions and estimates, and the use of different assumptions could affect
the balances recorded.&#160; Different assumptions and estimates and changes in the useful lives of the intangible assets may have
relevant impacts on the results of operations<font style="letter-spacing: -0.1pt">. </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"><b>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Pension benefits</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company sponsors the defined benefit plan
and the defined contribution plan, as described in Note 20.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The liability recognized in the balance sheet
in relation to defined benefit pension plans is the present value of defined benefit obligation on the balance sheet date, less
the fair value of plan assets.&#160; The benefit obligation is calculated yearly by independent actuaries, applying the projected
credit unit method.&#160; The present value of defined benefit obligation is determined by discounting the estimated future cash
outflows, using interest rates compatible with the market, which are denominated in currency in which benefits will be paid and
with maturity terms close to those of corresponding pension plan obligation<font style="letter-spacing: -0.1pt">. Additional information
related to pension benefits are described in Note 20.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"><b>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Deferred income tax and social contribution</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes and settles taxes on
income based on the results of operations verified according to the Brazilian Corporation Law, taking into consideration the provisions
of the tax laws.&#160; Pursuant to IAS 12, the Company recognizes deferred tax assets and liabilities based on the differences
between the accounting balances and the tax bases of assets and liabilities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company regularly reviews the recoverability
of deferred tax assets and recognizes a provision for impairment if it is probable that these assets will not be realized, based
on the historic taxable income, in the projection of future taxable income and the estimated period of reversing temporary differences.
These calculations require the use of estimates and assumptions. The use of different estimates and assumptions could result in
provision for impairment of all or a significant amount of deferred tax assets<font style="letter-spacing: -0.1pt">. Additional
information related to  taxes are described in Note 18.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"><b>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Provisions</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is party to a number of legal proceedings
involving significant claims. These legal proceedings include, but are not limited to, tax, labor, civil, environmental, disputes
with customers and suppliers. The Company recognizes a provision for lawsuits when it has a present obligation (legal or constructive)
arising from a past event, it is probable that an outflow of resources embodying economic benefits will be necessary to settle
the liability and the amount of such obligation can be reliable estimated.&#160; Judgments regarding future events may differ
significantly from actual estimates and could exceed the amounts provisioned.&#160; Provisions are revised and adjusted to take
into consideration changes in circumstances involved. Additional information of these legal proceedings are disclosed in Note
<font style="font-family: Georgia, Times, Serif">19<font style="letter-spacing: -0.1pt">.</font></font></p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754506400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Cash and cash equivalents<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory', window );">Cash and cash equivalents</a></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents include cash, bank
deposits and high-liquidity short-term financial investments, mainly represented by repurchase agreements (accruing CDI interest
rates), deposited at Banco do Brasil, whose original maturities are lower than three months, which are convertible into a cash
amount and subject to an insignificant risk of change in value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The average yield of
financial investments corresponds to 98.88% of CDI in December 2017 (99.24%   in December  2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741589136">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. Restricted cash<br></strong></div></th>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,209</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,989</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754498400">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Trade receivables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Federal</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,547</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,414</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Agreements (iii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">285,614&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">279,449</font>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">821,481&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">803,813</font>&#160;</td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Wholesale customers &#8211; Municipal governments: (iv)</font></td>
    <td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Guarulhos</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">760,598</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">778,106</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Mau&#225;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">530,830</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">467,775</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Mogi das Cruzes</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,670</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,527</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Santo Andr&#233;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,048,832</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">946,045</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">S&#227;o Caetano do Sul</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,604</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,371</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Diadema </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">222,671&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">222,671</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Total wholesale customers &#8211; Municipal governments</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,568,205&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,419,495</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Unbilled supply</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">580,006&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">481,389</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Subtotal</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,538,703</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,225,546</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Allowance for doubtful accounts</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,650,198)&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,514,240)&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Total </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,888,505&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,711,306</font>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Current</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,672,595</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,557,472</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Noncurrent </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">215,910&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">153,834</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,888,505&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,711,306&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;General customers - residential and small and mid-sized companies;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt">(ii)&#160;&#160;&#160;&#160;
Special customers - large consumers, commercial, industries, condominiums and special billing consumers (fixed demand agreements,
industrial waste, wells, etc.).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt">(iii)&#160;&#160;
Agreements - installment payments of past-due receivables, plus monetary adjustment and interest, according to the
agreements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 49.5pt; text-align: justify; text-indent: -21.15pt">(iv)&#160;&#160;&#160;
Wholesale basis customers - municipal governments - This balance refers to the sale of treated water to municipalities, which
are responsible for distributing to, billing and charging final customers. Some of these municipalities are questioning in court
the tariffs charged by SABESP, which have full allowance for doubtful accounts. Additionally, the overdue amounts are included
in the allowance for doubtful accounts.&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; The aging
of trade receivables is as follows</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 38%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 31%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 31%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Current</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,471,668</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,337,503</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Past-due:</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Up to 30 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">287,173</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">263,157</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">From 31 to 60 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">118,179</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">148,927</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">From 61 to 90 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">73,989</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">53,268</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">From 91 to 120 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">52,477</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">109,138</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">From 121 to 180 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">105,952</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">124,001</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">From 181 to 360 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">147,699</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">203,837</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Over 360 days</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,281,566</font>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,985,715</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total past-due</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">4,067,035&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,888,043&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Total </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,538,703&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,225,546&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase in the overdue balance was mainly
due to the default of the municipalities that purchased water on a wholesale basis, given that they are challenging the tariffs
charged by SABESP in court.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160;&#160;&#160;&#160;&#160; Allowance
for doubtful accounts</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 42%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
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    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="width: 18%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    at beginning of the year </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,514,240</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,307,793</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,164,288</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Private sector /government
    entities</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">75,973</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">144,217</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">103,231</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Recoveries </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(133,730)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(241,109)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(177,993)</font></td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,292)</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(75,973)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(144,217)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(103,231)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,781</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,596)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,107)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Recoveries</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">133,730</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">241,109</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">177,993</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Amount recorded as
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(82,681)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,488)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,420)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wholesale sales losses, amounting
to R$&#160;203,496 were reported as a reduction of revenue and sales expenses in 2017. In 2016 and 2015, R$&#160;328,699 and
R$273,006, respectively, were fully reported as a reduction of revenue.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have customers representing
10% or more of its total revenues.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741566112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Related-Party Balances and Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is a party to transactions with
its controlling shareholder, the State Government, and companies related to it.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160; Accounts
receivable, interest on capital payable, revenue and expenses with the S&#227;o Paulo State Government</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 52%; padding-bottom: 1pt; text-align: justify">&#160;</td>
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    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Accounts receivable</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">22,625</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">650,318</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">669,156&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">351,788</font></td></tr>
<tr style="vertical-align: bottom">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 51%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 20%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="width: 14%; text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
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<tr style="background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">462,989</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">445,726</font></td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Payments received from related parties</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(424,549)</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 14.2pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Receipt of GESP reimbursement referring to Law 4,819/58</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(192,889)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(139,472)</font></td>
    <td style="text-align: right; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">&#160;(121,709)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.4pt; text-align: justify; text-indent: -0.5in">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;Sanitation services</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides water supply and
sewage services to the S&#227;o Paulo State Government and other companies related to it in accordance with usual market
terms and conditions, as considered by management, except for the settlement of credits which can be made according to items
(iii), (iv) and (v), below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized R$ 35,114 as of December
31, 2017 (R$ 56,624 as of December 31, 2016) as allowance for&#160; losses of amounts past due for more than 360 days has been
recorded due to the uncertainty involving these receipts.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.4pt; text-align: justify; text-indent: -0.5in">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Refers to amounts of supplementary retirement
and pension benefits provided for in State Law 4,819/58 (&#34;Benefits&#34;) paid by the Company to former employees and pensioners,
referred to as Go.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Agreement referred on item (iii) with
the S&#227;o Paulo State Government (&#34;GESP&#34; or the &#34;State&#34;), GESP recognizes its liability from charges arising
from the Benefits, provided that the payment criteria set forth by the State Department of Personnel (DDPE), based on legal guidance
of the Legal Consultancy of the Department of Finance and of the State Attorney General's Office (PGE).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As discussed on item (vi), during the assessment
of the debt due from GESP to the Company there were certain divergences in the calculation and eligibility criteria of the benefits
paid by the Company on behalf of GESP.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See additional information about the Go plan
in Note 20 (b) (iii).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2004, the payments of supplement
retirement and pension benefits were transferred to the Department of Finance and would be made in accordance with the calculation
criteria determined by the PGE.&#160; As a result of a court decision, the responsibility for making the payments returned to SABESP,
as originally established.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">(iii)&#160;&#160;&#160;&#160;
GESP Agreement</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 11, 2001, the Company, the S&#227;o
Paulo State Government (through the State Department of Finance Affairs, currently Department of Finance) and the Water and Electricity
Department (DAEE), with the intermediation of the State Department of Sanitation and Energy (former Department of Water Resources,
Sanitation and Construction Works), entered into the Obligations, Payment Commitment and Other Covenants Acknowledgement and Consolidation
Agreement (&#34;GESP Agreement&#34;) for the settlement of outstanding debts between GESP and the Company related to sanitation
services and to the retirement benefits.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In view of the strategic importance of the Taia&#231;upeba,
Jundia&#237;, Biritiba, Paraitinga and Ponte Nova reservoirs for ensuring and maintaining the Alto Tiet&#234; water volume, the
Company agreed to receive them as partial repayment of the reimbursement related to the Benefits.&#160; The DAEE would transfer
the reservoirs to the Company, replacing the amount owed by GESP.&#160; However, the S&#227;o Paulo State Public Prosecution Office
challenges the legal validity of this agreement, and its main argument is the lack of bidding and the absence of a specific legislative
authorization for disposal of DAEE's assets.&#160; There is an unfavorable decision to SABESP not yet unappealable.&#160; See additional
information in item (viii) below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">(iv) &#160;&#160;&#160;&#160;
First Amendment to the GESP Agreement</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 22, 2004, the Company and the S&#227;o
Paulo State Government amended the terms of the original GESP Agreement, (1) consolidating and recognizing the amounts due by the
S&#227;o Paulo State Government for water supply and sewage services provided, monetarily adjusted through February 2004; (2) formally
authorizing the offset of amounts due by the S&#227;o Paulo State Government with interest on capital declared by the Company and
any other debt owed to the S&#227;o Paulo State Government as of December 31, 2003, monetarily adjusted through February 2004;
and (3) defining the payment conditions of the remaining liabilities of the S&#227;o Paulo State Government for the receipt of
the water supply and sewage services.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">(v) &#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160; Second Amendment to the GESP Agreement</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 28,&#160; 2007, the Company&#160;
and the&#160; S&#227;o&#160; Paulo&#160; State Government, represented by the Department of Finance, signed the second amendment
to the terms of the original GESP Agreement, agreeing upon the payment in installments of the remaining balance of the First Amendment,
amounting to R$ 133,709 at November 30, 2007, to be paid in 60 monthly and consecutive installments of the same amount, beginning
on January 2, 2008. In December 2012 the last installment was paid.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">(vi)&#160;&#160;&#160;&#160;&#160;
Third Amendment to the GESP Agreement</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 17, 2008, GESP, SABESP and DAEE
signed the third amendment to the GESP Agreement, through which GESP recognized a debt balance payable to SABESP totaling R$ 915,251,
monetarily adjusted up to September 2008 in accordance with the fluctuation of the IPCA-IBGE, corresponding to the Undisputed Reimbursement,
determined by FIPECAFI. SABESP accepted on a provisional basis the reservoirs (see information on item (iii) of this note) as part
of the payment of the Undisputed Reimbursement and offered to GESP a provisional settlement, recognizing a credit totaling R$ 696,283,
corresponding to the value of the reservoirs in the Alto Tiet&#234; system. The Company did not recognize the reimbursement receivable
of R$ 696,283 related to the reservoirs, as it is not virtually certain that will be transferred by the State. In March 2015, Sabesp
and GESP entered into an agreement to pay the amounts receivable, totaling R$ 696,283 (more information in item (vii) of this note).
The remaining balance totaling R$ 218,967 has been paid in 114 monthly, consecutive installments, totaling R$ 1,920 each, including
the annual IPCA-IBGE fluctuation, plus interest of 0.5% p.m.. The amounts are paid on a monthly basis and the last installment
matures in April 2018.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the third amendment provides for
the regularization of the monthly flow of benefits.&#160; While SABESP is liable for the   monthly payment of benefits, the
State shall reimburse SABESP based on the criteria identical to those applied when determining the Undisputed Reimbursement.&#160;
Should there be no preventive court decision, the State will assume the flow of monthly payment of benefits portion deemed as undisputed.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">(vii)&#160;&#160;&#160;
Agreement with the S&#227;o Paulo State Government entered into in 2015</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 18, 2015, the Company, the State of
S&#227;o Paulo and the Department of Water and Electricity (DAEE), and the Sanitation and Water Resources Department as the intervening
party, entered into a Term of Agreement in the amount of R$ 1,012,310, of which R$ 696,283 refer to the principal of the Undisputed
Amount mentioned in item (vi) and R$ 316,027 corresponding to the inflation adjustment of the principal until February 2015.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Principal Amount will be paid in 180 installments,
as follows:&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="vertical-align: top; width: 5%; text-align: center"><font style="font-size: 8pt">&#183;</font></td>
    <td style="width: 95%; text-align: justify"><font style="font-size: 8pt">The first 24 installments were settled by immediately transferring 2,221,000 preferred shares issued by Companhia de Transmiss&#227;o de Energia El&#233;trica Paulista - CTEEP, totaling R$ 87,174, based on the share closing on March 17, 2015; and</font><br />
<font style="font-size: 8pt">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">&#183;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">The amount of R$ 609,109, payable in 156 monthly installments, was adjusted by IPCA (Extended Consumer Price Index) until the initial payment date, on April 5, 2017. As of this date, installments are being adjusted by IPCA plus simple interest of 0.5% per month. </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Considering the lawsuit which objects the possibility of transferring
the reservoirs is pending final and unappealable court decision, the agreement also provides for the following situations:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="vertical-align: top; width: 5%; text-align: center"><font style="font-size: 8pt">&#183;</font></td>
    <td style="width: 95%; text-align: justify"><font style="font-size: 8pt">If transfer is possible and the Reservoirs are effectively transferred to SABESP and registered at the notary&#8217;s office, SABESP will reimburse to the State the amounts paid in replacement of Reservoirs (Principal Amount) in 60 monthly installments adjusted by IPCA until the date of payment of each installment; and</font><br />
<font style="font-size: 8pt">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">&#183;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">If the transfer of Reservoirs is not possible, the State will pay to SABESP, in addition to the Principal Amount, the inflation adjustment credit of R$ 316,027 in 60 installments, starting these payments at the end of Principal Amount installment payment.&#160; The amount will be adjusted by IPCA to the start date of payments and, as of this date, IPCA will be incurred plus 0.5% simple interest rates/month over the amount of each installment.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accounting impacts of the agreement generated
a debit of R$ 696,283 in accounts receivable from related parties and a credit in the same amount in administrative expenses on
the transaction date. As of December 31, 2017, the balance receivable totaled R$&#160;54,379 in current assets (R$&#160;39,816
as of December 31, 2016) and R$&#160;611,762 in noncurrent assets (R$&#160;650,318 as of December 31, 2016) and CTEEP shares were
disposed of on April 20, 2016 for R$&#160;111.1 million.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">(viii)&#160;&#160;
Disputed Amount of Benefits</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As mentioned before, on November 17, 2008 the
Company and the State signed the third amendment to the GESP Agreement, when the reimbursements called disputed and undisputed
were quantified. The amendment established the efforts to calculate the so-called Disputed Reimbursement of the Benefits. Under
the fourth clause of the amendment, the Disputed Reimbursement represents the difference between the Undisputable Reimbursement
and the amount actually paid by the Company as pension benefits and pensioners set out in Law 4,819/58, for which, the Company
understands, the State of S&#227;o Paulo is originally liable, but paid by SABESP under a court order.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By entering into the third amendment, the State's
Legal Representative (PGE) agreed to reassess the differences that gave rise to the Disputed Amount of benefits set out in Law
4,819/58. At the time, the expectation was based on the willingness of the PGE to reanalyze the issue and the implied right of
the Company to the reimbursement, including based on opinions from outside legal advisors.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, the recent opinions issued by the
PGE and received on September 4 and 22, 2009 and January 4, 2010, refute the reimbursement of previously defined as Disputed
Amount.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Even though the negotiations with the State
are still in progress, it is not possible to assure that the Company will recover the disputed receivables without dispute.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the actions intended to recover the
receivables that management considers due by the State, related to discrepancies in the reimbursement of the pension benefits paid
by the Company, SABESP:&#160; (i) on March 24, 2010, reported to the controlling shareholder the official letter approved by the
executive committee, proposing that the matter be discussed at the S&#227;o Paulo Stock Exchange (B3) Arbitration Chamber; (ii)
in June 2010, presented to Department of Finance a proposal to solve the outstanding items, such proposal was not accepted; (iii)
on November 9, 2010, filed a judicial action against the State of S&#227;o Paulo pleading the entire reimbursement related to employee
benefits set out in Law 4,819/58 to finalize the discussion between the Company and GESP. Despite the legal action, the expectation
of which is a possible gain, the Company will persist to obtain an agreement with GESP since the management believes that it is
the best course of action to the Company and to its shareholders than waiting until the end of the lawsuit.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's Management decided to record allowance
for losses of amounts receivables from the State; as of December 31, 2017 and 2016, the amounts related to the pension plan benefits
paid and recorded for allowance for doubtful accounts totaled R$&#160;1,021,657 and R$&#160;937,035, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result, the Company also recognized
the obligation related to the pension benefit obligations maintained with the beneficiaries, retirees and pensioners of Plan
G0. As of December 31, 2017 and 2016, the pension benefit obligations of Plan G0 totaled R$ 2,543,877 and R$ 2,512,080,
respectively. For detailed information on the pension benefit obligations refer to Note 20 (b) (iii).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Use of
reservoirs &#8211; EMAE&#160; </b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Empresa Metropolitana de &#193;guas e Energia
S.A. - EMAE planned to receive for the credit and obtain financial compensation for alleged past and future losses in electricity
generation, due to water collection, and compensation for costs already incurred and to be incurred with the operation, maintenance
and inspection of the Guarapiranga and Billings reservoirs used by SABESP in its operations.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Several lawsuits were filed by EMAE. An arbitration
proceeding was in progress related to the Guarapiranga reservoir and a lawsuit related to the Billings reservoir, both pleading
for financial compensation due to SABESP&#8217;s water collect for public supply, alleging that this conduct has been causing permanent
and growing loss in the capacity of generating electricity of Henry Borden hydroelectric power plant with financial losses.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 10, 2014, the Company issued a Notice
to the Market including the information about an eventual future agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of October 28, 2016, the Company entered
into an agreement based on a Private Transaction Agreement and Other Adjustments aimed to fully and completely settle the disputes
involving the two companies.&#160; The transaction is subject to the condition precedent of approval by the competent bodies of
the Company and EMAE, as well as the Brazilian Electricity Regulatory Agency &#8211; ANEEL, and involves the payment by SABESP
to EMAE of the following amounts:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">- R$&#160;6,610 annually, adjusted
for inflation, as of the execution date of this instrument, by the IPCA or any other index that may replace it, by the last business
day of October of each fiscal year,&#160; with (i) the first of&#160; such annual payments due up to the last business day of October
2017 and (ii) the last payment due up to the last business day of October 2042; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">- R$ 46,270, in five annual and successive
installments, adjusted for inflation by the IPCA or any other index that may replace it, with the first installment of R$ 9,254
due on April 30, 2017 and the subsequent ones in&#160; 4 (four) installments of same amount, due on every April 30 of the subsequent
years, or on the first subsequent business day.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement was based on the
following assumptions: (i) SABESP payments should not exceed the amount necessary to indemnify EMAE for the maintenance and
operating costs of the Guarapiranga and Billings reservoirs,  based on the percentage of the collection considering the
natural outflow of each reservoir; (ii) payments will be made while SABESP&#8217;s and EMAE&#8217;s concessions are valid,
and as long as SABESP withdraws water from these reservoirs, in compliance with the statute of limitations of the objects of
the proceedings; (iii) SABESP must request ARSESP to incorporate these expenses into the tariff revision process in
progress.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to estimate the maintenance and preservation
expenses of the hydraulic and property structures of the Billings and Guarapiranga reservoirs, the technical area involved in water
production adopted the following assumptions:&#160; (i) expenses related to the Guarapiranga Reservoir, whose water is used exclusively
to supply the population of the S&#227;o Paulo Metropolitan Region, will be fully paid by SABESP; (ii) the Billings reservoir has
multiple uses &#8211; flood control, generation of electricity and public supply &#8211; and its maintenance and operating expenses
should be shared based on the proportion of water used by each of the functions mentioned; (iii) SABESP has grants to use water
in several points of the Billings reservoir that total an available outflow of 10.0 m&#179;/s, representing 61.7% of the reservoir&#8217;s
long-term average outflow (16.2 m&#179;/s); and (iv) considering the water volume usage percentages - 100% Guarapiranga and 61.70%
Billings &#8211; an annual amount of R$ 6,610 will be charged as shared expenses, based on the terms of the agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company  determined the annual amount
of R$ 6,610 from 2010 to 2042, including the statute of limitations and the year of expiration of the EMAE concession.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For these reasons, the Company has concluded
that it was in its interest to enter into the agreement since: (i) it eliminates the incidence of future risks with the dismissal
of all proceedings; (ii) its amount is limited to a reasonable amount to be paid for the sharing of the operating and maintenance
costs of the Guarapiranga and Billings reservoirs; and (iii) the form of payment is appropriate to its financial situation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By entering into the Agreement, all litigation
between the parties will cease permanently and the Company will continue using the reservoirs.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the lawsuits that were part of
the Agreement, on April 11, 2016, SABESP was named in the Indemnification proceeding commenced by EMAE&#8217;s minority shareholders,
who claimed compensation for damages suffered by EMAE, based on the amounts that the latter did not earn due to the decrease in
the outflow of these reservoirs and in the generation of electricity as a result of the use of water of the Billings and Guarapiranga
reservoirs by SABESP, and also requested that SABESP be sentenced to reimburse the loss of profits related to EMAE&#8217;s unearned
amounts resulting from the fact that water was not pumped from the Pinheiros and Tiet&#234; Rivers to the Henry Borden hydroelectric
power plant.&#160; In summary, the company claims&#160; that the S&#227;o Paulo State, in its capacity as controlling shareholder
of EMAE, has acted unduly to EMAE&#8217;s detriment and in favor of SABESP&#8217;s interests by allowing and consenting water intake
from the Billings and Guarapiranga reservoirs, in detriment to the output of these reservoirs and generation of electricity by
EMAE, without the necessary financial compensation, making impracticable the satisfactory use of the Henry Borden hydroelectric
power plant.&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, the Company recorded
R$ 9,018 and R$ 29,749 in Other Liabilities, under current&#160; and noncurrent liabilities, respectively, which represent the
present value of the balance of R$ 46,270 that will be paid in five annual installments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of November 9, 2016, EMAE&#8217;s Board of
Directors approved the transaction with SABESP, pursuant to the Private Transaction Agreement, in accordance with the Notice to
the Market disclosed by EMAE on the same date.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of November 10, 2016, the transaction was
approved by SABESP&#8217;s Board of Directors.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 30, 2016, the Brazilian Electricity
Regulatory Agency - ANEEL, by means of Order 3,431, decided to approve the Private Transaction Agreement and other Covenants entered
into between Empresa Metropolitana de &#193;guas e Energia S.A. - EMAE, and the Company, thus meeting the &#8220;second condition
precedent&#8221; required for the effectiveness of the agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of October 19, 2017, SABESP and EMAE executed
the first amendment to the Private Transaction Agreement and Other Covenants for removal of the condition precedent related to
the approval of said agreement at EMAE&#8217;s Extraordinary Shareholders&#8217; Meeting, which was approved by the Boards of Directors
of SABESP and EMAE. The conditions precedent were complied with and the agreement came into effect.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the Company recorded R$ 6,110
and R$ 64,180  in other liabilities,  under current and noncurrent liabilities, respectively, which represent the present
value of the balance of R$ 171,860 that will be paid in annual installments with expected maturity from October 2017
until October 2042.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2017, the Company paid the
installments maturing in April 2017 and October 2017, of R$ 9,316 and R$ 6,760 respectively. As of December 31, 2017, the
balance of the agreement totaled R$&#160;15,668 and R$&#160;92,894, recorded under other liabilities, in current and
noncurrent liabilities, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160;&#160;&#160;&#160;&#160; Agreements
with reduced tariffs with State and Municipal Government Entities that joined the Rational Water Use Program (PURA) </b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has signed agreements with government
entities related to the State Government and municipalities where it operates that benefit from a reduction of 25% in the tariff
of water supply and sewage services when they are not in default. These agreements provide for the implementation of the rational
water use program, which takes into consideration the reduction in water consumption.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(d)&#160;&#160;&#160;&#160;&#160; Guarantees</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The State Government provides guarantees for
some borrowings and financing of the Company and does not charge any fee with respect to such guarantees.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(e)&#160;&#160;&#160;&#160; Personnel assignment
agreement among entities related to the State Government</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has personnel assignment
agreements with entities related to the State Government, whose expenses are fully passed on and monetarily reimbursed. In
2017, the expenses related to personnel assigned by SABESP to other state government entities amounted to R$ 9,853 (R$ 10,393
in 2016 and R$ 10,481 in 2015).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, there were no expenses related to personnel
assigned by other entities to SABESP (R$&#160;10 in 2016 and R$342 in 2015).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(f) &#160;&#160;&#160;&#160;&#160; Services
obtained from state government entities</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017 and 2016, SABESP had
an outstanding amounts payable of R$ 1,367 and R$ 1,853, respectively, for services rendered by S&#227;o Paulo State Government
entities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(g)&#160;&#160;&#160;&#160;&#160; Non-operating
assets</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017 and December 31,
2016, the Company had an amount of R$ 969 related to a free land lent to DAEE (Department of Water and Electricity).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(h)&#160;&#160;&#160;&#160;&#160; Sabesprev&#160;&#160;&#160;
</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company sponsors a private defined benefit
pension plan, which is operated and administered by Sabesprev. The net actuarial liability recognized as of December 31, 2017 amounted
to R$ 388,461 (R$ 753,170 as of December 31, 2016), according to Note 20 (b) (i).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(i) &#160;&#160;&#160;&#160;&#160; Compensation
of Management Key Personnel</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- Compensation:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SABESP's compensation policy for
the Management and officers is set out according to guidelines of the S&#227;o Paulo State Government, issued by the CODEC
(State Capital protection Board), and are based on performance, market competitiveness, or other indicators related to the
Company's business, and is subject to approval by shareholders at an Annual Shareholders' Meeting.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Executive Officers&#8217; fees are also
defined by government authorities. Management and Fiscal Council&#8217;s compensation is equivalent to 30 percent and 20 percent,
respectively, of the Executive Officers&#8217; fee, contingent on attendance of at least one monthly meeting.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The objective of the compensation policy is
to set a private sector management paradigm to retain its staff and recruit competent, experienced and motivated professionals,
considering the level of management efficiency currently required by the Company.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to monthly fee, the members of the
Board of Directors, Fiscal Council and the Board of Executive Officers receive annual reward equivalent to a monthly fee, calculated
on a prorated basis in December of each year.&#160; The purpose of this reward is to correspond to the thirteenth salary paid to
the Company&#8217;s employees, as officers and directors' relationship with the Company is governed by its bylaws and not the labor
code.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Benefits paid only to statutory officers - meal
ticket, basket of food staples, medical care, annual paid rest typified as a paid leave of 30 calendar days, and payment of a premium
equivalent to one third of the monthly fee and bonuses.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SABESP pays bonuses for the purposes of compensating
directors, in accordance with the guidelines of the S&#227;o Paulo State government, as an incentive policy, as long as the Company
records quarterly, semiannual, and yearly profits, and distributes mandatory dividends to shareholders, even if in the form of
interest on capital. Annual bonuses cannot exceed six times the monthly compensation of the officers/directors or 10 percent of
the interest on capital paid by the Company, prevailing the shortest amount.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Expenses related to the compensation to
the members of its Board of Directors, Fiscal Council and Board of Executive Officers amounted to R$ 3,813, R$ 3,912 and R$
4,078 for 2017,  2016 and 2015, respectively. An additional amount of R$ 556, related to the bonus program, was recorded in
2017 (R$ 494 in 2016 and R$ 521 in 2015).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(j) &#160;&#160;&#160;&#160;&#160; Loan agreement
through credit facility</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company holds interest in certain Special
Purpose Entities (SPEs), not holding the majority interest but with cast vote and power of veto in some issues, with no ability
to use such power of veto in a way to affect returns over investments. Therefore, these SPEs are considered for accounting purposes
as jointly-owned subsidiaries.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into a loan agreement through
credit facility with the SPEs Aquapolo Ambiental S.A. as of March 30, 2012, and with Attend Ambiental S.A. as of May 9, 2014, to
finance the operations of these companies, until the borrowings and financing requested with financial institutions is granted.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These agreements remain with the same
characteristics, according to the table below:&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 20%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>SPE</b></font></td>
    <td style="width: 16%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Principal disbursed amount</b></font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Interest balance</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
    <td style="width: 18%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Interest rate</b></font></td>
    <td style="width: 18%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Maturity</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Attend Ambiental</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,400</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">9,277</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">SELIC + 3.5 % a.a.</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(i)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Aquapolo Ambiental</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,629</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,209</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,838</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">CDI + 1.2% a.a.</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(ii)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Aquapolo Ambiental</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">19,000</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,502</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">30,502</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">CDI + 1.2% a.a.</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(iii)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">30,029</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">20,588</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">50,617</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;
The loan agreement with SPE Attend&#160; Ambiental&#160; S/A&#160; matures&#160; within&#160; 180&#160; days,&#160; from&#160;
the&#160; date when&#160; the respective amount is available in the borrower&#8217;s account, renewable for the same period.&#160;
The credit has been overdue since May 11, 2015 and is subject to contractual default charges (inflation adjustment considering
the IGP-M variation, 2% fine and default interest of 1% p.m.). The agreement has been renegotiated between the parties.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt">(ii)&#160;&#160;&#160;&#160;
The R$ 5,629 loan agreement originally expired on April 30, 2016. As of February 10, 2016, an amendment to the agreement changed
the payment schedule for four annual installments, the first of which maturing on December 30, 2018 and the last on December 30,
2021; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt">(iii)&#160;&#160;
The loan agreement totaling R$ 19,000 originally expired on April 30, 2015, was extended to October 30, 2015 and on November 25,
2015 a new amendment changed the payment schedule for three annual installments, the first of which maturing on December 30, 2021
and the last on December 30, 2023.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount disbursed is recognized under &#8220;Other
Receivables&#8221;, of which R$&#160;1,780 was classified in Current Assets and R$&#160;48,837 in Noncurrent Assets. As of December
31, 2017, the balance of principal and interest rates of these agreements was R$&#160;50,617 (R$&#160;52,407 as of December 31,
2016). In 2017, the financial income recognized was R$&#160;5,017 (R$&#160;7,118 in 2016 and R$ 10,123 in 2015).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(l)&#160;&#160;&#160;&#160;&#160; &#8220;Se
Liga na Rede&#8221; (Connect to the Network Program)</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The State Government enacted the State Law no.14,687/12,
creating the pro-connection program, destined to financially subsidize the execution of household branches necessary to connect
to the sewage collecting networks, in low income households which agreed to adhere to the program. The program expenditures, except
for indirect costs, construction margin and borrowing costs are financed with 80% of funds deriving from the State Government and
the remaining 20% invested by SABESP, which is also liable for the execution of works.&#160; As of December 31, 2017, the program
total amount was R$ 82,697 (R$ 79,274 as of December 31, 2016), there was no balance receivable from related
parties (R$ 6,148 as of December 31, 2016), the amount of R$ 35,068 (R$ 34,915 as of December 31, 2016) recorded in the group of
intangible assets and R$ 47,629 was reimbursed by GESP (R$ 38,211 as of December 31, 2016) from the beginning of the program until
December 31, 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=sect_Disclosures&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741387904">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. Water National Agency - ANA<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WaterNationalAgencyAnaAbstract', window );"><strong>Water National Agency - Ana</strong></a></td>
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<tr class="ro">
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has agreements executed within the
scope of the Hydrographic Basin Depollution Program (PRODES), also known as &#34;Treated Sewage Purchase Program&#34;.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This program does not finance works
or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National
Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the
Caixa Econ&#244;mica Federal - Brazilian Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is
evidenced, as well as, the reduction of polluting cargoes of each agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When resources are made available, liabilities
are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from
these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds
earnings. As of December 31, 2017, the balances of assets and liabilities were R$ 70,487 (R$ 81,221 as of December 31, 2016), and
the liabilities are recorded under &#34;other liabilities&#34; of noncurrent liabilities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as ""Treated Sewage Purchase Program"". This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&amp;#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6661326432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Investments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentsAbstract', window );"><strong>Investments Abstract</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory', window );">Investments</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company holds interest in certain Special
Purpose Entities (SPE). Although SABESP has no majority shares of its investees, the shareholders&#8217; agreement provides for
the power of veto in certain management issues, however, with no ability to use such power of veto in a way to affect returns over
investments, indicating participating shared control (joint venture &#8211; IFRS 11).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company holds interest valued by the equity
accounting in the following investees:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Sesamm</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of August 15, 2008, the Company, together
with GS Inima Brasil Ltda (&#8220;GS Inima&#8221;), successor of T&#233;cnicas y Gestion Medioambiental S.A.U. (&#8220;TGM&#8221;)
and GS Inima Environment S/A (currently OHL Medio Ambiente); and Estudos T&#233;cnicos e Projetos ETEP Ltda. (&#8220;ETEP&#8221;),
succeeded by ECS Opera&#231;&#245;es e Participa&#231;&#245;es Ltda (&#8220;ECS&#8221;), incorporated Sesamm &#8211; Servi&#231;os
de Saneamento de Mogi Mirim S/A for a period of 30 years from the date the concession agreement with the municipality for the purpose
of providing complementary services to the sewage diversion system and implementing and operating sewage treatment system in the
municipality of Mogi Mirim, including the disposal of solid waste.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sesamm's capital as of December 31, 2017, totaled
R$ 19,532, and was represented by 19,532,409 registered common shares without a par value. SABESP holds a 36% interest, GS Inima
57% and ECS 7%.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operations initiated in June 2012.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>&#193;guas de Andradina</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 15, 2010, the Company, together
with Companhia de &#193;guas do Brasil &#8211; Cab Ambiental, currently Igu&#225; Saneamento S/A (&#8220;Igu&#225;&#8221;), incorporated
&#193;guas de Andradina S.A., with indefinite term, for the purpose of providing water supply and sewage services to the municipality
of Andradina.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the capital of &#193;guas
de Andradina totaled R$ 13,841, divided into 13,840,885 registered common shares without a par value. SABESP holds 30% of its equity
interest and Igu&#225; 70%.&#160; The amount of R$ 12 is recorded under investee&#8217;s equity, as advance for future capital
increase.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 26, 2016, the Annual and Extraordinary
Shareholders&#8217; Meeting approved a capital increase in the amount of R$ 2,290 upon the issue of 2,289,796 new registered common
shares with no par value, fully subscribed and paid-in, R$ 573 of which using the minimum mandatory dividends and R$ 1,717 corresponding
to additional dividends, both arising from the profit recorded in 2015.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2017, the Company contributed R$&#160;303
in the investee. The amount is recorded in current assets, under &#8220;Other receivables&#8221; and will be reclassified into
investments after the resolution and approval of the investee&#8217;s shareholders at an Annual and Extraordinary Shareholders&#8217;
Meeting.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pledges as  guarantee 100% of
its shares in &#193;guas de Andradina.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operations initiated in October 2010.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>&#193;guas de Castilho</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of October 29, 2010, the Company, together
with &#193;guas do Brasil &#8211; Cab Ambiental, currently Igu&#225; Saneamento S/A (&#8220;Igu&#225;&#8221;), incorporated &#193;guas
de Castilho, for the purpose of providing water supply and sewage services to the municipality of Castilho.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the company&#8217;s
capital was R$ 2,360, and was represented by 2,360,330 registered shares without a par value. SABESP holds a 30% interest and Igu&#225;
70%.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 26, 2016, the Annual and Extraordinary
Shareholders&#8217; Meeting approved a capital increase in the amount of R$ 740 upon the issue of 740 new registered common shares
with no par value, fully subscribed and paid-in, R$ 184 of which using the minimum mandatory dividends and R$ 556 corresponding
to additional dividends, both arising from the profit recorded in 2015.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pledges as  guarantee 100% of
its shares in &#193;guas de Castilho.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operations initiated in January 2011.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Saneaqua Mairinque</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 14, 2010, the Company, together with
BRK Ambiental Participa&#231;&#245;es S/A (&#8220;BRK&#8221;) currently Odebrecht Utilities S/A, former Foz do Brasil S.A., incorporated
Saneaqua Mairinque S/A, with indefinite term, for the purpose of exploring water supply and sewage services of the municipality
of Mairinque.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the capital of Saneaqua
Mairinque totaled R$ 2,000, and was represented by 2,000,000 registered common shares without a par value. SABESP holds a 30% interest
and BRK 70%. The amount of R$&#160;2,183 is recorded under the investee&#8217;s noncurrent liabilities, as advance for future capital
increase.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the Company contributed R$&#160;505
in the investee. The amount is recorded in current assets, under &#8220;Other receivables&#8221; and will be reclassified into
investments after the resolution and approval of the investee&#8217;s shareholders at an Annual and Extraordinary Shareholders&#8217;
Meeting.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pledges as  guarantee 100% of
its shares in Saneaqua Mairinque.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operations initiated in October 2010.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Attend Ambiental</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of August 23, 2010, SABESP, jointly with
Companhia Estre Ambiental S.A. (&#8220;Estre&#8221;), incorporated Attend Ambiental S.A., for constructing and operating a pretreatment
of non-domestic effluent station, sludge transportation and related services in the city of S&#227;o Paulo as well as implement
similar structures in other areas in Brazil and abroad.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the capital totaled
R$ 13,400, and was represented by 13,400,000 registered common shares without a par value. SABESP holds a 45% interest and Estre
55%.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operations initiated in December 2014.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Aquapolo Ambiental S/A.</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of October 8, 2009, the Company, together
with Odebrecht Utilities S/A, formerly Foz do Brasil S.A., incorporated Aquapolo Ambiental S.A., for the purpose of producing,
providing and trading reused water for Quattor Qu&#237;mica S.A., Quattor Petroqu&#237;mica S.A., Quattor Participa&#231;&#245;es
S.A. and other companies comprising the Petrochemical Complex.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the capital of Aquapolo
totaled R$ 36,412, and was represented by 42,419,045 registered common shares without a par value. SABESP holds 49% of its equity
interest. As of December 29, 2016, Odebrecht Utilities S/A transferred to Odebrecht Ambiental Participa&#231;&#245;es em Neg&#243;cios
Industriais S/A (&#8220;OAPNI&#8221;) all its shares and control and the latter now holds 51% of the shares.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pledges as collateral 100% of its
shares in Aquapolo Ambiental S/A.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operations initiated in October 2012.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Paulista Geradora de Energia</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 13, 2015, the Company acquired shares
from Empresa Paulista Geradora de Energia S/A - PGE, jointly&#160;&#160;&#160;&#160;&#160;&#160;&#160; with Servtec Investimentos
e Participa&#231;&#245;es Ltda (&#34;Servtec) and Tecniplan Engenharia e Com&#233;rcio Ltda (&#34;Tecniplan&#34;), which operational
purpose is the implementation and commercial exploration of water potential in small hydroelectric power plants (PCHs), located
at the Guara&#250; and Vertedouro Cascata Water Treatment Stations.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the capital of Paulista
Geradora de Energia was R$ 8,679, represented by 8,679,040 registered common shares without a par value, in which SABESP holds
a 25% interest, Servtec holds 37.5% and Tecniplan 37.5%.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, operations had not
initiated yet.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Below is a summary of the investees&#8217; financial
information and SABESP&#8217;s equity interest:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; padding-top: 1pt"><font style="font-size: 8pt"><b>Company</b></font></td>
    <td colspan="3" style="vertical-align: bottom; padding-top: 1pt; text-align: center"><font style="font-size: 8pt"><b>Equity</b></font></td>
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<tr>
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    <td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
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    <td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
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    <td style="vertical-align: top; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
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    <td style="vertical-align: top; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><b>(*)</b></p></td>
    <td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right"><b>2017</b></p></td>
    <td style="vertical-align: top; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><b>(*)</b></p></td>
    <td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
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    <td style="vertical-align: bottom; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
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<tr>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Sesamm</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">39,262</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">37,198</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">32,313</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(643)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">2,707</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,601</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6,082</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#193;guas de Andradina (i)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">21,432</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">16,161</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">15,191</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">800</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">4,471</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(2,040)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,772</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">2,371</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">&#193;guas de Castilho</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">4,858</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,706</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,449</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">219</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">933</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">22</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">631</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">773</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Saneaqua Mairinque</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">4,480</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">4,090</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,560</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">390</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(153)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">723</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,145</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Attend Ambiental</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">5,249</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,925</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,084</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,324</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(80)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">841</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,195</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Aquapolo Ambiental</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">18,810</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">12,340</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">11,651</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6,470</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(53)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">689</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(4,569)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Paulista Geradora de Energia</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">8,469</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,509</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(40)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(114)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-top: 1pt"><font style="font-size: 8pt"><b>Company</b></font></td>
    <td colspan="2" style="padding-top: 1pt; text-align: center"><font style="font-size: 8pt"><b>Investments</b></font></td>
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><b>Dividends</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><b>distributed</b></p></td>
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    <td colspan="3" style="padding-top: 1pt; text-align: center"><font style="font-size: 8pt"><b>Interest percentage</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="vertical-align: top; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center">&#160;</p>
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    <td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: center"><font style="font-size: 8pt"><b>(*)</b></font></td>
    <td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: center"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2015</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="vertical-align: bottom; width: 6%; padding-top: 1pt; text-align: right"><font style="font-size: 8pt"><b>2015</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right"><font style="font-size: 8pt">13,391</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(231)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">975</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,096</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">2,190</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">36%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">36%</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right"><font style="font-size: 8pt">4,849</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">240</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,341</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(612)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">532</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">711</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">1,465</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,112</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">66</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">280</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">7</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">189</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">232</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right"><font style="font-size: 8pt">1,298</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,227</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">117</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(46)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">217</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">344</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">2,326</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,766</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">596</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(36)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">378</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,388</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">45%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">45%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">45%</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right"><font style="font-size: 8pt">9,191</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6,047</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">3,170</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(26)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">338</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(2,239)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">49%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">49%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">49%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">2,117</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(6)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(10)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(29)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">25%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">25%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">25%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">306</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6,473</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(713)</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) Refer to changes in the equity of investees,
as their financial statements for the year ended December 31, 2016 were disclosed after disclosure of the Company&#8217;s financial
statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. Investment properties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentPropertiesAbstract', window );"><strong>Investment Properties</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyExplanatory', window );">Investment properties</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the balance
of &#8220;Investment properties&#8221; is R$ 57,652 (December 31, 2016 - R$ 57,968). As of December 31, 2017 and 2016,
the market value of these properties is approximately R$ 402,000 and R$ 404,000, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <td style="width: 18%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td>
    <td style="width: 16%; text-align: center"><font style="font-size: 8pt"><b>Write-offs and disposals</b></font></td>
    <td style="width: 18%; text-align: center"><font style="font-size: 8pt"><b>Depreciation</b></font></td>
    <td style="width: 15%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td></tr>
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    <td>&#160;</td>
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    <td><font style="font-size: 8pt">Investment properties</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">57,968</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(244)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(72)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">57,652</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Total</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">57,968</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(244)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(72)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">57,652</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

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    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Transfers</b></font></td>
    <td style="width: 11%; text-align: center"><font style="font-size: 8pt"><b>Write-offs and disposals</b></font></td>
    <td style="width: 13%; text-align: center"><font style="font-size: 8pt"><b>Reversal of estimated losses</b></font></td>
    <td style="width: 13%; text-align: center"><font style="font-size: 8pt"><b>Depreciation</b></font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">56,957</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,231</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(124)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">10</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(106)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">57,968</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">56,957</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,231</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(124)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">10</font></td>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>&#160;2014</b></p></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Transfers</b></font></td>
    <td style="width: 17%; text-align: center"><font style="font-size: 8pt"><b>Write-offs and disposals</b></font></td>
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right"><font style="font-size: 8pt">54,039</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">9,182</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(5,859)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(405)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">56,957</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">9,182</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(5,859)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(405)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">56,957</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for investment property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInvestmentPropertyExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6597363424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. Intangible assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAbstract', window );"><strong>Intangible Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfServiceConcessionArrangementsExplanatory', window );">Intangible assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(a)&#160;&#160;&#160;&#160;&#160;
Statement of financial position details</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td colspan="3" style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 38%; padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated
    amortization</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td>
    <td style="width: 8%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated
    amortization</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible right
    arising from:</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements &#8211;
    equity value</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,893,296</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,751,682)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,141,614</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,222,543</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,739,588)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,482,955</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements &#8211;
    economic value </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,068,402</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(634,465)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,433,937</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,925,361</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(543,709)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,381,652</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program contracts
    </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,653,292</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,058,226)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,595,066</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,209,367</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,633,346)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,576,021</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program contracts
    &#8211; commitments </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,113,160</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(202,785)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">910,375</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">991,848</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(168,632)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">823,216</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Services contracts
    &#8211; S&#227;o Paulo</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">19,388,751</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,471,736)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,917,015</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">17,457,658</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,904,951)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,552,707</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software license</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">688,712&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(220,587)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">468,125</font>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">575,494&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(145,257)</font>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,237&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">42,805,613&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,339,481)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">33,466,132&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39,382,271&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,135,483)&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,246,788&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(b)&#160;&#160;&#160;&#160;&#160;
Changes</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 21%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Contract
    renewal</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reversal
    of estimated losses</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers
    (i)</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="vertical-align: bottom; width: 11%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
    right arising from: </font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; equity value&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,482,955</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">374,775</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(531,818)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,078</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,663</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,795)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(185,244)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,141,614&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; economic value&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,381,652</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">142,429</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,604</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,163)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(91,593)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,433,937</font>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,576,021</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">772,278</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">531,818</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,834</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,784)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,606)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(281,495)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,595,066&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts &#8211; commitments&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">823,216</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">121,313</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(34,154)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">910,375    </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Services
    contracts &#8211; S&#227;o Paulo </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,552,707</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,976,079</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,460</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(18,346)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(13,848)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(586,037)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,917,015&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software
    license </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,237</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">103,424</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,489</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(72,025)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">468,125
    </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,246,788</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,490,298</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,380</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,374)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(24,412)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,250,548)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">33,466,132
    </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 21%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Contract
    renewal</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated
    losses</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="vertical-align: bottom; width: 11%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
    right arising from: </font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; equity value&#160; </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,287,630</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">391,545</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,587)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,335)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,014</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,233)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(180,079)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,482,955</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; economic value&#160; </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,353,020</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">106,307</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(110)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(77,563)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,381,652</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,288,575</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">553,126</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,587</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,360)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,023</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,571)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(267,359)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,576,021</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts &#8211; commitments&#160; </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">850,530</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,762</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(33,076)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">823,216</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Services
    contracts &#8211; S&#227;o Paulo </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,367,017</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,697,724</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,495)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,696</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,894)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(514,341)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,552,707</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software
    license</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">366,854</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">101,367</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(167)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(37,817)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,237</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">28,513,626</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,855,831</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,198)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,572</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(14,808)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,110,235)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,246,788</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 21%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2014</b></font></td>
    <td style="vertical-align: bottom; width: 8%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Contract
    renewal</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reversal
    of estimated losses</b></font></td>
    <td style="vertical-align: bottom; width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
    right arising from: </font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; equity value&#160; </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,369,271</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">574,421</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(463,362)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">747</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(324)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,303)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(188,820)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,287,630</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; economic value&#160; </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,281,260</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">140,732</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(139)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(68,816)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,353,020</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,379,153</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">663,399</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">463,362</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,459</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(752)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(11,045)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(210,001)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,288,575</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts &#8211; commitments&#160; </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">702,909</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">177,424</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(29,803)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">850,530</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Services
    contracts &#8211; S&#227;o Paulo </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,986,386</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,900,218</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">18,879</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,997)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(30,321)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(503,148)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,367,017</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software
    license </font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">260,547</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">148,248</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(41,941)</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">366,854</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,979,526</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,604,442</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">24,085</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,090)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(45,808)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,042,529)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">28,513,626</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(i)
As of December 31, 2017, the Company reclassified R$&#160;24,071 corresponding to the intangible assets of &#193;lvares Florence,
Emba&#250;ba, Ara&#231;oiaba da Serra, Itapira and Tuiuti to indemnities receivable, in noncurrent assets, which have full allowance
for losses.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company started operations in the municipalities of Santa Branca in February 2017 and Pereiras in October. In the second quarter
of 2017, it entered into a contract program with the municipalities of Santa Cruz do Rio Pardo and C&#226;ndido Rodrigues. In
the third quarter of 2017, the Company renewed a program contract with the municipality of Itaquaquecetuba and in the fourth quarter
with the municipalities of Taubat&#233; and Taciba; all these contracts are valid for 30 years.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(c)&#160;&#160;&#160;&#160;&#160;
Intangible arising from concession agreements</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company operates public service concession agreements for water supply and sewage services mostly based on agreements that set
out rights and obligations relative to the exploration of assets related to the public service (See Note 3.8 (a)). A general obligation
also exists to return the concession infrastructure to the concession grantor in good working condition at the end of the concession.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017, the Company operated in 368 municipalities in the State of S&#227;o Paulo (366 as of December 31, 2016).&#160;
Most of these contracts have a 30-year concession period.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
services provided by the Company are billed at a price regulated and controlled by S&#227;o Paulo State Sanitation and Energy
Regulatory Agency (ARSESP).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
rights arising on concession agreements include:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(i)
&#160;&#160;&#160;&#160;Concession agreements &#8211; equity value</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">These
refer to municipalities assumed until 2006, except for the municipalities assumed by economic value through assets valuation report
prepared by independent experts.&#160; The amortization of assets is calculated according to the straight-line method, which considers
the assets useful life.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(ii)&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;Concession agreements &#8211; economic value</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">From
1999 through 2006, the negotiations for new concessions were conducted on the basis of the economic and financial result of the
transaction, determined in a valuation report issued by independent appraisers.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amount determined in the related contract, after the transaction is closed with the municipal authorities, realized through the
subscription of the Company's shares or in cash, is recorded as &#34;concession agreements&#34; and amortized over the period
of the related concession (usually 30 years). As of December 31, 2017 and 2016 there were no amounts pending related to these
payments to the municipalities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets are amortized on a straight line basis over the period of the concession agreements or for the useful lives of the underlying
assets, whichever is shorter.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(iii)
&#160;&#160;&#160;&#160;Program contracts</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">These
refer to the renewal of contracts previously referred to as concession agreements whose purpose is to provide sanitation services.&#160;
The amortization of the assets acquired until the dates of signatures of the program contracts is calculated according to the
straight-line method, which considers the assets&#8217; useful lives.&#160; Assets acquired or built after the signature dates
of program contracts are amortized during the contracted period (30 years) or during the useful lives of underlying assets, whichever
is shorter.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(iv)
&#160;&#160;&#160;&#160;Program contracts - Commitments</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After
the enactment of the regulatory framework in 2007, renewals of concessions started to be made through of program contracts.&#160;
In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental
actions.&#160; The assets built and financial commitments assumed within the program contracts are recorded as intangible assets
and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017 and 2016, the amounts not yet disbursed were recorded under &#8220;program contract commitments&#8221;, in
current liabilities, totaling R$&#160;128,802 and R$&#160;109,042, respectively, and in noncurrent liabilities, totaling R$&#160;110,698
and R$&#160;69,051, respectively. In 2017, the annual rate of 8.06% (WACC) was applied to calculate the present value adjustment
of these contracts.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">(v)
Services agreement with the Municipality of S&#227;o Paulo</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
June 23, 2010, the Company entered into an agreement with the State of S&#227;o Paulo and the Municipality of S&#227;o Paulo to
regulate the provision of water and sewage services in the city of S&#227;o Paulo for a 30-year period, which is extendable for
an another 30-year period.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Also
on June 23, 2010, an agreement was signed between the state and municipal government, and SABESP and the Sanitation and Energy
Regulatory Agency of the State of S&#227;o Paulo (&#8220;ARSESP&#8221;) are the consenting and intervening parties, whose main
aspects are the following:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">1.
The State and the Municipality of S&#227;o Paulo grant to SABESP the right to explore the sanitation service in the capital of
the State of S&#227;o Paulo, which consists of the obligation to provide such service and charge the respective tariff for this
service;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">2.
The State and the Municipality sets forth ARSESP as the agency responsible for regulating the tariff, controlling and monitoring
the services.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">3.
The evaluation model of the contract was the discounted cash flow, which considered the financial and economic sustainability
of SABESP&#8217;s operations in the metropolitan region of S&#227;o Paulo;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">4.
All operating costs, taxes, investments and the opportunity cost of investors and the creditors of SABESP&#8217;s were considered
in the cash flow analysis;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">5.
The agreement provides for investments established in the agreement comply with the minimum of 13% of the gross revenue from the
municipality of S&#227;o Paulo, net of the taxes on revenues. Investment plans referring to SABESP&#8217;s execution shall be
compatible with the activities and programs foreseen in the state, municipal sanitation plans, and where applicable, the metropolitan
plan. The investment plan is not definite and will be revised by Managing Committee every four years, especially as to investments
to be made in the following period;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">6.
The payment related to the Municipal Fund of Environmental Sanitation and Infrastructure to be applied in the sanitation service
within the municipality must be recovered through the tariffs charges.&#160; Such payment represents 7.5% of the total revenue
from the municipality of S&#227;o Paulo, net of the taxes on revenue and delinquency in&#160; the period, recognized in profit
or loss, as operating&#160; cost;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">7.
The opportunity cost of the investors and the creditors was established by the Weighted Average Cost of Capital (WACC) methodology.
The WACC was the interest rate used to discount the cash flow of the operation; and</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">8.
The agreement considers the recovery of net assets in operation, preferably evaluated through equity valuation or carrying amount
monetarily restated, as defined by ARSESP.&#160; In addition, the agreement provides for the remuneration of investments to be
made by SABESP, so that there is no residual value at the end of the agreement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Referring
to the recovery through tariff, mentioned in item 6 above, of transfer to the Municipal Fund of Environmental Sanitation and Infrastructure,
ARSESP issued in April 2013, the Resolution no. 413, postponing the application of Resolution no. 407 until the conclusion of
the tariff revision process, the transfer to the bill of services of amounts referring to the municipal charges which were stipulated
in Resolution no. 407. The postponement to apply Resolution no. 407 was due to a request by the S&#227;o Paulo State Government
to analyze, among other things, methods to reduce the impact on consumers.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of April 18, 2014, ARSESP Resolution no. 484 was published with the final results of SABESP&#8217;s Tariff Revision, however,
both the S&#227;o Paulo Municipal Government, through Official Letter no. 1,309/14-SGM/GAB and the S&#227;o Paulo State Government
through a petition filed by the S&#227;o Paulo State Office, through the Official Letter ATG/Official Letter n<sup>o</sup> 092/14-CC,
requested a postponement of the effects of ARSESP Resolution no. 413, published in the S&#227;o Paulo State Official Gazette on
March 20, 2013, until the conclusion of the revision of the Agreement entered into between the S&#227;o Paulo Municipal Government,
the S&#227;o Paulo Statement Government and SABESP.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">By
means of Resolution no. 488 of May 7, 2014, ARSESP maintained the suspension of the effectiveness of ARSESP Resolution no. 407,
published on March 22, 2013, until the results obtained in the revision of the Agreement entered into by the S&#227;o Paulo Municipal
Government, the S&#227;o Paulo State Government and SABESP postponing authorization for the transfer to the bill of the services
related to the legally established municipal fees that, by force of the Program Agreements and Water Supply and Sewage Services
Agreements, should be included in the Tariff Revision.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
agreement represents 55.38% of the total revenue of the Company as of December 31, 2017, and ensures the judicial and assets security,
adequate return to shareholders and quality services to its customers.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
municipality of S&#227;o Paulo and the Company did not conclude an agreement to equalize financial pending issues existing until
the signature date of the Agreement related to the rendering of water supply and sewage services to the real properties of the
municipality, and for that reason, the Company filed a suit to collect these accounts, which are accrued for losses.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(d)&#160;&#160;&#160;&#160;&#160;
Capitalization of interest and other finance charges</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
2017, the Company capitalized interest and inflation adjustment, including related foreign currency exchange effects in concession
intangible assets, totaling R$ 649,048, including the S&#227;o Louren&#231;o Production System and Leases (R$ 700,743 in 2016
and R$ 466,544 in 2015) during the construction period.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(e)&#160;&#160;&#160;&#160;&#160;
Construction margin</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company acts as a principal responsible to construct and install the infrastructure related to the concession, using own efforts
or hiring outsourcing services, receiving the risks and benefits.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
a consequence, the Company recognizes revenue from construction service corresponding to the cost of construction increased by
gross margin. Generally, the constructions related to the concessions are performed by&#160; third parties, in such case, the
margin of the Company&#160; is lower, normally, to cover eventual administration costs, and the responsibility of the primary
risk. In 2017 and 2016 the margin was 2.3%.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Construction
margin for 2017, 2016 and 2015 were R$ 70,335, R$ 81,513 and R$ 72,908, respectively.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(f)
&#160;&#160;&#160;&#160;&#160; Expropriations&#160; </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
a result of the construction of priority projects related to water and sewage systems, the Company was required to expropriate
third-parties' properties, and the owners of these properties will be compensated either amicably or through courts.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
costs of these expropriations are recorded as concession intangible assets after the transaction is concluded. In 2017, the total
amount related to expropriations was R$ 19,576 (R$ 40,452 in 2016 and R$ 66,801 in 2015).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(g)&#160;&#160;&#160;&#160;&#160;
Public-Private Partnership - PPP</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">SABESP
carries out operations related to the PPPs mentioned below. These operations and their respective obligations and guarantees are
supported by agreements executed according to Law 11,079/04.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Alto
Tiet&#234; Production System</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company and the special purpose entity CAB-Sistema Produtor Alto Tiet&#234; S/A, formed by Galv&#227;o Engenharia S.A. and Companhia
&#193;guas do Brasil &#8211; Cab Ambiental, signed in June 2008 the contract of public-private- partnership of Alto Tiet&#234;
production system.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
contract last 15 years which purpose is to expand the capacity of treated water of Taia&#231;upeba from 10 thousand to 15 thousand
of liters per second, whose operation began in October 2011.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017 and 2016, the amounts recognized as intangible asset related to PPP were R$ 371,862 and R$ 382,103, respectively.&#160;
In 2017, a discount rate of 8.20% p.a. was used to calculate the adjustment to present value of the agreement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
a monthly basis, SABESP assigns funds from tariffs to the SPE CAB Sistema Produtor Alto Tiet&#234; S/A, in the amount of R$ 10,012,
corresponding to the monthly remuneration. This amount is annually adjusted by the IPC &#8211; FIPE and is recorded in a restricted
account, pursuant to the contractual operating proceeding.&#160; Should SABESP comply with its monthly obligations with the SPE,
the funds from the restricted account will be released.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
guarantee is effective since the beginning of the operation and will be valid until the conclusion, termination, intervention,
annulment or caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or
in the law applicable to administrative concessions, including in the event of bankruptcy or extinction of the SPE.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">S&#227;o
Louren&#231;o Production System</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">SABESP
and the special purpose entity Sistema Produtor S&#227;o Louren&#231;o S/A, composed of Constru&#231;&#245;es e Com&#233;rcio
Camargo Corr&#234;a S/A and Construtora Andrade Gutierrez S/A, in August 2013 signed the public-private partnership agreements
of the S&#227;o Louren&#231;o Production System.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
objective of the contract is: a) the construction of a water producing system, mainly consisting of a water pipeline connecting
Ibi&#250;na to Barueri, a water collection station in Ibi&#250;na, a water treatment station in Vargem Grande Paulista and water
reservoirs; and b) the provision of services for a 25-year term, aiming at rendering services to operate the dehydration system,
drying and final disposal of sludge, maintenance and works of the S&#227;o Louren&#231;o Production System.&#160; Works started
in April 2014.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
work was inaugurated on April 3, 2018.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
estimated amount monetarily restated through December 31, 2017 is approximately R$ 7.9 billion. This amount was calculated considering
the early startup mentioned above.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">After
the beginning of the operations, every month SABESP will transfer to the SPE Sistema Produtor S&#227;o Louren&#231;o S/A funds
from tariffs arising from the services provided, in the amount of R$ 24.4 million, equivalent to the monthly remuneration plus
interest and charges.&#160; The amount above will be annually restated by the IPC - FIPE and should be monthly recorded in a restricted
account, in accordance with the operating procedures of the agreements.&#160; Should SABESP perform its monthly obligations with
the SPE, the funds from the restricted account will be released.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
guarantee will become effective as of the beginning of the system&#8217;s appropriate operation, duly accepted by SABESP, valid
until the occurrence of any of the following events, whichever occurs first:&#160; (i) the original payment date of the last installment
of interest / amortization of the principal taken out by the SPE to execute the works; (ii) the end, termination, intervention,
annulment, caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in
the law applicable to administrative concessions, including bankruptcy or extinction of the SPE.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017 and 2016, the carrying amount recorded in the Company&#8217;s intangible assets, related to this PPP, amounted
to R$ 2,818,805 and R$ 1,951,538, respectively. Intangible assets are accounted for based on the physical evolution of the construction
which, as of December 31, 2017, was approximately 89%, with a counter-entry in the Private Public Partnership (PPP) liabilities
account. In 2017, a discount rate of 7.80% p.a. was used to calculate the adjustment to present value of the agreement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
obligations assumed by the Company as of December 31, 2017 and 2016 are shown in the table below, and the increase in intangible
assets and liabilities was mainly due to the progress of PPP S&#227;o Louren&#231;o works in 2017.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="vertical-align: top; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td colspan="3" style="vertical-align: top; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 13%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current
    liabilities </b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Noncurrent
    liabilities</b></font></td>
    <td style="width: 20%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    liabilities</b></font></td>
    <td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Noncurrent
    liabilities </b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current
    liabilities</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    liabilities</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Alto Tiet&#234;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">35,083</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">282,501</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">317,584</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,898</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">309,858</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">341,756</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">S&#227;o Louren&#231;o</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">24,924</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,728,908</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,753,832</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,907,662</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,907,662</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">60,007</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,011,409</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,071,416</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,898</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,217,520</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,249,418</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(h)&#160;&#160;&#160;&#160;&#160;
Works in progress</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amount of R$ 10,387 million is recorded under intangible assets as works in progress as of December 31, 2017 (R$ 9,156 million
as of December 31, 2016), and, in 2017, the major projects are located in the municipalities of S&#227;o Paulo, Franca and Itanha&#233;m,
totaling R$ 6,497 million (including R$ 2,819 million from PPP S&#227;o Louren&#231;o), R$ 253 million and R$ 208 million, respectively<font style="letter-spacing: -0.05pt">.
</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(i)
&#160;&#160;&#160;&#160;&#160; Amortization of intangible assets</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amortization average rate totaled 3.9% as of December 31, <font style="letter-spacing: -0.05pt">2017, 2016 and 2015.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(j)
&#160;&#160;&#160;&#160;&#160; Software license of use&#160;&#160;&#160; </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt">The
software license of use is capitalized based on the costs incurred to acquire software and make them ready for use. As of April
10, 2017, the Company implemented the Integrated Business Management System (Enterprise Resource Planning &#8211; SAP ERP), which
includes the administrative/financial module. The implementation of the comercial module is in progress.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for service concession arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name SIC<br> -Number 29<br> -IssueDate 2017-01-01<br> -Section Consensus<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=SIC&amp;num=29&amp;date=2017-03-01&amp;anchor=sect_Consensus&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfServiceConcessionArrangementsExplanatory</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741574608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. Property, plant and equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Property, plant and equipment</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(a)&#160;&#160;&#160;&#160;&#160;
Statement of financial position details</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated
    depreciation</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated
    depreciation</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated
    depreciation</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,507</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,507</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">79,013</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(36,653)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,360</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">77,548</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(34,286)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">43,262</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">330,753</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(226,950)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">103,803</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">338,696</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(189,556)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149,140</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,862</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(7,182)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,680</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,141</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(6,610)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,531</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and fixtures </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">24,430</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(12,614)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,816</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,633</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(11,647)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,986</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,122&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(238)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">884&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,181&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(211)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">970&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">538,687&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(283,637)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">255,050&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">544,693&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(242,310)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">302,383&#160;</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(b)&#160;&#160;&#160;&#160;&#160;
Changes</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">13</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,507</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">43,262</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">86</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,358</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,346)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,360</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149,140</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">17,627</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(15,945)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(178)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(46,841)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">103,803</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,531</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(33)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(27)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(791)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,680</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and fixtures </font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,986</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,207</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(75)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(54)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,248)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,816</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">970&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(15)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(20)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(51)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">884&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">302,383&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">18,920&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(14,697)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(279)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(51,277)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">255,050&#160;&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">102,708</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10,214)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">45,891</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(911)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(45)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,673)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">43,262</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">162,218</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26,061</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(6,380)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(181)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(32,578)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149,140</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,692</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">214</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(556)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(819)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,531</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and fixtures </font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,418</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">511</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,258</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,191)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,986</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">845&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;-&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font>&#160;&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(24)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">970&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">325,076&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">27,631&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(13,803)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(236)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(36,285)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">302,383&#160;&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2014</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td>
    <td style="width: 13%; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
        31,</b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;2015</b></font></p></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,533</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,032</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,143</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">102,708</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,515</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,383</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,347</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,354)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">45,891</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">146,922</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">51,610</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(8,123)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(340)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(27,851)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">162,218</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7,613</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">135</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,109)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(937)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,692</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and fixtures </font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7,124</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">634</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,629</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(23)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(946)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,418</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">138&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">21&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;-&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10)&#160;&#160;</font></td>
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    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,092)&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(373)&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(31,098)&#160;&#160;</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(c)&#160;&#160;&#160;&#160;&#160;
Depreciation</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company annually revises the depreciation rates of: buildings &#8211; 3.0%; equipment- 18.0%; transportation equipment - 10% and
furniture, fixture and equipment &#8211; 7.5%. Lands are not depreciated.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
depreciation average rate was 13.6%, 10.9% and 11.5% as of December 31, 2017, 2016 and 2015, respectively.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6759803136">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Borrowings and financing<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Local currency</b></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">41,702</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">80,953</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">122,655</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">40,967</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">120,343</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">161,310</font></td></tr>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;12<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">45,450</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">294,702</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">340,152</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">45,450</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">340,165</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">385,615</font></td></tr>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;14<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">40,503</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">141,351</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">181,854</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">39,802</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">178,571</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">218,373</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;15<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">346,414</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">345,788</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">692,202</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">97,692</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">672,657</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">770,349</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;17<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">144,391</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">781,922</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">926,313</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">140,144</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">904,094</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,044,238</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">227,892</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">32,436</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">223,840</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">256,276</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;19<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">199,461</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">199,461</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;20<sup>th</sup> issue debentures</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">246,890</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">496,890</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">495,533</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">495,533</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;21<sup>st</sup> issue debentures</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">499,628</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">78,487</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,088,160</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">16,782</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">16,782</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,564</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">16,603</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,207</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">49,810</font></td></tr>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES PAC</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">11,143</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">50,028</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">61,171</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,987</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">60,293</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">71,280</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES PAC II 9751</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">4,334</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">22,991</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">27,325</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">4,288</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">27,007</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">31,295</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES PAC II 9752</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,367</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">19,526</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">21,893</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,341</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">21,659</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">24,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES ONDA LIMPA</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">23,469</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">146,461</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">169,930</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">23,219</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">168,083</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">191,302</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES TIET&#202; III</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">30,378</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">280,825</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">311,203</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">30,054</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">307,862</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">337,916</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES 2015</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,050</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">397,922</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">407,972</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">233,967</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">233,967</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">17,573</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">544,044</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">561,617</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">14,914</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">537,602</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">552,516</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Other</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,466</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">9,477</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,943</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">746</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,829</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">11,575</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Interest and charges</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">121,605</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">121,605</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Total in local currency</b></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,199,384</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,228,761</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">6,428,145</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">879,908</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,423,872</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">6,303,780</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom"><font style="font-size: 8pt">&#160;<b>Borrowings and financing outstanding balance</b></font></td>
    <td colspan="3" style="text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="3" style="text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; width: 45%; padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Financial institution</b></font></td>
    <td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Current</b></p></td>
    <td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Noncurrent</b></p></td>
    <td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Total</b></p></td>
    <td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Current</b></p></td>
    <td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Noncurrent</b></p></td>
    <td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Total</b></p></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Foreign currency</b></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Inter-American Development Bank - BID 713&#160; (US$ 25,097 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">81,794</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">81,794</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Inter-American Development Bank - BID 1212&#160; &#8211; US$ 82,225 thousand (US$ 92,503 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">34,000</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">238,000</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">272,000</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,499</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">267,979</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">301,478</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Inter-American Development Bank - BID 2202 &#8211; US$ 444,871 thousand (US$ 438,071 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">81,757</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,375,358</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,457,115</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">75,143</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,339,803</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,414,946</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;International Bank of Reconstruction and Development -BIRD &#8211; US$ 91,286 thousand </font><br />
<font style="font-size: 8pt">(US$ 79,946 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">301,665</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">301,665</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">260,224</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">260,224</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Deutsche Bank &#8211; US$ 150,000 thousand (US$ 150,000 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">248,100</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">242,343</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">490,443</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">480,244</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">480,244</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Eurobonds &#8211; US$ 350,000 thousand (US$ 350,000 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,155,331</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,155,331</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,137,395</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,137,395</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;JICA 15 &#8211; &#165; 13,829,160 thousand (&#165; 14,981,590 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,881</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">372,696</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">406,577</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">32,175</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">386,111</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">418,286</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;JICA 18 &#8211; &#165; 12,433,920 thousand (&#165; 13,470,080 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">30,463</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">334,849</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">365,312</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">28,930</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">346,889</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">375,819</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;JICA 17 &#8211; &#165; 1,534,959 thousand (&#165; 1,596,251 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,507</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">41,835</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">44,342</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,205</font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">873,383</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">873,383</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">768,463</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">768,463</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;BID 1983AB &#8211; US$ 82,404 thousand (US$ 106,346 thousand in December 2016)</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">269,191</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">263,921</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">341,951</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">37,462</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">35,883</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,354,211</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">12,100,966</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,246,567</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,717,576</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="7" style="padding-right: 3.5pt; padding-left: 3.5pt">
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0">Exchange rate as of December 31, 2017: US$ 3.3080; &#165;&#160;0,02940
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0">As of December 31, 2017, the Company did not record balances
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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    <td style="width: 7%; text-align: right"><font style="font-size: 8pt"><b>Maturity</b></font></td>
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<tr>
    <td style="vertical-align: bottom; padding-bottom: 1pt">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right">&#160;</td>
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<tr style="background-color: #D5EAEA">
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<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">12<sup>th</sup> issue debentures</font></td>
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<tr style="background-color: #D5EAEA">
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<tr>
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<tr style="background-color: #D5EAEA">
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<tr>
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<tr style="background-color: #D5EAEA">
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<tr>
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<tr style="background-color: #D5EAEA">
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<tr>
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<tr style="background-color: #D5EAEA">
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<tr>
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<tr style="background-color: #D5EAEA">
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<tr>
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
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<tr>
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
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<tr>
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<tr style="background-color: #D5EAEA">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>Maturity</b></font></td>
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<tr>
    <td style="padding-top: 1pt; padding-bottom: 2pt">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
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    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2025</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2.74% (*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Inter-American Development Bank - BID 2202 - US$ 444,871 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2035</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2.33% (*)&#160; </font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">International Bank for Reconstruction and Development - BIRD US$ 91.286 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2034</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.71% (*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Deutsche Bank US$ 150,000 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2019</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">Libor+4.50%(*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Eurobonds &#8211; US$ 350,000 thousand</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">-&#160;</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2020</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">6.25%</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 15 &#8211; &#165; 13,829,160 thousand </font></td>
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    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2029</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.8% and 2.5%</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 18 &#8211; &#165; 12,433,920 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2029</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.8% and 2.5%</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 17&#8211; &#165; 1,534,959 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2035</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.2% and 0.01% </font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 19&#8211; &#165; 29,777,232 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2037</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.7% and 0.01% </font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">BID 1983AB &#8211; US$ 82,404 thousand</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">-&#160;</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2023</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">Libor + 1.88% to 2.38% (*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*)Rates comprising LIBOR + contractually defined
spread.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">(i)&#160;&#160;&#160;&#160; Payment schedule &#8211; accounting balances
as of December 31, 2017</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 26%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
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    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2021</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2022</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2023</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2024 to 2038</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>TOTAL</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt"><b><i>LOCAL CURRENCY</i></b></font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Debentures</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">901,480</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,022,262</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">576,364</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">375,660</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">354,807</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">159,790</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">97,223</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">3,487,586</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Brazilian Federal Savings Bank</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">78,487</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">69,516</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">71,998</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">75,721</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">79,743</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">71,768</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">785,853</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,233,086</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">BNDES</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">98,523</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">112,594</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">94,467</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">94,019</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">94,019</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">88,335</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">451,101</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,033,058</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Leasing</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">17,573</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">32,766</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">34,384</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">36,143</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">38,056</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">40,775</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">361,920</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">561,617</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,466</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">2,627</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">10,943</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Interest and charges</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt"><i>TOTAL IN LOCAL CURRENCY</i></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,199,384</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,238,508</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">778,583</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">582,913</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">567,995</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">362,038</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,698,724</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">6,428,145</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt"><b><i>FOREIGN CURRENCY</i></b></font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">BID</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,758</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,034,572</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,729,115</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">BIRD</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">10,056</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,112</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,112</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,112</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,113</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">211,160</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">301,665</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Deutsche Bank</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">248,100</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">242,343</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">490,443</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Eurobonds</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,155,331</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
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    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
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    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-&#160;&#160;</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-&#160;&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">(ii)&#160;&#160; Changes&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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    <td style="width: 5%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Borrowings costs</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Lease </b></font></td>
    <td style="width: 6%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Monetary variation &#160;and exchange rate changes</b></font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">500,000</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,768</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(597,794)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">176,780</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">103,215</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,611</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,576,842</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,150,691</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">144,654</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,495</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,415</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(95,854)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(65,836)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">78,283</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">17,826</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">946,984</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">171,153</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,405</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,512</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(78,466)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(87,993)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">33,938</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">48,294</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">209</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,042,036</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">552,516</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">24,693</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,593)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">561,616</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,677</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">116</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(876)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(750)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">779</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">31</font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">815,807</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">24,693</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">62,784</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(797,966)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">289,780</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">169,366</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,820</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,428,145</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,193)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">40,228</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(38,654)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(189,280)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">22,547</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">16,803</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">750</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,743,257</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">BIRD</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">261,337</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">35,710 </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,874</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,837</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(4,049)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,662</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">888</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">19</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">303,278</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Deutsche Bank</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">485,090</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(720)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,335</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(31,774)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">21,286</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,925</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,584</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">496,726</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Eurobonds</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,141,469</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">17,115</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(85,338)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">55,046</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">29,529</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">821</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,158,642</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">JICA</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,617,215</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">63,909</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(287)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">82,563</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,525</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(28,652)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(65,702)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">27,602</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,115</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">160</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,700,448</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">BID 1983AB</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">343,588</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(82)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,609</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(10,931)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(75,610)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,858</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,715</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,323</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">270,470</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt"><i>TOTAL IN FOREIGN CURRENCY</i></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,660,363</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">196,508</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,586)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">96,303</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">45,590</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(199,398)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(330,592)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">137,001</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">63,975</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,657</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,672,821</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,012,315</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(4,743)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">24,693</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">159,087</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">49,517</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(676,087)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,098,558)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">426,781</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">233,341</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,477</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">12,100,966</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 21%; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
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    <td style="width: 5%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b> Borrowings
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    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Lease </b></font></td>
    <td style="width: 6%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Monetary variation and exchange rate changes</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Inflation adjustment / update  incorporated interest - Capitalized</b></font></td>
    <td style="width: 5%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Interest and
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    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Amortization</b></font></td>
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and fees - Capitalized</b></font></td>
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<tr style="vertical-align: bottom">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt"><b><i>LOCAL CURRENCY</i></b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Debentures</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">4,203,127</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,241)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">105,385</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(375,027)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(663,468)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">214,245</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">154,814</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">4,077</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,641,912</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Brazilian Federal Savings Bank</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,067,464</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">113,310</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,619</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,405</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(89,896)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(52,315)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">63,813</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">26,291</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,150,691</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">BNDES</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">696,329</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">313,072</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(2,242)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(55,806)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(76,469)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">38,172</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">33,768</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">160</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">946,984</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Leasing </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">534,894</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">32,111</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(14,489)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">552,516</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,962</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,014</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">31</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(905)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(655)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,149</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">81</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,677</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt"><i>TOTAL IN LOCAL CURRENCY</i></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,503,776</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">436,396</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">&#160;(3,483)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">32,111</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">121,035</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,405</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(521,634)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(807,396)</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt"><b><i>FOREIGN CURRENCY</i></b></font></td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">BID</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,194,353</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">113,543</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,819)</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(396,817)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">37,412</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(42,429)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(133,063)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">21,792</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">20,100</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">592</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,811,664</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">59,983</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(40,213)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,971</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,876)</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,916</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">597</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">19</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">261,337</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">469,020</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">&#160;(9,167)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">19,845</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,042</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,804</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">546</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">485,090</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Eurobonds</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,922,256</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(334,915)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(128,283)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(437,752)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">69,002</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">50,239</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">922</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,141,469</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">JICA</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,756,969</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">188,755</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(468)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(259,455)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,771</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(33,799)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(73,854)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">30,791</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,362</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">143</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,617,215</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">BID 1983AB</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">505,306</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(236)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(78,910)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(11,923)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(83,247)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,548</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">4,772</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,278</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">343,588</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt"><i>TOTAL IN FOREIGN CURRENCY</i></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,617,824</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">831,301</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(13,690)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,090,465)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">45,154</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(218,310)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(727,916)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">132,091</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">80,874</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,500</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,660,363</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt"><i>Overall Total </i></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">13,121,600</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,267,697</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(17,173)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">32,111</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(969,430)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,559</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(739,944)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,535,312)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">449,470</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">295,828</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,737</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;
Debentures</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Balance as of December 31, 2017 is stated net
of borrowings costs in the amount of R$ 6,223 (R$ 8,163 as of December 31, 2015), which will be amortized during the same maturity
period of each contract.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Main events</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="letter-spacing: -0.05pt">As
of January 16, 2017, the Company amortized the second installment of the 17th issue of series 1, totaling R$ 140,144.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="letter-spacing: -0.05pt">As
of February 15, 2017, the Company fully amortized the 15th issue of series 1, totaling R$ 104,809, referring to principal and interest.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="letter-spacing: -0.05pt">As
of June 20, 2017, the Company fully amortized the 19th debenture issue, totaling R$ 212,648, referring to principal and interest.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="letter-spacing: -0.05pt">As
of July 13, 2017, the Company held the 21st issue of unsecured debentures, not convertible into shares, totaling R$ 500,000, in
two series, the first of which totaling R$ 150,000, in a single installment maturing on June 15, 2020 and remuneration by the CDI
+ 0.60% p.a., and the second series, totaling R$ 350,000, in two installments maturing on June 15, 2021 and June 15, 2022, respectively
and remuneration by the CDI + 0.90% p.a. The proceeds of the debenture issue will be allocated to refinance financial commitments
maturing in 2017 and to recompose the Company&#8217;s cash.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="letter-spacing: -0.05pt">The
covenants agreed for the 21st issue debentures are:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 28.35pt; text-align: justify"><font style="letter-spacing: -0.05pt">Calculated
every quarter upon the disclosure of interim or annual financial statements:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify"><font style="letter-spacing: -0.05pt">-
Net debt/EBITDA: lower than or equal to 3.65;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify"><font style="letter-spacing: -0.05pt">-
Adjusted EBITDA/paid financial expenses: equal to or higher than 1.5;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify"><font style="letter-spacing: -0.05pt">-
Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate
the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly
during the deed&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding
twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating
income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 28.35pt; text-align: justify"><font style="letter-spacing: -0.05pt">Non-compliance
with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month
period shall result in the early maturity of the agreement. </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 28.35pt; text-align: justify"><font style="letter-spacing: -0.05pt">The
indenture has a cross acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, in and individual or
aggregate amount equal to or higher than R$ 145 million, adjusted by the IPCA inflation index as of the issue date,
constitutes a default event and may result in the early maturity of the obligations arising from the
Debentures.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Covenants</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the outstanding contracts, the Company has
the following restrictive clauses &#8220;covenants&#8221;:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Applicable to the 10<sup>th</sup> issue,
14<sup>th</sup> issue and 18<sup>th</sup> issue:</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"><u>Financial covenants applicable
to the financing agreements entered into with the BNDES, except for agreement no. 08.2.0169.1 (PAC):</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">The financing agreements entered into
with the BNDES specify two ranges in which the Company needs to maintain its Adjusted EBITDA / Adjusted Financial Expenses, Adjusted
Net Debt / Adjusted EBITDA, and Other Onerous Debt / Adjusted EBITDA ratios.&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">These agreements also specify a guarantee
mechanism in which the Company needs to ensure that a portion of the monthly receivables amount is daily recorded in a fiduciary
account linked to the BNDES.&#160;&#160; In this process, every day, after the BNDES notifies the depositary bank that the Company
is not in default, this portion of the monthly receivables amount is transferred to a Company current account.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">The renegotiated/amended covenants
are:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify; text-indent: -14.2pt">A.&#160;&#160;
Maintenance of the following ratios, quarterly calculated and related to accrued amounts over the last 12 months, upon the disclosure
of reviewed interim financial statements or audited annual financial statements entails the need to record R$ 225.9 million per
month in a fiduciary account linked to the BNDES:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
Adjusted EBITDA / Adjusted financial expenses equal to or higher than 3.50;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
Adjusted net debt / Adjusted EBITDA equal to or lower than 3.00;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
Other onerous debt(*) / Adjusted EBITDA equal to or lower than 1.00.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">(*) &#8220;Other Onerous Debts&#8221;
correspond to the sum of social security liabilities, health care plan, installment payment of tax debts and installment payment
of debts with the Electricity supplier.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify; text-indent: -14.2pt">B.&#160;&#160;
In case of failure to comply with one or more ratios specified in item A, in two or more quarters, consecutive or not, within twelve
months, the Company will be failing to comply with the first range of ratios and the portion of the monthly receivables to be recorded
in a fiduciary account linked to the BNDES will be automatically increased by 20%, if the ratios are maintained in the following
range:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.4pt; text-align: justify; text-indent: -14.2pt">C.&#160;&#160;&#160;
The failure to achieve one or more than one ratio stipulated in item B, and/or the Company does not comply with the automatic reinforcement
of guarantee under the terms of item B, the Company will be failing to comply with the covenant terms and the BNDES may, at its
sole discretion:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
require the creation of additional guarantees, not below 30 days, within term to be defined by it through notice;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
declare the early maturity of the financing agreements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the amount of R$ 225.9
million was guaranteed for the agreements above (excluding the guarantee of agreement n<sup>o</sup> 08.2.0169.1).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify"><i><u>Financial covenants applicable
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 3.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -14.2pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The BNDES will annually verify if the ratios
have been complied with by analyzing the annual audited financial statements, which must be presented to the BNDES or published
by April 30 of the subsequent year referring to the financial statements. If the Company complies, cumulatively, with the ratios
above, the BNDES will reduce the interest stipulated in the agreement from 2.15% p.a. to 1.82% p.a., from June 16 of the year when
the analysis is carried out to June 15 of the subsequent year.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreements also have a cross default clause,
i.e., the early maturity of any of the Company&#8217;s debts, the amount of which may anyhow compromise the settlement of its obligations
provided for in the Indenture deed shall imply the early maturity of such agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Applicable to the 12<sup>th</sup> issue:</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Calculated every quarter upon the disclosure
of interim or annual financial statements:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">- Adjusted
current ratio (current assets divided by current liabilities, excluding from current liabilities the current portion of noncurrent
debts incurred by the Company that are recorded in current liabilities) higher than 1.0;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">- EBITDA to
paid financial expenses ratio equal to or higher than 1.5;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">- Disposal
of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the
basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during
the contract&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding
twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating
income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer;
and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Noncompliance with these obligations only will
be characterized when verified in its interim financial statements, during at least, two consecutive quarters, or also two nonconsecutive
quarters within a twelve-month period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of noncompliance with the covenants,
the trustee should call an extraordinary debenture holders' meeting within 48 hours from the acknowledgement of the noncompliance
to resolve on the declaration of early maturity of the debentures.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This issue has an early maturity clause, in
case there is a downgrade, by more than two levels, of the &#8220;brAA-&#8221; risk rating in national scale originally attributed
to this issue&#8217;s Debentures by the Rating Agency, always taking into consideration the Standard &#38; Poor&#8217;s rating
table. As of December 31, 2017, SABESP&#8217;s rate was &#8220;brAA-&#8221;.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement also has a cross default clause,
i.e. the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$ 50 million, adjusted by IPCA variation as
of the issue date, due to contractual default, the amount of which may anyhow compromise the settlement of the Company&#8217;s
monetary obligations arising from the Issue, shall imply the early maturity of this agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Applicable to the 15<sup>th</sup> issue,
17<sup>th</sup> issue and 20<sup>th</sup> issues:</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Calculated every quarter upon the disclosure
of interim or annual financial statements:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">- Adjusted
total Debt/EBITDA: lower than or equal to 3.65;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">- EBITDA/ paid
financial expenses: equal to or higher than 1.5;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">- Disposal
of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the
basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during
the contract&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding
twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating
income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer;
and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-compliance with the covenant clauses, during,
at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early
maturity of the agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreements have a cross acceleration clause,
i.e., the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$ 90 million (for the 19th and 20th issues,
amount equal to or exceeding R$ 120 million), adjusted by IPCA variation as of the issue date, due to contractual default, the
amount of which may compromise the settlement of the Company&#8217;s monetary obligations arising from the Issue, will result in
the early maturity of these agreements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Applicable to 21<sup>st</sup> issue:</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Calculated every quarter upon the disclosure
of interim or annual financial statements<font style="letter-spacing: -0.05pt">:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 7.1pt; text-align: justify; text-indent: -7.1pt"><font style="letter-spacing: -0.05pt">-
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 7.1pt; text-align: justify; text-indent: -7.1pt"><font style="letter-spacing: -0.05pt">-
EBITDA/paid financial expenses: equal to or higher than 1.5;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 7.1pt; text-align: justify; text-indent: -7.1pt"><font style="letter-spacing: -0.05pt">-
</font>Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute
and operate the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually
or jointly during the deed&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the
Issuer exceeding twenty-five percent (25%). The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s
operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed
by the Issuer<font style="letter-spacing: -0.05pt">.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Non-compliance with the covenant clauses,
during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the
early maturity of the agreement<font style="letter-spacing: -0.05pt">. </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement have a cross
acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, equal to or exceeding <font style="letter-spacing: -0.05pt">R$&#160;145
million, </font>adjusted by IPCA variation as of the issue date<font style="letter-spacing: -0.05pt">, result in an event
of default  that  result in the early maturity of these agreements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Brazilian
Federal Savings Bank - CEF&#160; </b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Main events</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Funding totaled R$ 144,654 in 2017, mainly related
to the agreements in progress of the Growth Acceleration Program (PAC).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, amortization totaled R$ 65,836.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The guarantee for financing agreements entered
into with the Brazilian Federal Savings Bank is the recognition of a portion of tariffs in an account for this purpose with the
Brazilian Federal Savings Bank, which should maintain a flow equal to or at least three times the amount of the monthly charges,
during the grace period, based on interest, the management fee and the credit risk rate and, during the amortization phase, based
on the principal, interest, the management fee and the credit risk rate. Additionally, the Company maintains a reserve account,
linked to financing agreements, in the Brazilian Federal Savings Bank, which is maintained during the entire term the agreements,
where an amount is accrued equivalent to a monthly charge, composed of, during the grace period, interest, the management fee and
the credit risk rate and, during the amortization phase, of the principal, interest, the management fee and the credit risk rate.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><b>(ii)&#160;&#160;&#160; Covenants</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreements have a cross default clause,
i.e., the early maturity of any of the Company&#8217;s debts, due to contractual default, the occurrence of which may anyhow compromise
the settlement of its monetary obligations deriving from these contracts shall imply the early maturity.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160;&#160;&#160;&#160;&#160; BNDES</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Balance as of December 31, 2017 is stated
net of borrowings costs in the amount of R$ 2,793 (R$ 3,517   on December 31, 2016), which will be amortized during the same
maturity period of each contract.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Main events</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, funding from current contracts totaled
R$&#160;171,153, mainly referring to the BNDES 2015 agreement,  in the amount of R$&#160;170,000.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, amortization totaled R$&#160;87,993.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans are collateralized by part of revenues
from the provision of water and sewage services, up to the total amount of the outstanding balance.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Covenants</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreements entered into with the BNDES have
standardized financial covenants, as described in item (a), (ii), covenants applicable to the 10th issue, 14th&#160; issue and
18th&#160; issue, of this Note.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(d)&#160;&#160;&#160;&#160;&#160; Leasing</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has lease agreements signed as Assets
Lease.&#160; During the construction period, works are capitalized to intangible assets in progress and the lease amount is recorded
at the same proportion. Works are estimated to be concluded in 2019.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After startup, the lease payment period starts
(240 monthly installments), whose amount is periodically restated by contracted price index.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(e)&#160;&#160;&#160;&#160;&#160; Eurobonds
</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Balance as of December 31, 2017 is net of borrowing
costs in the amount of R$ 2,470 (R$ 3,290 as of December 31, 2016), which will be amortized during the same maturity period of
the contract.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><b>(i)&#160;&#160;&#160;
Covenants</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The contract has the following restrictive clauses
&#8220;covenants&#8221;:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Calculated every quarter upon the disclosure
of interim or annual financial statements:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restrict the funding of new debts so that:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt">-&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt">- &#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Noncompliance with covenants will accelerate
the maturity of the agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement has a cross default clause, i.e.,
the early maturity of any indebtedness in view of the Company&#8217;s loans or any of its Subsidiaries (*) with a total principal
amount of US$ 25,000,000.00 or more (or its corresponding amount in other currencies) shall imply this agreement&#8217;s early
maturity.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) As per agreement, subsidiary is: &#8220;the
company, partnership or another entity from which over 50% of its voting shares are directly or indirectly owned or controlled
by any Person or one or other Person&#8217;s Subsidiaries, or their combination&#8221;.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"><b>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;Deutsche Bank US$ 150 million</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Balance as of December 31, 2017 is net
of borrowing costs in the amount of R$&#160;5,757 (R$&#160;8,621 as of December 31, 2016), which will be amortized during the maturity
period of the contract.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><b>(i)&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement has the following restrictive
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Calculated every quarter upon the disclosure
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt">-&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- &#160;&#160;&#160; Company's debt service
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0 14.2pt; text-align: justify; text-indent: -11.35pt">Noncompliance
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement has a &#8220;cross acceleration&#8221;
clause, i.e., in the early maturity of any debt of the Company or any of its subsidiaries, with a total principal or aggregate
amount equal to or higher than R$ 120 million (or its equivalent in another currency), contracted pursuant to the Brazilian law,
or with a total principal or aggregate amount equal to or higher than US$ 50 million (or its equivalent in another currency), in
the case of debts governed by the laws of any other jurisdiction other than Brazil, will result in the early maturity of the agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) Pursuant to the agreement, a subsidiary
means any partnership, corporation, company, association or commercial entity in which SABESP or one or more of its subsidiaries
directly or indirectly hold more than 50% of the outstanding common shares with voting rights of its respective capital stock.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify; text-indent: -35.25pt"><b>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Balance as of December 31, 2017 is net of borrowing
costs amounting to R$ 14,517 (R$ 12,770 as of December 31, 2016), which will be amortized during the same maturity period of the
agreement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Main events</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.05pt">In 2017,
funding referring to BID 2202 agreement totaled R$&#160;96,889 and amortizations in the amount of </font>R$&#160;189,280, among
which, the settlement of the BID 713 agreement<font style="letter-spacing: -0.05pt">.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Guarantees</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans obtained from multilateral agencies and
from Government Agencies, such as the BID, BIRD and JICA, are guaranteed by the Federal Government, with a counter-guarantee of
the S&#227;o Paulo State government.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Covenants</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the outstanding contracts, the Company has
the following restrictive clauses &#8220;covenants&#8221;:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Calculated every quarter upon the disclosure
of interim or annual financial statements:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -11.35pt">-&#160;&#160;
Loan agreement 1,212 - Tariffs must: (a) produce revenues sufficient to cover the system's operating expenses, including administrative,
operating, maintenance, and depreciation expenses; (b) provide a return on property, plant, and equipment no less than 7%; and
(c) during project execution, the balances of current loans must not exceed 8.5% of total equity.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This agreement have an early maturity clause,
i.e., in the early maturity will occur in the event the Company&#8217;s fail failure to comply with any obligation therewith or
any agreements signed with the Bank related to Project finance.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(h)&#160;&#160;&#160;&#160;&#160; Japan International
Cooperation Agency - JICA</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Relevant funding</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Balance as of December 31, 2017 is stated net
of borrowing costs amounting to R$ 3,100 (R$ 2,971 as of December 31, 2016), which will be amortized during the same maturity period
of the contract.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Main events</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the Company raised R$ 63,909,
referring to BZ-P19 (JICA 19) <font style="letter-spacing: -0.05pt">and </font>BZ-P17 (JICA 17) <font style="letter-spacing: -0.05pt">agreements</font>.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, amortizations totaled R$&#160;65,702
referring to  JICA BZ-15 and JICA BZ-18 agreements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the guarantees assigned, see item g (ii)
of this note.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(i) &#160;&#160;&#160;&#160;&#160; AB Loan
(IADB 1983AB) </b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The balance stated as of December 31, 2017
is net of borrowing costs amounting to R$&#160;3,400 (R$&#160;4,641 as of December 31, 2016), which will be amortized during
the same maturity period of the contract.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Main events</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, amortization totaled R$&#160;75,610.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.5in"><b>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Covenants</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has the following restrictive clauses
&#8220;covenants&#8221;:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Calculated every quarter upon the disclosure
of interim or annual financial statements:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- The Company&#8217;s ratio of debt service
coverage, determined on a consolidated basis, must be higher than or equal to 2.35; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- Total adjusted debt over adjusted
EBITDA, determined on a consolidated basis, must be lower than 3.65.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement has an early maturity clause,
i.e., in the event of default, the BID may order the early maturity of the loan or part of it.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement also has a &#8220;cross default&#8221;
clause, i.e., in the event of default of any other Company debt with the BID or with third parties (in this case, higher than US$
25 million), the BID may order the early maturity of the loan.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(j) &#160;&#160;&#160;&#160;&#160; International
Bank for Reconstruction and Development - IBRD</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Balance as of December 31, 2017 is stated net
of borrowing costs amounting to R$&#160;310 (R$&#160;328 as of December 31, 2016), which will be amortized during the same maturity
period of the contract.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify; text-indent: -40pt"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Main events</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, funding totaled R$&#160;35,710.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the guarantees assigned, see item g (ii)
of this note.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(k)&#160;&#160;&#160;&#160;&#160; Covenants</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017 and 2016, the Company
had met the requirements set forth by its borrowings and financing agreements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(l) &#160;&#160;&#160;&#160;&#160; Exchange
rate changes</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the US dollar appreciated 1.5%, from
R$&#160;3.2591 on December 31, 2016 to R$&#160;3.3080 on December 31, 2017, reducing debt in US dollars by R$&#160;58,718, and
the yen appreciated 5.3%, from R$ 0.02792 on December 31, 2016 to R$&#160;0.02940 on December 31, 2017, reducing debt in yen by
R$&#160;85,211.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(m)&#160;&#160;&#160; Borrowings and financing
&#8211; Credit Limited</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 65%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Agent</b></font></td>
    <td style="vertical-align: top; width: 5%; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">(in millions of reais (*))</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Brazilian Federal Savings Bank</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,487</font></td></tr>
<tr>
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Brazilian Development Bank &#8211; BNDES</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,576</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Inter-American Development Bank &#8211; BID</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">436</font></td></tr>
<tr>
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Japan International Cooperation Agency &#8211; JICA</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">244</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Other</font></td>
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    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">38</font></td></tr>
<tr>
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    <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>3,781</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*)Brazilian Central Bank&#8217;s exchange rate
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SABESP in order to comply with its Capex plan
relies on a fund-raising plan.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financing resources contracted have specific
purposes, which have been released for the execution of their respective investments, according to the progress of the works.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Taxes recoverable/payable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TaxesRecoverablepayableAbstract', window );"><strong>Taxes Recoverablepayable</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory', window );">Taxes recoverable/payable</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Current assets</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Recoverable taxes</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Income tax and social contribution</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">270,614</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">32,365</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Withholding income tax (IRRF) on financial investments</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,606</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">7,057</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Other federal taxes</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,365</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,961</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Other municipal taxes</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">250&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">276,585&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">42,633&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase in recoverable taxes is mainly
due to the increase in the &#8220;income tax and social contribution&#8221; item, referring to the estimates paid are higher that
the amounts due in the year.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Current liabilities</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Taxes and contributions payable</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Cofins and Pasep</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">74,034</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">49,132</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">INSS (Social Security contribution)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">35,365</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">35,376</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">IRRF (withholding income tax)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">58,204</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">62,771</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">16,362&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">21,478&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">183,965&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">168,757&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of tax receivables and payables.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. Deferred taxes and contributions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAndContributionsAbstract', window );"><strong>Deferred Taxes And Contributions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDeferredTaxesExplanatory', window );">Deferred taxes and contributions</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Statement of financial position details</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 52%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax assets </b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Provisions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">482,863</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">524,129</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1 Plan </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Pension obligations - G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">165,503</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,922</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Donations of underlying asset on concession agreements</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">55,112</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">57,317</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Credit losses</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">199,063</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">266,757</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,562</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,247</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total deferred tax assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,054,103</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax liabilities</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Temporary difference on concession of intangible asset</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(460,177)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(492,341)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Capitalization of borrowing costs</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(415,379)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(374,512)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Profit on supply to governmental entities</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(76,705)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(92,365)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1 Plan </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(36,538)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Construction margin</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(88,947)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(91,790)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Borrowing costs</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(13,111)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,063)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total deferred tax liabilities</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,090,857)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Deferred tax assets
    (liabilities), net</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,754)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Realization</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax assets </b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized within 12 months</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">221,999</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">314,725</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized after one year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">832,104</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">937,691</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total deferred tax assets</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,054,103</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax liabilities</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized within 12 months</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">(51,520)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">(143,428)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized after one year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,039,337)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(922,643)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total deferred tax liabilities</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,090,857)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Deferred tax asset (liabilities)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,754)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160;&#160;&#160;&#160;&#160; Changes</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 49%"><font style="font-size: 8pt"><b>Deferred income tax assets</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>Net </b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>change </b></p></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Provisions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">524,129</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(41,266)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">482,863</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(85,044)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Pension obligations - G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,922</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(2,419)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">165,503</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Donations of underlying asset on concession agreements</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">57,317</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(2,205)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">55,112</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Credit losses</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">266,757</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(67,694)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">199,063</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,247</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">315</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,562</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(198,313)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,054,103</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt"><b>Deferred income tax liabilities</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Temporary difference on concession of intangible asset</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(492,341)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">32,164</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(460,177)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Capitalization of borrowing costs</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(374,512)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(40,867)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(415,379)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Profit on supply to governmental entities</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(92,365)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,660</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(76,705)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(36,538)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(36,538)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Construction margin</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(91,790)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,843</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(88,947)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Borrowing costs</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,063)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,952</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(13,111)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(24,786)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,090,857)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td>&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred tax assets (liabilities), net</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(223,099)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,754)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 49%; padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Deferred income tax assets</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2015</b></font></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>Net </b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>change </b></p></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; padding-left: 2.85pt"><font style="font-size: 8pt">Provisions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">480,378</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">43,751</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">524,129</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 2.85pt"><font style="font-size: 8pt">Pension obligations &#8211;
    G0</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Pension obligations - G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">256,808</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(88,886)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,922</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Donations of underlying asset on concession agreements</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">53,206</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">4,111</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">57,317</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Credit losses</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">213,171</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">53,586</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">266,757</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Tax losses</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">58,829</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(58,829)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">121,550</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">29,697</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,247</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,183,942</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">68,474</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Deferred income tax liabilities</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">32,154</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(492,341)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(64,864)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(374,512)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(81,055)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(11,310)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(92,365)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(33,726)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">33,726</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(94,921)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,131</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(91,790)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(11,855)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,208)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,063)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,055,700)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(10,371)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">Deferred tax asset, net</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">128,242</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">58,103</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 49%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
        31, </b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
        31, </b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></p></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
        31, </b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></p></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif"><b>Opening balance </b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>186,345</b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>128,242</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>209,478</b></font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;- corresponding entry to the income statement
    </font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(101,517)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(60,667)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,024)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;- corresponding entry to valuation adjustments
    to equity (Note 20 (b))</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(121,582)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">118,770</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(31,212)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Total net change</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(223,099)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">58,103</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(81,236)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif"><b>Closing balance </b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(36,754)</b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>186,345</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>128,242</b></font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(d)&#160;&#160;&#160;&#160;&#160; Reconciliation
of the effective tax rate</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts recorded as income tax and social
contribution expenses in the financial statements are reconciled to the statutory rates, as shown below:&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td style="width: 18%; padding-right: 2.85pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="width: 18%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Profit
    before income taxes</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,503,614</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,129,054</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">587,529</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Statutory
    rate</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Estimated
    expense at statutory rate</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,191,229)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,403,878)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(199,760)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding: 1pt 2.85pt 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Tax
    benefit of interest on equity</font></td>
    <td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">245,444</font></td>
    <td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">245,637</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">56,172</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Permanent
    differences</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(57,104)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(63,039)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(54,679)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,413)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,987)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,153)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">GESP
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">151,465</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,998</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">50,311</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,295)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(984,304)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,181,956)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(51,250)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(882,787)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,121,289)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,226)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Deferred income tax
    and social contribution</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(101,517)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(60,667)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,024)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Effective
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">28%</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">29%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">9%</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i)&#160;&#160;&#160;&#160; Permanent difference related
to the provision for actuarial liability (Note 20 (b) (iii)).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741307408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionsAbstract', window );"><strong>Provisions [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -35.45pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
(a)&#160;&#160; Lawsuits and proceedings that resulted in provisions</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><b>(I) Statement of financial
position details</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is party to a number of
claims and legal proceedings arising in the normal course of business, including civil, tax, labor and environmental matters.
Management recognizes provisions in the financial statements consistently with the recognition and measurement
criteria established in Note 3.15. The ultimate timing and amounts of the payments depends on the outcome of the court cases.
The provisions, net of escrow deposits are as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 33%">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 1pt 0">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 1pt 0">&#160;</p></td>
    <td style="width: 11%; border-top: Black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>Provisions</b></font></td>
    <td style="width: 11%; border-top: Black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>Escrow deposits</b></font></td>
    <td style="width: 11%; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 1%; padding-right: 2.85pt; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="width: 11%; border-top: Black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>Provisions</b></font></td>
    <td style="width: 11%; border-top: Black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>Escrow deposits</b></font></td>
    <td style="width: 11%; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
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    <td style="padding-right: 2.85pt"><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">438,619</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(56,301)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">382,318</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">572,210</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(97,171)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">475,039</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(259,608)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">72,429</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">332,667</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(251,510)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">81,157</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt"><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">114,544</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(16,227)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">98,317</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">131,286</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(12,652)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">118,634</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt"><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">77,100</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(5,507)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">71,593</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">69,898</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(2,986)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">66,912</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt"><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">299,842</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(6,741)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">293,101</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">285,413</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(3,202)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">282,211</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt"><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">160,446</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">160,446</font></td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">150,084</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(962)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">149,122</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,422,588</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(344,384)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,078,204</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,541,558</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(368,483)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,173,075</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt"><font style="font-size: 8pt">Current</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">607,959</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">607,959</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">730,334</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">730,334</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">814,629</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(344,384)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">470,245</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">811,224</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(368,483)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">442,741</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><b>(II) Changes</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 24%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Additional provisions</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Interest and inflation adjustment</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font-size: 8pt"><b>Use of the accrual</b></font></td>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(reversal)</b></p></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">572,210</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">26,642</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">44,805</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(138,466)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(66,572)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">438,619</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Supplier claims&#160; (ii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">332,667</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">23,017</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">36,888</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(39,433)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(21,102)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">332,037</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">131,286</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">13,517</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">12,057</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(19,975)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(22,341)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">114,544</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">69,898</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,392</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(259)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(6,808)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">77,100</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">285,413</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">55,106</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">38,861</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(43,498)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,040)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">299,842</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">150,084</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">32,377</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">16,156</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(24,585)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(13,586)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">160,446</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Subtotal</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,541,558</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">157,536</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">156,159</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(266,216)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(166,449)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,422,588</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Escrow deposits</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(368,483)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(29,089)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(7,823)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,354</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">45,657</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(344,384)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,173,075</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">128,447</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">148,336</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(250,862)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(120,792)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,078,204</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 24%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2015</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Additional provisions</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Interest and inflation adjustment</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font-size: 8pt"><b>Use of the accrual</b></font></td>
    <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Amounts not used</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(reversal)</b></p></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">561,061</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">109,540</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">95,459</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(87,334)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(106,516)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">572,210</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Supplier claims&#160; (ii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">296,660</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">12,885</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">43,679</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(20,018)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(539)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">332,667</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">124,833</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">20,638</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">19,940</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(8,080)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(26,045)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">131,286</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">62,812</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">20,716</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">14,265</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(4,621)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(23,274)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">69,898</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">283,991</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,408</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">29,419</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(37,072)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(42,333)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">285,413</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">83,520</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">68,485</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">23,508</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(25,429)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">150,084</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Subtotal</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,412,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">283,672</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">226,270</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(157,125)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(224,136)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,541,558</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Escrow deposits</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(330,663)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(38,269)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(27,153)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">9,601</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">18,001</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(368,483)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,082,214</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">245,403</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">199,117</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(147,524)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(206,135)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,173,075</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 24%; text-align: justify">&#160;</td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2014</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Additional provisions</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Interest and inflation adjustment</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font-size: 8pt"><b>Use of the accrual</b></font></td>
    <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Amounts not used</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(reversal)</b></p></td>
    <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>December 31,</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2015</b></p></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">638,637</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">34,868</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">96,735</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(92,203)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(116,976)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">561,061</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Supplier claims&#160; (ii)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">260,854</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">7,062</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">39,143</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(5,837)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(4,562)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">296,660</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">126,403</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">13,022</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">20,643</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(12,778)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(22,457)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">124,833</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">55,554</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,501</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,557</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(266)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(2,534)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">62,812</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">235,466</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">114,499</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">27,231</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(23,431)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(69,774)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">283,991</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">226,404</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">17,072</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">16,247</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(8,081)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(168,122)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">83,520</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Subtotal</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,543,318</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">188,024</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">208,556</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(142,596)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(384,425)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,412,877</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Escrow deposits</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(322,971)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(16,892)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(21,791)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">26,061</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">4,930</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(330,663)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,220,347</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">171,132</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">186,765</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(116,535)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(379,495)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,082,214</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Lawsuits
deemed as contingent liabilities</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is party to lawsuits and administrative
proceedings relating to environmental, tax, civil and labor claims, which are assessed as contingent liabilities in the financial
statements, since it either does not expect outflows to be required or the amount of the obligation cannot be reliably measured.
Contingent liabilities are represented as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 54%; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">219,900</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">306,500</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Supplier claims (ii)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,430,600</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,422,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">733,100</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">709,400</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,291,000</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,143,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">677,400</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">533,600</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,879,000</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,317,600</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">8,231,000</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,432,100</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160;&#160;&#160;&#160;&#160; Explanation
on the nature of main classes of lawsuits</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;Customer claims </b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 38.25pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately 1,070 lawsuits (1,140 as of December
31, 2016) were filed by commercial customers, who claim that their tariffs should correspond to other consumer categories, and
680 lawsuits (710 as of December 31, 2016) in which customers claim a reduction in the sewage tariff due to losses in the system,
consequently requesting the refund of amounts charged by the Company and 50 lawsuits (50 as of December 31, 2016) in which customers
plead the reduction in tariff under the category as &#8220;Social Welfare Entity&#8221;. The Company was granted both favorable
and unfavorable final decisions at several court levels. The R$&#160;92,721 decrease in accrued lawsuits was mainly due to payments
in the period, while the R$ 86,600 decrease in lawsuits deemed as contingent liabilities is mainly related to revision of expectations
arising from court decisions in the period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"><b>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Supplier claims</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These lawsuits include lawsuits filed by some
suppliers alleging underpayment of monetary restatements, withholding of amounts related to the understated inflation rates deriving
from Real economic plan, and the economic and financial imbalance of the agreements, and are in progress at different courts.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"><b>(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Other civil claims</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These mainly refer to indemnities for property
damage, pain and suffering, and loss of profits allegedly caused to third parties, filed at different court levels.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"><b>(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Tax claims</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tax claims refer mainly to issues related
to tax collections and fines in general challenged due to disagreements regarding notification or differences in the
interpretation of legislation by the Company's management. The R$ 148,000 increase in lawsuits deemed as contingent
liabilities is mainly related to the new claims filed and update of lawsuits in progress.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) In 2006, the Brazilian Federal Revenue Service,
by means of a tax execution, verified the Company&#8217;s compliance with the tax obligations related to income tax and social
contribution for calendar year 2001, and issued a tax assessment adjusted through December 31, 2017 in the amount of R$ 52,192
(R$ 50,203 as of December 31, 2016).&#160; The Company appealed this recognition and was granted a partial relief in the first
administrative instance. In December 2015, it filed a Voluntary Appeal against the part of the decision that was unfavorable to
it. Management considers that this administrative proceeding is deemed as a contingent liability.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) The municipality of S&#227;o Paulo, through
law, revoked the services tax exemption which until them the company withheld and thereafter issued tax deficiency notices related
to the sewage service and ancillary activities, in the updated amount of R$ 547,510 (R$ 501,060 as of December 31, 2016), which
currently are subject-matter of Tax Foreclosures, deemed by the Management as contingent liabilities. SABESP filed a writ of mandamus
against this revocation, which was rejected. Writs of prevention and actions for annulment were also filed, aiming the suspension
of enforceability of credits and the annulment of tax deficiency notices, as it understands that notwithstanding the exemption
revocation, the sewage activities and ancillary activities are not included in the list of activities subject to taxation by municipality.
The appellate decision was favorable to the Company. The Municipality&#8217;s special and extraordinary appeal is still pending.
The Company&#8217;s Management deemed the proceeding as contingent liability.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c) The Federal Revenue Service rejected some
offset requests made by the Company for the extinction of IRPJ/CSLL payable, using favorable amounts, arising from undue payments
of IRPJ/CSLL, which were paid based on monthly estimates. The amount involved was adjusted through December 31, 2017 and is R$
42,173 (R$ 62,039 as of December 31, 2016).&#160; Management considered this administrative proceeding as a contingent liability.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d) The Company&#8217;s request for an authorization
to offset taxes was rejected, overdue in the periods of July, August and September 2002 against the amount of IRPJ paid in excess
in 1997 and 1998, due to inflation adjustment over the financial statements (Law 8,200/91), which was anticipated in 1996 due to
an injunction, after excluded due discontinuance of proceeding and application of Provisional Measure 38/02. The Administrative
Council of Tax Appeals rejected the credit from 1997. The amount involved was adjusted through December 31, 2017 and is estimated
at R$ 51,374 (R$ 49,682 as of December 31, 2016). Management considered this administrative proceeding as a contingent liability.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(e) Some municipalities have filed several lawsuits
against SABESP related to taxes and fines in general, which were accrued and deemed as contingent liabilities. As of December 31,
2017, the restated amounts of such lawsuits were R$&#160;40,123 (R$&#160;39,495 as of December 31, 2016) and R$&#160;582,168 (R$&#160;466,407
as of December 31, 2016), respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(f) In 2005, the Brazilian Federal Revenue Service
partially rejected the Company&#180;s request of offsetting tax credits related to the Corporate Income Tax (IRPJ) and the Social
Contribution on Net Income (CSLL) in the amount of approximately R$ 56,118, and R$ 8,659, respectively, which relate to the period
from January to April 2003, for which the Company offset prior year IRPJ and CSLL negative balances. The amounts not ratified by
the authority of IRPJ and CSLL are R$ 11,164 and R$ 698, totaling R$ 11,862 million. As the company was granted a partial relief
in this matter, it considered the restated amount of R$ 8,296 as of December 31, 2017 (R$ 8,010 as of December 31, 2017) as a contingent
liability and accrued R$ 1,415 (R$ 1,366 as of December 31, 2016) pursuant to item 3.15.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(g) SABESP filed two writs of mandamus pleading
the declaration of unconstitutional municipal laws that levy the collection of taxes deriving from the use of public areas in the
water and sewage network installation for&#160; the rendering of basic sanitation public utilities. The first writ of mandamus
was judged groundless at the lower court and the Court of Justice of S&#227;o Paulo, in the appeal's records, partially granted
relief to recognize the impossibility of charging the monthly contribution, due to unconstitutionality, deeming as valid the need
of security and other requirements to issue the Statement of Use Permit&#8211; TPU, however, this decision had no effect since
the rules, subject-matter of the first writ of mandamus were revoked.&#160; The second writ of mandamus was granted partial relief
to prohibit the enforceability of public price and the security for the use of public areas deriving from the municipal laws.&#160;
The municipality&#8217;s appeal, which was filed as special and extraordinary appeals, was rejected and is pending judgment. At
the same time, the S&#227;o Paulo State Appellate Court suspended the lawsuit until a final pronouncement regarding Federal Supreme
Court&#8217;s general repercussion matter no. 261 on the Fee &#8211; Occupation &#8211; Light Pole &#8211; Electricity. Management
considered it as a contingent liability, but was not able to estimate the amount involved, given the specificities of the lawsuit.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"><b>(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Labor claims</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is a party to labor lawsuits, involving
issues such as overtime, shift schedule, health hazard premium and hazardous duty premium, prior notice, change of function, salary
equalization, service outsourcing and other. Part of the amount involved is in provisional or final execution at various court
levels. The R$ 143,800 increase in lawsuits deemed as contingent liabilities is mainly due to the new lawsuits filed and updates
on lawsuits in progress.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 64.35pt; text-align: justify; text-indent: -0.5in"><b>(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Environmental claims</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These refer to several administrative proceedings
and lawsuits filed by government entities, including Companhia de Tecnologia de Saneamento Ambiental &#8211; Cetesb and the Public
Prosecution Office of the State of S&#227;o Paulo, that aim affirmative and negative covenants and penalty is estimated due to
failure to comply in addition to the imposition of indemnity due to environmental damages allegedly caused by the Company. The
amounts accrued represent the best estimate of the Company at this moment, however, may differ from the amount to be disbursed
as indemnity to alleged damages, in view of the current stage of referred proceedings. The R$ 561,400 increase in lawsuits deemed
as contingent liabilities is mainly due to the new lawsuits filed and updates on lawsuits in progress.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Among the main lawsuits the Company is involved,
there are public civil actions the subject-matters of which are: a) sentence SABESP to restrain itself from discharging or releasing
sewage without due treatment; b) invest in the water and sewage treatment system of the municipality, under the penalty of paying
a fine; c) payment of indemnity due to environmental damages, amongst others.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(d)&#160;&#160;&#160;&#160;&#160; Other concession-related
legal proceedings&#160;&#160;&#160;&#160;&#160; </b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is party in concessions-related
proceedings, where it challenges damage-related issues to recover the right of operating water supply and sewage collection services
in few municipalities or the right to continue operating said services.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of intangible assets
related to the municipalities mentioned in the lawsuits mentioned below (except for item &#8220;h&#8221;) totaled R$ 28,417
as of December 31, 2017 (R$ 28,273 as of December 31, 2016), of which R$ 24,071 (items &#8220;c&#8221; to &#8220;g&#8221;)
reclassified to indemnities receivable in noncurrent assets, and estimated losses in the full amount of the claim were
recorded (see Note 14 (b)). All municipalities mentioned below are not operated by the Company. When a municipality is
awarded a final an unappealable favorable sentence, allowing it to repossess sanitation service assets and operations, the
Brazilian legislation provides for the indemnity of the Company&#8217;s investments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(a) Cajobi filed an action to recover
possession against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets;
the likelihood of the Company resuming operations is remote. As of February 18, 2018, the appeal filed in the Appellate Court was
denied. Meanwhile, SABESP has filed a motion against the municipality of Cajobi aiming at the enumeration and appraisal of the
concession assets, which is in the forensic accounting stage and will support the subsequent filing of an action for damages;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(b) Macatuba filed an action to recover
possession against SABESP, which was granted relief; the likelihood of the Company resuming operations is remote. Meanwhile, SABESP
has filed an appeal requesting the payment by the municipality of indemnity related to non-amortized reversible assets. The action
is in the forensic accounting stage.&#160; In this same action, the municipality of Macatuba counterclaimed because it believes
that SABESP earned, through the collection of tariffs, more than the amount invested in the water and sewage system, requesting
that the Company be sentenced to pay an indemnity to be calculated by forensic experts, which is deemed as a contingent liability;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(c) The Company filed a repossession
action against the municipality of &#193;lvares Florence, which was deemed groundless in an unappealable judgment. SABESP also
filed an action for damages, requiring the payment related to non-amortized reversible assets. The Court sentenced the municipality
to comply with the terms of the agreement. The municipality then filed motion and the appeal is pending judgment;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(d) Emba&#250;ba  was granted
relief after filling a repossession action against SABESP to maintain the municipality in the
possession of water and sewage assets and was issued a final and unappealable judgment.&#160; The indemnity action was
judged groundless in first instance and upheld by the Court of Justice. SABESP filed a motion that is still pending
judgment;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(e) Ara&#231;oiaba da Serra filed
a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage
assets and was issued a final and unappealable judgment.&#160; SABESP filed an indemnity action, which is in progress, in the forensic
expert stage;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(f) Itapira filed a repossession
action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets, which
was issued final and unappealable decision.&#160; SABESP filed an indemnity action, which is pending judgment;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(g) Tuiuti, through an action, obtained
the right to continue operating water and sewage services. However, in a counter-claim, the municipality was sentenced to pay an
indemnity, as a final decision that became an execution object by SABESP. As of December 7, 2016, an official communication was
issued requesting the payment of the award;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">(h) Mau&#225; is a defendant in a
lawsuit filed by SABESP in 1996, in order to receive indemnification for its investments during the period of the concession agreement.
The court found for the plaintiff and the decision was executed. The lawsuit is currently pending payment through registered warranties.
The assets object of indemnification total R$&#160;85,918; estimated losses in the full amount were recorded.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(e)&#160;&#160;&#160;&#160;&#160; Environmental
 lawsuits with settlements made in 2017</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the Company entered into several legal
and administrative agreements totaling R$ 41,133. Of this amount, R$ 19,077 is related to the construction and R$ 22,056 to environmental
indemnifications, recorded under &#8220;other liabilities&#8221;. The accumulated balance as of December 31, 2017, corresponding
to environmental indemnifications, totaled R$ 43,014 (R$ 20,626 as of December 31, 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(f) &#160;&#160;&#160;&#160;&#160; Guarantee
insurance for escrow deposit</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company contracts guarantee insurance
for escrow deposit, which was renewed as of May 25, 2017, in the amount of R$ 500 million. Such insurance will be used  to
settle legal claims instead of  have immediate cash disbursement by the Company, such insurance is used until the
conclusion of these proceedings limited to up to five years.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017, the Company used R$ 101,192 of the
total contracted amount (R$ 134,377 in 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741400480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EmployeesBenefitsAbstract', window );"><strong>Employees Benefits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">Employees benefits</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160; Health
benefit plan</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The health benefit plan is managed by Sabesprev
and consists of optional, free choice, health plans sponsored by contributions of SABESP and the active participants, as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">.&#160;&#160;&#160;&#160;
Company: 7.7% (December 31, 2016 - 7.3%) on average, of gross payroll;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">.&#160;&#160;&#160;&#160;
Participating employees: 3.21% of base salary and premiums, equivalent to 2.8% of payroll, on average.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Pension
plan benefits</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 60%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 20%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 20%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Funded plan &#8211; G1 (i)</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Present value of defined benefit obligations</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,319,841</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,465,721</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Fair value of the plan assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,931,380)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,712,551)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Net liabilities recognized for defined benefit obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">388,461</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">753,170</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Unfunded plan &#8211; G0 (iii)</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Present value of defined benefit obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,543,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; text-align: justify"><font style="font-size: 8pt">Net liabilities recognized for defined benefit obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,543,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Liability as per statement of financial position &#8211; pension obligations (*)</b></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2,932,338</b></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>3,265,250</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In spite of the decrease in interest rate in
the year, the decrease of actuarial liability was mainly due to the commencement of payments by the Company and Participants as well as reduction of benefits to Retired Beneficiaries
in 2017 to reduce the deficit.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to    IAS19, the Company
recognizes (gains)/losses, due to changes in assumptions under equity, as valuation adjustments to equity, as shown below:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G1 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G0 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">As of December 31, 2017</font></td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Actuarial gains/(losses) on obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">305,511</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">357,046</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Gains/(losses) on financial assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">52,083</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">52,083</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total gains/(losses)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">357,594</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">409,129</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred income tax and social contribution - G1 Plan</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(121,582)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(121,582)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Valuation adjustments to equity</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">236,012</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">287,547</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G1 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G0 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">As of December 31, 2016</font></td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Actuarial gains/(losses) on obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(541,783)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(241,711)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(783,494)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Gains/(losses) on financial assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">192,458</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">192,458</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total gains/(losses)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(349,325)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(241,711)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(591,036)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred income tax and social contribution - G1 Plan</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">118,770</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">118,770</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Valuation adjustments to equity</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(230,555)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(241,711)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(472,266)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="vertical-align: top; width: 52%; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; width: 16%; text-align: right"><font style="font-size: 8pt"><b>G1 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; text-align: right"><font style="font-size: 8pt"><b>G0 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">As of December 31, 2015</font></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Actuarial gains/(losses) on obligations</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">228,191</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(24,224)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">203,967</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Gains/(losses) on financial assets</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(136,389)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(136,389)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total gains/(losses)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">91,802</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(24,224)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">67,578</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred income tax and social contribution - G1 Plan</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(31,212)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(31,212)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Valuation adjustments to equity</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">60,590</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(24,224)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">36,366</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -35.45pt"><b>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
G1 Plan</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company sponsors a defined benefit pension
plan for its employees (&#34;G1 Plan&#34;), which is managed by Sabesprev, receives similar contributions established in a plan
of subsidy of actuarial study of Sabesprev, as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 35.7pt; text-align: justify; text-indent: -17.85pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
0.99% of the portion of the salary of participation up to 20 salaries; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 35.7pt; text-align: justify; text-indent: -17.85pt">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
8.39% of the surplus, if any, of the portion of the salary of participation over 20 salaries.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of December 31, 2017, SABESP had a net actuarial liability of
R$ 388,461 (R$ 753,170 as of December 31, 2016) representing the difference between the present value of the Company's defined
benefit obligations to the participating employees, retired employees, and pensioners; the fair value of the plan&#8217;s assets.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Defined benefit obligation, beginning of the year</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,465,721</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,252,204</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Current service cost</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">17,582</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">35,845</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Interest cost</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">260,409</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">285,227</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Actuarial (gains)/losses recorded as other comprehensive income</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(305,511)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">541,783</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Effect of the plan migration &#8211; early reduction/curtailment</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(525,992)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Benefits paid</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(118,360)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(123,346)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Defined benefit obligation, end of the year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,319,841</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,465,721</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Below,
the change of fair value of the plan during the year:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Fair value of the
    plan&#8217;s assets, beginning of the year</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,712,551</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,586,930</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">Expected
    return on the plan assets</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">183,689</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">201,779</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">Expected
    Company&#8217;s contributions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">48,742</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">23,046</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">Expected
    participants&#8217; contributions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">52,675</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">23,525</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">Benefits
    paid</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(118,360)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(123,347)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">Actuarial
    gains/(losses) recorded as other comprehensive income</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">52,083</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">192,458</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">Effect
    of the plan migration &#8211; early reduction/curtailment</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(191,840)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">Fair
    value of the plan&#8217;s assets, end of the year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,931,380</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,712,551</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font: 8pt Times New Roman, Times, Serif">(Deficit)/Surplus</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(388,461)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(753,170)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amounts recognized in the year are as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 61%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Current service expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(35,093)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,562</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">23,303</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest cost rate</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">260,409</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">285,227</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">287,334</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Expected return on
    the plan assets</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(183,689)</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(201,778)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(205,981)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 12pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    expenses</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">41,627</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">97,011</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">104,656</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
2017, the expenses related to defined pension plan amounting to R$35,156, R$1,864 and R$619 (R$60,263, R$7,982 and R$24,557 in
2016 and R$68,412, R$8,838 and R$22,902 in 2015), were recorded in operating costs, selling and administrative expenses, respectively.&#160;
The amount of R$3,988 was capitalized in assets (R$4,209 in 2016 and R$4,504 in 2015).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 77%"><font style="font: 8pt Times New Roman, Times, Serif">Estimated expenses </font></td>
    <td style="width: 23%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Service cost</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,228</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Interest cost rates</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">213,201</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Participants contribution</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(37,659)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Net profitability on financial assets</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(179,449)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Expense to be recognized by the employer</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,321</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Actuarial
assumptions:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 64%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 12%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Discount rate &#8211;
    actual rate (NTN-B) </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.35%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.74%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.23% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation rate</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.96%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.87%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.49% p.a.</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Expected rate of
    return on assets</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9.52%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10.89%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14.19% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Future salary increase</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.04%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.97%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8.62% p.a.</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Mortality table</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">AT-2000</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">AT-2000</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">AT-2000</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
number of active participants as of December 31, 2017 was 4,317 (4,547 as of December 31, 2016), and of inactive participants
was 6,978 (6,896 as of December 31, 2016).</font></p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The benefit to be paid of G1 pension plan, expected
for 2018 is R$&#160;165,307.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The contributions of the Company and participants
of Plan G1 in 2017 were R$&#160;48,742 (R$&#160;24,288 in 2016) and R$&#160;52,047 (R$&#160;21,895 in 2016), respectively. Of this
amount, the Company and the participants&#8217; payments corresponding to the actuarial deficit of the G1 funded plan in 2017,
totaled R$&#160;35,931 and R$&#160;38,668, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Sensitivity analysis of the defined benefit pension plan as of December 31, 2017 regarding the changes in the main assumptions
are</b>:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 34%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Plan &#8211; G1</b></font></td>
    <td style="width: 33%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Change in assumption</b></font></td>
    <td style="width: 33%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Impact on present value of the defined benefit obligations </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Discount rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Decrease of R$&#160;257,172</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1.0% </font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Wage increase rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Increase of R$&#160;33,484</font></td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Life expectation</font></td>
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<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1 year </font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Plan&#8217;s assets</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The plan investment policies and strategies
are aim at getting consistent returns and reduce the risks associated to the utilization of financial assets available on the Capital
Markets through diversification, considering factors, such as the liquidity needs and the long-term nature of the plan liability,
types and availability of financial instruments in the local and international markets, general economic conditions and forecasts
as well as requirements under the law. The plan's asset allocation management strategies are determined with the support of reports
and analysis prepared by Sabesprev and independent financial advisors:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 45%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 5%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Fixed income</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,064,935</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">997,027</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">146,495</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">141,405</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;&#160;&#160;&#160; -&#160; NTNFs</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,803</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Government bonds in own portfolio</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(a)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,211,430</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,144,235</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 12pt"><font style="font-size: 8pt">Fixed income fund quotas </font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(b)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">260,352</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">95,854</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Private credit investment fund quotas </font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(c)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">135,454</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">139,665</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Debentures</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,902</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,940</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,611,138</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,383,694</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(d)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">195,459</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">180,721</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,903</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,467</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total equities</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">199,362</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">196,188</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Structured investments</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(e)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">86,193</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">76,680</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Real estate investment fund quotas</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(f)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">27,170</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">18,428</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Multimarket investment fund quotas</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(g)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">31,195</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total structured investments</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">113,363</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">126,303</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(h)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,517</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,366 </font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,931,380</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,712,551 </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(a) Fixed income: it is
composed of government bonds issued by the National Treasury, between 2024 and 2055. These instruments are indexed by NTN-b indexed
by IPCA (Extended Consumer Price Index) and&#160; NTN-c indexed by IGPM (General Market Price Index).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(b) Fixed Income Fund
Quotas: investment funds that seek return on fixed income assets and shall have&#160;&#160; at least, 80% of the portfolio in directly
related assets, summed up via derivatives to the risk factor.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(c) Private Credit Investment
Fund Quotas: funds that seek return by means of the acquisition of operations representing corporate debts or disseminated receivables
portfolios (rights or bonds), originated and sold by several assignors who anticipate funds and have receivables from several business
activities as guarantee.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(d) Equities: equity fund
composed of Brazilian companies&#8217; stocks listed at B3.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(e) Equity Investment
Fund Quotas: it is composed of a closed-ended investment fund. The assets under its management are destined to the acquisition
of stocks, debentures, warrants or other securities convertible or swappable into shares issued by companies trading in stock exchanges
or not.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(f) Real Estate Investment
Fund Quotas: Funds investing in real estate projects (commercial buildings, shopping centers, hospitals, etc.). The return on capital
invested occurs by sharing the Fund&#8217;s proceeds or sale of its quotas in the Fund.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(g) Multimarket Investment
Fund Quotas: Investment funds that use several investment strategies available in the capital markets in order to obtain return
higher than the CDI.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">(h) Other: Investment
fund quotas in global companies&#8217; stocks, mostly US companies, borrowings, real estate, etc., reducing operational and contingent
liabilities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restrictions with respect to asset portfolio
investments, in the case of federal government securities:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">i) papers securitized by the National
Treasury will not be permitted;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">ii) derivative instruments must be
used for hedge.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">Restrictions with respect to asset
portfolio investments, in the case of variable-income securities for internal management, are as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">i) day-trade operations will not be
permitted;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">ii) sale of uncovered share is prohibited;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">iii) swap operations without guarantee
are&#160; prohibited</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 2.4pt; text-align: justify">iv) leverage will not be permitted,
i.e., operations with derivatives representing leverage of&#160; asset or selling&#160; short, such operations cannot result in
losses higher than&#160;&#160; invested amounts.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, Sabesprev had in its
investment portfolio debentures issued by the Company in the amount of R$ 3,899 (R$ 3,937 as of December 31, 2016). The real estate
held in the portfolio is not used by the Company.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assets&#8217; consolidated profitability
came to 12.02% in 2017, exceeding its actuarial target of 7.68%. in 2016, profitability came to 15.99%, exceeding the actuarial
target of 12.44%.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concerning Fixed Income, the strategies focused
on government bonds prevailed. Said bonds appreciated given the above-mentioned expectation of approval of structural reforms.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concerning Equities, following the same dynamics,
shares of Brazilian companies traded on the B3 appreciated, anticipating expected profit growth arising from a possible economic
recovery. In 2017, the return of main Brazilian stock index, the Ibovespa, recorded 26.86%, against 38.94% in 2016.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Structured Investments depreciated slightly
due to investments in Private Equity Funds, which require initial investments before generating the expected returns from the sale
of the investees after development and appreciation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -35.45pt"><b>(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Private pension plan benefits &#8211; Defined contribution</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, Sabesprev Mais plan,
based on defined contribution, had 9,328 active and assisted participants (9,453 as of December 31, 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With respect to the Sabesprev Mais plan,
the contributions from the sponsor represent 100% over the total basic contribution from the participants. In 2017, expenses
related to the obligation of defined contribution, totaling R$ 12,034, R$ 1,744 and R$ 3,245, were allocated to operating
costs, selling expenses and administrative expenses.&#160; The amount of R$ 2,197 was capitalized in assets. In August 2016,
the Company concluded the migration process initiated in 2010 and paid R$ 30,891, corresponding to a non-recurring
contribution and incentive to participants who migrated, and R$ 7,214, corresponding to the previous balance, related to the
migration that began in 2010.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has made contributions in the amount
of R$ 19,220 in 2017 (R$ 10,750 as of December 31, 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><b>(iii)&#160;&#160;&#160; G0 Plan</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Law 4,819/58, employees who
started providing services prior to May 1974 and were retired as an employee of the Company acquired a legal right to receive
supplemental pension payments, which rights are referred as &#34;Plan G0&#34;. The Company pays these supplemental benefits
on behalf of the State Government and makes claims for reimbursements from the State Government, which are recorded as
accounts receivable from related parties, limited to the amounts that will be reimbursed by the State Government. As of
December 31, 2017, the Company recorded a defined benefit obligation for Plan G0 of R$ 2,543,877 (R$ 2,512,080 as of December
31, 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 66%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Defined benefit obligation, beginning of the year</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,166,942</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Current interest expense and service costs</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">262,873</font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(178,690)</font></td></tr>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,543,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts recognized in the income statement
are as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Current interest expense and service costs</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">262,873</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">282,117</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">248,054</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Amount received from GESP (undisputed amount)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(95,191)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(96,709)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(87,232)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total expenses</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">167,682</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">185,408</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">160,822</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2017 and 2016, the expenses related to the
defined benefit obligation under Plan G0 were recorded in administrative expenses.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom">
    <td style="width: 77%"><font style="font-size: 8pt">Estimated expenses</font></td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2018</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Interest cost rate</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">232,248</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 3pt"><font style="font-size: 8pt">Expense to be recognized</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">232,248</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The main actuarial assumptions used:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Discount rate &#8211; actual rate (NTN-B) </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5.30% p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5.71% p.a.</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">7.25% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Inflation rate</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3.96% p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">4.87% p.a.</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6.49% p.a.</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Future salary increase</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">6.04% p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">6.97% p.a.</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8.62% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Mortality table</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">AT-2000</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">AT-2000</font></td>
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</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The number of active participants of Plan -
Go as of December 31, 2017 was 10 (13 as of December 31, 2016). The number of beneficiaries, retirees and survivors as of December
31, 2017 was 2,294 (2,200 as of December 31, 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The benefit payable from the Go pension plan
expected for 2018 is R$ 186,991.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>The sensitivity analysis of defined benefit
pension plan as of December 31, 2017 to the changes in the main assumptions is:</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
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    <td style="width: 30%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Changes in assumption</b></font></td>
    <td style="width: 42%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Impact on present value of the defined benefit obligations</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Discount rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td><font style="font-size: 8pt">Decrease of R$&#160;227,083</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Increase of R$&#160;267,435</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Wages growth rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td><font style="font-size: 8pt">Increase of R$&#160;273,937</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1.0% </font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of R$&#160;235,976</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Life expectation</font></td>
    <td><font style="font-size: 8pt">Increase of 1 year </font></td>
    <td><font style="font-size: 8pt">Increase of R$&#160;73,736</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1 year</font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of R$&#160;74,033</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160;&#160;&#160;&#160;&#160; Profit
sharing</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a profit sharing program in
accordance with an agreement with labor union and SABESP. The period covered represents the Company fiscal year, commence in January
to December. The limit of the profit sharing is one month salary for each employee, depending on performance goals reached.&#160;
As of December 31, 2017, the Program&#8217;s balance payable was recorded under &#8220;salaries, payroll charges and social contributions&#8221;
in the amount of R$ 94,352 (R$ 83,687 as at December 31, 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. Services payable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754571952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIssuedCapitalExplanatory', window );">Equity</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Authorized capital</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is authorized to increase capital
by up to R$ 15,000,000 (R$ 15,000,000 as of December 31, 2016), based on a Board of Directors' resolution, after submission to
the Fiscal Council.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of capital increase, issue of convertible
debentures and/or warrants by means of private subscription, shareholders will have preemptive right in the proportion of number
of shares held, pursuant to Article 171 of Law 6,404/76.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Subscribed and paid-in capital</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subscribed and paid-in capital is represented
by 683,509,869 registered, book-entry common shares without  par value as of December 31, 2016 and 2015, held as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: center">&#160;</td>
    <td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify">&#160;</td>
    <td style="width: 16%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt"><b>Number of shares</b></font></td>
    <td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt"><b>%&#160;</b></font></td>
    <td style="width: 16%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt"><b>Number of shares</b></font></td>
    <td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt"><b>%&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">State Department of Finance</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">343,524,285</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">50,26%</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">343,524,285</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">50.26%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Companhia
    Brasileira de Liquida&#231;&#227;o e Cust&#243;dia (**)</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">201,026,895</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">29,41%</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">206,955,305</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">30.28%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">The
    Bank of New York ADR Department&#160;&#160; (equivalent in shares) (*) (**)</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">136,790,413</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">20,01%</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">132,401,813</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">19.37%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,168,276&#160;&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">0,32%</font>&#160;&#160;</td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">628,466&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">0.09%&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify">&#160;</td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">683,509,869</font>&#160;&#160;</td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">100,00%&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">683,509,869&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">100.00%</font>&#160;</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">(*)&#160;&#160;&#160;&#160;&#160;&#160;
each ADR corresponds to 1 share.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">(**)
&#160;&#160;&#160;&#160;custodians&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Distribution of earnings</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders are entitled to a minimum mandatory
dividend of 25% of the adjusted net income under Brazilian GAAP, calculated according to the Brazilian corporate law.&#160; The
dividends do not bear interest and the amounts not claimed within three years from the date of the Shareholders' Meeting that approved
them mature in favor of the Company.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 70%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Profit for the year</font></td>
    <td style="padding-right: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,519,310</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,947,098</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">536,279</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(-) Legal reserve
    - 5%</font></td>
    <td style="padding-right: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">125,965</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">147,355</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26,814</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,393,345</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,799,743</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">509,465</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Minimum
    mandatory dividend &#8211; 25% (R$0.87539, R$1.0240 and R$0.1863 as of December 31, 2017, 2016 and 2015 per share and per
    ADS)</font></td>
    <td style="border-bottom: Black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">598,336</font></td>
    <td style="border-bottom: Black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">699,936</font></td>
    <td style="border-bottom: Black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">127,366</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 28, 2017, the Shareholders&#8217; General
Meeting approved the distribution of dividends as interest on capital amounting to R$ 123,557, for the 2016 fiscal year. Therefore,
the amount of R$ 62,719 related to the surplus minimum mandatory dividends of 25%, set forth in the Bylaws, recorded in the 2016
equity under &#8220;Additional proposed dividends&#8221; was transferred to current liabilities.&#160; These amounts started being
paid in June 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company proposed dividends as interest on
capital in the amount of R$ 598,336 (R$ 699,936 in 2016) and additional proposed dividends in the amount of R$ 105,543 (R$ 123,557
in 2016), totaling R$ 703,879 (R$ 823,493 in 2016), corresponding to R$ 1.0298 per common share (R$ 1.2048 in 2016), to be resolved
on the Shareholders&#8217; Meeting to be held on April 27, 2018.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company declared dividends payable as interest
on capital in the amount of R$ 598,336 (R$ 699,936 in 2016), which considers the minimum dividend amount set forth in the Bylaws.&#160;
The amount exceeding the minimum mandatory dividend due in the year of R$ 105,543 (R$ 123,557 in 2016) was reclassified into equity
to the &#8220;Additional proposed dividends&#8221; account, this amount includes the withholding income tax of R$ 52,004<br />
(R$ 60,838 in 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to CVM Resolution 207/1996, the Company
imputed interest on capital to the minimum dividend by its net value of withholding income tax. The amount of R$ 52,004 (R$ 60,838
in 2016) referring to the withholding income tax was recognized in current liabilities, in order to comply with tax liabilities
related to the credit of interest on capital.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interest on capital balance payable as of
December 31, 2017, totaling R$ 598,612 (R$ 700,034 in 2016), refers to the amount of R$ 598,336 (R$ 699,936 in 2016) declared in
2017, net of withholding income tax and R$ 276 declared in previous years (R$&#160;98 in 2016).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earnings reserve - legal reserve is a
requirement for all Brazilian corporations and represents an allocation of retained earnings of 5% of annual net income
determined based on Brazilian law, up to 20% of capital.&#160; However, we are not required to make any allocations to our
legal reserve in a year in which the legal reserve, when added to our other established capital and earnings reserves,
exceeds 30% of our capital stock.&#160; The amounts allocated to such reserve may only be used to increase our capital stock
or to offset losses and are not available for the payment of dividends.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Investments reserve</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earnings reserve - investments reserve is specifically
formed by the portion corresponding to own funds assigned to the expansion of the water supply and sewage treatment systems, based
on capital budget approved by the Management.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017 and 2016, the balance
of investment reserve totaled R$ 6,939,296 and R$ 5,249,830, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to paragraph four of article 28 of
the by-laws, the Board of Directors may propose to the Shareholders&#8217; Meeting that the remaining balance of profit for the
year, after deducting the legal reserve and minimum mandatory dividends, be allocated to an investment reserve that will comply
with the following criteria:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt 48.2pt; text-align: justify; text-indent: -14.2pt">I-&#160;&#160;
its balance, jointly with the balance of the other earnings reserves, except for reserves for contingencies and realizable profits,
may not exceed the&#160;&#160; capital stock;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt 48.2pt; text-align: justify; text-indent: -14.2pt">II- the reserve
is intended to guarantee the investment plan and its balance may be used:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt">a) to absorb
losses, whenever necessary;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt">b) to distribute
dividends, at any moment;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt">c) in share
redemption, reimbursement or purchase transactions authorized by&#160;&#160;&#160; law;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 56.7pt; text-align: justify; text-indent: 14.2pt">d) in incorporation
to the capital stock.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(f) Allocation of profit for the year</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td colspan="2"><font style="font: 8pt Times New Roman, Times, Serif">Profit</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">(+)</font></td>
    <td style="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Profit
    for the year</font></td>
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,519,310</font></td>
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,947,098</font></td>
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">536,279</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">(-)</font></td>
    <td><font style="font: 8pt Times New Roman, Times, Serif">Legal reserve &#8211; 5%</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">125,965&#160;&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">147,355</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26,814</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Minimum
    mandatory dividends</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">598,336</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">699,936</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">127,366</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">(-)</font></td>
    <td><font style="font: 8pt Times New Roman, Times, Serif">Additional proposed dividends</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">105,543</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">123,557</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">22,527</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Investment
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.976.250</font></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">359.572</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management will send for approval at the
Shareholders&#8217; Meeting, a proposal to reallocate retained earnings the amount of R$1,689,466 to the Investment Reserve account,
in order to meet the investment needs foreseen in the Capital Budget<font style="font-family: Georgia, Times, Serif">. </font></p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(g)&#160;&#160;&#160;&#160;&#160; Retained
earnings</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Retained earnings (accumulated losses): the
statutory balance of this account is zero as all retained earnings must be distributed or allocated to an earnings reserve.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(h) &#160;&#160;&#160;&#160; Other comprehensive
loss</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gains and losses arising from changes in the
actuarial assumptions are accounted for as equity valuation adjustments, net of income tax and social contribution effects. See
Note 20 (b), the breakdown of amounts recorded in 2017 and 2016.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
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    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G1</b></font></td>
    <td style="width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G0</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Balance as of December 31, 2016</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(165,085)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(660,563)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(825,648)</font></td></tr>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Actuarial gains/(losses) for the year (Note 20 (b))</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Balance as of December 31, 2017</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">70,927</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(609,028)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(538,101)</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741675328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. Earnings per share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEarningsPerShareExplanatory', window );">Earnings per share</a></td>
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and diluted</b></font></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Basic
earnings per share is calculated by dividing the equity attributable to Company&#8217;s owners by the weighted average number
of outstanding common shares during the year.&#160; The Company does not have potentially dilutive common shares outstanding or
debts convertible into common shares.&#160; Accordingly, basic and diluted earnings per share are equal.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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    <td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,519,310</font></td>
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    <td style="padding-bottom: 2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">683,509,869</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">683,509,869</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">683,509,869</font></td></tr>
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    <td style="padding-bottom: 2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Basic
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.69</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.31</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.78</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6759263280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Operating segment information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingSegmentInformationAbstract', window );"><strong>Operating Segment Information</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory', window );">Operating segment information</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
2016, the Company started to provide water connections only to customers (residential, commercial and industrial) who also requested
a connection to the sewage system. Prior to that, the Company offered water connections even if the customer did not request a
sewage connection.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
objective of this measure, which has been applied to all municipalities operated by SABESP, is to reduce the pollution caused
by the disposal of sewage in streams, rivers, beaches and phreatic zones, and to expand the benefits to the environment and the
health of the population.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
decision to offer water connections only to customers who also connect to the sewage system was taken by the main operating decision
maker, which in the case of SABESP is the Board of Executive Officers, since it believes that the Company must provide sanitation
services rather than individual water and sewage services only.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This
structural change in the business has also changed the focus on decision making. In this way, the analysis of the activities was
carried out on a consolidated basis, i.e., the Company has only one operating segment &#8211; sanitation &#8211; rather than the
previously presented segments, water and sewage, as shown below:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Result</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sanitation
    (i)</b></font></td>
    <td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reconciliation
    to the financial statements (ii)</b></font></td>
    <td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
    as per financial statements</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gross operating revenue</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,223,746</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,150,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,374,623</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gross sales deductions</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(766,390)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(766,390)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net operating revenue
    </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,457,356</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,150,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,608,233</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Costs, selling and
    administrative expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,566,104)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,080,542)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,646,646)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations
    before other operating expenses, net and equity accounting </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,891,252</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">70,335</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,961,587</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other operating income
    / (expenses), net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,679)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Equity accounting</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,760</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial result,
    net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(458,054)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations
    before taxes</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,503,614</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation and
    amortization</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,301,897</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,301,897</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(i)
See note 31 for further information about non-cash items, other than depreciation and amortization that impact segment results,
and for additionals to long-lived asset information;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Georgia, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(ii)
Construction revenue and related costs not reported to the CODM.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sanitation
    (i)</b></font></td>
    <td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reconciliation
    to the financial statements (ii)</b></font></td>
    <td style="width: 21%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
    as per financial statements</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gross operating revenue</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,122,232</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,732,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,855,109</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gross sales deductions</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(756,901)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(756,901)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net operating revenue
    </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,365,331</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,732,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,098,208</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Costs, selling and
    administrative expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,026,699)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,651,364)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,678,063)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations
    before other operating expenses, net and equity accounting </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,338,632</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81,513</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,420,145</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other operating income
    / (expenses), net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,722</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Equity accounting</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,740</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial result,
    net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">699,447</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations
    before taxes</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,129,054</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation and
    amortization</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,146,626</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,146,626</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(i)
See note 31 for further information about non-cash items, other than depreciation and amortization that impact segment results,
and for additionals to long-lived asset information;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(ii)
Construction revenue and related costs not reported to the CODM.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Restated)</b></font></p></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 21%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sanitation
    (i) </b></font></td>
    <td style="width: 18%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reconciliation
    to the financial statements (ii)</b></font></td>
    <td style="width: 21%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
    as per financial statements</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gross operating revenue
    </font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,946,825</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,336,716</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,283,541</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gross sales deductions</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(571,972)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(571,972)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net operating revenue
    </font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,374,853</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,336,716</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,711,569</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Costs, selling and
    administrative expenses</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,550,122)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,263,808)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,813,930)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations
    before other operating expenses, net and equity accounting </font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,824,731</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72,908</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,897,639</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other operating income
    / (expenses), net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">143,755</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Equity accounting</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,597</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial result,
    net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,456,462)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,074,032</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(i)
See note 31 for further information about non-cash items, other than depreciation and amortization that impact segment results,
and for additionals to long-lived asset information;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(ii)
Construction revenue and related costs not reported to the CODM.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
impacts on gross operating income and costs are as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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<tr style="vertical-align: bottom">
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    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,150,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,732,877</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,080,542)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,651,364)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,263,808)</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81,513</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72,908</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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</font><font style="font: 8pt Times New Roman, Times, Serif">Revenue from concession construction contracts
is recognized in accordance with IAS 11 - Construction Contracts, using the percentage-of-completion method. See Note 13 (f<font style="letter-spacing: -0.05pt">).</font></font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754571952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>25. Insurance<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsuranceAbstract', window );"><strong>Insurance</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInsuranceContractsExplanatory', window );">Insurance</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.05pt">The
Company has insurance that covers fire and other damage to its assets and office buildings, and liabilities to third parties,
among others. It also has civil liability insurance for the members of the Board of Directors and Board of Executive Officers
(&#8220;D&#38;O insurance&#8221;) and guarantee insurance for escrow deposit (as described in Note 19 (e)) and traditional
guarantee insurance. The Company contracts insurance through bidding processes with the participation of the main Brazilian
and international insurance companies that operate in Brazil. </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.05pt">As of
December 31, 2017, the Company&#8217;s insurance coverage is as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 20%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Coverage</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Specified risks &#8211; fire</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,007,219</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Engineering risk</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,043,368</font></td></tr>
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    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Guarantee insurance for escrow deposit</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">500</font></td></tr>
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    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Traditional guarantee insurance</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">100</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Civil liability&#8211; D&#38;O (Directors and Officers)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">100</font></td></tr>
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    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Civil liability &#8211; works</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,530</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Domestic and international transportation</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">448</font></td></tr>
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    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Civil liability &#8211; operations</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,000</font></td></tr>
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    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">14</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,140,279&#160;</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for insurance contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741487072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. Operating revenue<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(a)&#160;&#160;&#160;
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Metropolitan
    region of S&#227;o Paulo</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,636,926</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,749,694</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,021,949</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Regional
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,372,538</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,924,876</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,223,746</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,122,232</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,946,825</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>(b)&#160;&#160;&#160;
Reconciliation between gross operating  income and net operating income:</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 57%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    from sanitation services (i) </font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,223,746</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,122,232</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,946,825</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Construction
    revenue</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,150,877</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,732,877</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,336,716</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Sales
    tax</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(757,619)</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(756,901)</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(571,972)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Regulation,
    Control and Oversight Fee (TRCF)</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,771)</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net
    revenue</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,608,233</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,098,208</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,711,569</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt">(i)
Includes the amount of R$&#160;8,771 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754571952">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. Operating costs and expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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    <td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
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    <td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(279,150)</font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(857,063)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(845,334)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,000,937)</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,013,120)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,260,763)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Selling
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(305,440)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(271,690)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(237,848)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,296)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,761)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,451)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,692)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(258,287)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(278,565)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(247,687)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(762)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(751)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(770)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(86,064)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(15,664)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,883)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; text-indent: -2.85pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(82,681)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,420)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(768,693)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(730,047)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(598,125)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Administrative
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Salaries, payroll charges and benefits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(229,752)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(194,357)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(182,215)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Pension obligations</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(171,830)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(136,358)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(185,206)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    GESP Reimbursement &#8211; benefits paid (Note 10 (a) (vii))</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">696,283</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General supplies</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,675)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,585)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,340)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Outsourced services</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(183,746)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(154,926)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(123,802)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Electricity</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(965)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,848)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,596)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(302,113)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(289,862)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(11,467)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(112,468)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(63,979)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(63,212)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(92,441)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,981)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(81,487)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,098,990)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(934,896)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">44,958</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Operating costs and
    expenses</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Salaries, payroll charges and benefits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,376,763)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,184,246)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,923,446)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Pension obligations</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(227,507)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,052</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(270,214)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    GESP Reimbursement &#8211; benefits paid (Note 10 (a) (vii))</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">696,283</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,080,542)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,651,364)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,263,808)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(173,838)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(179,394)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(178,593)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Treatment supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(287,592)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(279,150)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(269,294)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Outsourced services</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,299,096)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,278,825)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,162,645)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Electricity</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(796,079)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(935,034)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(817,530)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(928,210)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(855,007)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(466,744)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Depreciation and amortization</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,301,897)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,146,626)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,074,032)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Tax expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(92,441)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,981)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(81,487)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; text-indent: -2.85pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Bad debt expense, net of recoveries (Note 9 (c)) </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(82,681)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,488)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,420)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,646,646)</font></td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,678,063)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,813,930)</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of expenses by nature. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741628480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>28. Financial Income (Expenses)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpensesAbstract', window );"><strong>Financial Income Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory', window );">Financial Income (Expenses)</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 59%; padding-top: 2.4pt; padding-right: 2.85pt; padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 13%; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    expenses</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest
    and charges on borrowings and financing &#8211; local currency (i)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(289,780)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(317,379)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(326,315)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest
    and charges on borrowings and financing &#8211; foreign currency</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(119,100)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(113,268)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(127,352)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    financial expenses (ii)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(97,533)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(86,372)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(149,902)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income
    tax over international remittance</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,901)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(18,823)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(20,389)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation
    adjustment on borrowings and financing (iii)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(62,787)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(121,036)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(171,735)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation
    adjustment on Sabesprev Mais deficit </font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(891)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,529)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    inflation adjustments (iv)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,941)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(48,634)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(20,594)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest
    and inflation adjustments on provisions (v)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,238)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(133,488)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(41,916)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    financial expenses</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(688,280)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(839,891)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(859,732)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    income</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation
    adjustment gains (vi)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">89,010</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">152,154</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">166,887</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income
    on short-term investments (vii)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">195,992</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">209,376</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">170,551</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest
    income (viii)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">57,166</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">99,068</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">44,358</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Cofins
    and Pasep </font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(16,366)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(23,535)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,947)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    </font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">442</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,647</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">21,385</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    financial income</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">326,244</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">448,710</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">395,234</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    income (expenses), net before exchange rate changes</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(362,036)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(391,181)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(464,498)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net
    exchange gains (losses)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    rate changes on borrowings and financing (ix)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(96,300)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,090,466</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,992,019)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    exchange rate changes</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(54)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(209)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(720)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    gains</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">336</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">371</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">775
    </font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    rate changes, net</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(96,018)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,090,628</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,991,964)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    income (expenses), net</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(458,054)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">699,447</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,456,462)</font></td></tr>
</table>
<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(i)&#160;&#160;&#160;&#160;&#160;
Interest expenses on loans and financing in local currency decreased mainly as a result of the variation of floating interest
rates that remunerate these agreements. The main variations were in the average CDI and TJLP, of 9.9% and 7.0%, respectively,
in 2017 (14.0% and 7.5%, respectively, in 2016).</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(ii)&#160;&#160;&#160;
The variation in other financial expenses is mainly a result of the increase in expenses with the present value adjustment of
long-term liabilities and funding costs related to loans and financing. In 2016, other financial expenses decreased, especially
due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiet&#234; &#8211; CAB &#8211; SPAT.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(iii)&#160;&#160;
The monetary variation derives mainly from the lower variation of the IPCA in 2017, versus 2016 (2.95% and 6.29%, respectively).
The exposures to this rate are shown in Note&#160; 5.1 (d). In 2016, the inflation adjustment derives mainly from the lower variation
of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively).</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(iv)&#160;
Expenses mainly related to inflation adjustments related to the commitments required by public-private partnerships, program contracts
commitments and agreements. In 2016, the increase was essentially due to the restatement of liabilities related to the commitments
required by public-private partnerships and leases.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(v)&#160;&#160;&#160;&#160;
The decrease arises from the decline in the rate practiced by the Court, from 7.39% in 2016 to 1.94% in 2017. In 2016, the variation
was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the
estimated probability of loss, arising from decisions that were unfavorable to the Company.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(vi)&#160;&#160;
The monetary variation gains decrease due to the lower restatement of the agreement entered into with the S&#227;o Paulo State
Government (GESP) in 2017 and the reduction in the National Consumer Price Index (INPC), used to restate escrow deposits.</font></p>

<p style="font: 12pt Georgia, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Times New Roman, Times, Serif">(vii)&#160;
The decrease is a result of the decrease in the CDI rate, of 13.75% p.a. in 2016 and 6.89% p.a. in 2017. In 2016, the increase
is due to the higher average balance of investments compared to 2015.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Times New Roman, Times, Serif">(viii)&#160;The
R$&#160;39,567 decrease in interest income arises mainly from the recognition of present value adjustment on new installment payment
agreements entered into with customers in 2017. In 2016, the R$54,710 increase in interest income is essentially due to lower
interest on installment agreements in 2015.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;(ix)&#160;
The change in expenses mainly reflects the appreciation of the U.S. dollar and the Yen against the Real in 2017 (1.5% and 5.3%,
respectively), compared to the depreciation presented in 2016 (16.5% and 13.9%, respectively). In 2016, the change in expenses
mainly reflects the depreciation of the U.S. dollar against the real in 2016 (16.5% and 13.9%, respectively), compared to the
appreciation presented in 2015 (47.0% and 45.9%, respectively).</font></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754571952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. Other operating income (expenses), net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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    <td style="width: 16%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other operating income,
    net </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">75,410</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">62,570</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">190,840</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other operating expenses
    </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(81,089)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(57,848)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(47,085)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other operating income
    (expenses), net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,679)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,722</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">143,755</font></td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
operating income is comprised by sale of property, plant and equipment, sale of contracts awarded in public bids, right to sell
electricity, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse water, PURA projects and
services.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
operating expenses consist mainly of derecognition of concessions assets due to obsolescence, discontinued construction works,
unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment and exceeding cost of
electricity sold.</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating income or expense. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6608912384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>30. Commitments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CommitmentsAbstract', window );"><strong>Commitments</strong></a></td>
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</td>
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<tr class="ro">
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has agreements to manage and maintain
its activities, as well as agreements to build new projects aiming at achieving the objectives proposed in its target plan. Below,
the main committed amounts as of December 31, 2017:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 25%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>1 year</b></font></td>
    <td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>1-3 years</b></font></td>
    <td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>3-5 years</b></font></td>
    <td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0; text-align: center"><b>More than</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0; text-align: center"><b>5 years</b></p></td>
    <td style="width: 15%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><font style="font-size: 8pt">Contractual obligations &#8211; Expenses </font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,459,864</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,151,641</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">381,119</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,216,835</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">4,209,459</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><font style="font-size: 8pt">Contractual obligations &#8211; Investments</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,779,320</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,121,493</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,031,762</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,970,069</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,902,644</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,239,184</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,273,134</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,412,881</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,186,904</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,112,103</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The main commitment refers to S&#227;o Louren&#231;o
PPP. See Note 14 (g).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754616928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. Supplemental cash flow information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Cash Flow Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfSupplementalCashFlowInformationExplanatory', window );">Supplemental cash flow information</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 67%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 11%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total additions to
    intangible assets (Note 14 (b))</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,490,298</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,855,831</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,604,442</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Items not affecting
    cash (see breakdown below)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,532,518)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,747,664)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,207,090)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total additions to
    intangible assets as per statement of cash flows</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,957,780</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,108,167</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,397,352</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest capitalized
    in the year (Note 14 (d))</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">649,048</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">700,743</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">466,544</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Contractors payable</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">213,340</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">57,431</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(57,041)</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program contract
    commitments </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">95,126</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,262</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">136,543</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Public Private Partnership
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">501,591</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">893,181</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">548,978</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Leases </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,078</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,534</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">36,877</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">70,335</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81,513</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72,908</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,281</font></td></tr>
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    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,532,518</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,747,664</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,207,090</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741635776">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>32. Events after the reporting period<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><ul style="margin-top: 0in">

<li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Tariff
revision</b></font></li>

</ul>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"><font style="font: 8pt Times New Roman, Times, Serif">-
On January 16, 2018, the S&#227;o Paulo State Sanitation and Energy Regulatory Agency (ARSESP) published Public Consultation Notice
01/2018 (&#34;Notice&#34;), asking the public for opinions and inputs on the calculation methodology to be adopted in the final
stage of SABESP&#8217;s Second Ordinary Tariff Revision.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"><font style="font: 8pt Times New Roman, Times, Serif">-
On January 19, 2018, ARSESP published Resolution 780, which includes the events calendar of the final stage of SABESP&#8217;s
2<sup>nd</sup> Ordinary Tariff Revision.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Final Maximum Average Tariff (Final P0) will be disclosed by May 10, 2018, and applied pursuant to article 39 of Law 11,445/2007.&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Differences
in revenue arising from differences in the amounts authorized on October 10, 2017 (Preliminary P0) and the tariffs to be calculated
at the final stage of the Second Ordinary Tariff Revision (Final P0) will be duly offset and applied to the water supply and sewage
public utility service tariffs.&#160;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Additionally,
ARSESP published Public Hearing Notice 01/2018, referring to Stage 2 of the schedule, which was held on January 29, 2018.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"><font style="font: 8pt Times New Roman, Times, Serif">-
On February 21, 2018, ARSESP released the Business Plan, which is the object of SABESP&#8217;s Second Ordinary Tariff Revision.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
As part of the Business Plan, on page 85, the Company highlights &#8220;Table: CAPEX - Program disbursements&#8221;, which totals
R$ 13.9 billion (unaudited) for the 2017-2021 period, which is available to the market, and &#8220;Table: CAPEX - Program constructions&#8221;,
which totals R$ 15.5 billion (unaudited) for the 2017-2021 period.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 8.5pt; text-align: justify; text-indent: -8.5pt"><font style="font: 8pt Times New Roman, Times, Serif">-
On March 26, 2018, ARSESP disclosed Preliminary Technical Note NT.F-0004-2018 that included the Proposal for Calculation of the
Maximum Average Tarif (P0) of SABESP&#8217;s Second Ordinary Tariff Revision and Factor X: Final Stage.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 8.5pt; text-indent: -8.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Period for Consultation and Public Hearing 03/2018 is from March 27, 2018 to April 17, 2018.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #D5EAEA">
    <td style="width: 67%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Final
    Regulatory Remuneration Base</font></td>
    <td style="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">R$
    38.4 billion</font></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">WACC</font></td>
    <td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8.11%</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Factor
    X</font></td>
    <td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.9287%</font></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">P0</font></td>
    <td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">R$
    3.8207/m<sup>3</sup></font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Tariff
    Repositioning Index (IRT)</font></td>
    <td style="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.7744%</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
proposed Tariff Repositioning Index of 4.7744% should be applied on a straight line basis to the current tariff tables. &#160;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<ul style="margin-top: 0in">

<li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>22<sup>nd
</sup>Issue Debentures</b></font></li>

</ul>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
February 19, 2018, the Company conducted the 22<sup>th</sup> Issue of unsecured non-convertible debentures, in the total amount
of R$750,000, in three series, for tender offer, pursuant to CVM Rule 476. The first series, in the amount of R$100 million, maturing
in 3 years and remuneration of CDI + 0.58% p.a., the second series, in the amount of R$400 million, maturing in 5 years and remuneration
of CDI + 0.90% p.a., and the third series, in the amount of R$250 million, maturing in 7 years and remuneration of IPCA + 6.00%
p.a.. Funds deriving from funding by means of the 22<sup>th</sup> Issue of Debentures will be allocated to refinance the financial
commitments and to recover the level of cash balances.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<ul style="margin-top: 0in">

<li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>SABESP&#8217;s
Corporate Reorganization</b></font></li>

</ul>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
March 11, 2018, the S&#227;o Paulo State Government (&#34;Government&#34;) received a letter from a group of investors about the
potential acquisition of part of the shares, which will be owned by the Government, to be issued by the Parent Company referred
to in State Law 16,525/2017. The letter will be analyzed by the Board of the State Privatization Program (CDPED), which is in
charge of deciding about the continuity and the conditions for the creation of the Parent Company and SABESP&#8217;s corporate
reorganization. The operation addressed at the letter will be structured to occur exclusively within the scope of the Parent Company,
not affecting SABESP&#8217;s control, which will remain with the Government in a manner consistent with the provisions of said
state law. The investors&#8217; identity and the content of the aforementioned letter will remain confidential, pursuant to the
rules applicable to the administrative procedure established by CDPED for the purposes of the operation.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>



<ul style="margin-top: 0in">

<li style="text-align: justify; margin: 0; font: 10pt Georgia, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>S&#227;o
Louren&#231;o Production System</b></font></li>

</ul>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
April 3, 2018, Sabesp inaugurated the S&#227;o Louren&#231;o Production System that will increase treated water production capacity
by approximately 6.4 m&#179;/s.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. Summary of Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract', window );"><strong>Summary Of Significant Accounting Policies Policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents include cash in hand,
bank deposits, overdraft accounts and other short-term highly liquid investments with original maturities less than three months
as of the investment date, with an insignificant risk of changing value.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Financial assets and liabilities</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Financial Asset - Classification</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company classifies its financial
assets according to the following categories: measured at fair value through profit or loss, borrowings and receivables,
held-to-maturity and available for sale.&#160; The classification depends on the purpose for which the financial assets were
acquired.&#160; Management determines the classification of the financial assets at inception. As of December 31, 2017and 2016,
the Company did not have financial assets classified under the fair value through profit or loss, held-to-maturity and
available-for-sale financial instruments category.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Borrowings and receivables</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">These comprise receivables, which
are non-derivative financial assets with fixed or determinable payments, not quoted in an active market.&#160; Borrowings and receivables
are presented in current assets, except for those with maturity of more than 12 months after the reporting date (these are classified
as noncurrent assets).&#160; The Company's borrowings and receivables include cash and cash equivalents, restrict cash, balances
of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency &#8211;
ANA.&#160; Borrowings and receivables are recorded at fair value and subsequently at amortized cost, under the effective interest
rate method.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Financial Liabilities - Classification</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company classifies its financial liabilities
into the following categories: measured at fair value through profit or loss and other liabilities.&#160; Classification depends
on the purpose to which the financial liabilities were assumed.&#160; As of December 31, 2017 and 2016, the Company did not have
liabilities classified into the &#8220;fair value through profit or loss&#8221; category.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25in">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Other liabilities</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">This category comprises balances
payable to contractors and suppliers, borrowings and financing, services payable, balances payable from public-private partnership
(PPP), and program contract commitments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">The effective interest rate method
is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period.&#160;
The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue
costs) throughout the financial liability&#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition
of the net carrying amount.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Operating income</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Revenue from sanitation services</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from sanitation services are recognized
as the water is consumed and services are provided.&#160; Revenues, including the revenues unbilled, are recognized at the fair
value of the consideration received or receivable for the sale of those services. Revenue is shown net of value-added tax and fees,
rebates and discounts.&#160; Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed
until the end of the each period and are recorded as trade receivables based on monthly estimates of the completed services.&#160;
Concerning revenues of wholesale municipal governments, which do not pay the full invoice, the Company establishes an allowance
for doubtful accounts upon invoicing in revenue reduction account.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes revenue when: i) products
are delivered or services are rendered; ii) the amount of revenue can be reliably measured, iii) it is probable that future economic
benefits will flow to the Company and iv) it is probable that the amounts will be collected.&#160; The amount of revenue is not
considered to be reliably measurable until all conditions relating to the sale have been satisfied.&#160; Amounts in dispute are
recognized as revenue when collected.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Construction revenue</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from concession construction
contracts is recognized in accordance with IFRIC 12 (Service Concession Arrangements) and IAS 11
(Construction Contracts), using the percentage-of-completion method, provided that the applicable conditions for application
are fulfilled.&#160; The percentage of completion is calculated from the ratio of the actual costs incurred on the balance
sheet date to the planned total costs (cost-to-cost method).&#160; Revenue from cost plus contracts is recognized by
reference to the construction costs incurred during the period plus a fee earned.&#160; The fee represents the additional
margin related to the work performed by the Company in relation to such construction contracts and it is added construction
costs, resulting in the construction revenue.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory', window );">Trade receivables and allowance for doubtful accounts</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trade receivables are amounts due from customers
for services performed in the ordinary course of business.&#160; These are classified as current assets, except when maturity exceeds
12 months after the end of the reporting period.&#160; In these cases, they are presented as noncurrent assets.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company establishes an allowance for doubtful
accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses. The analysis
is carried out based on objective accounts receivable data, past receipts and existing guarantees and it does not expect to incur
additional significant losses.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories of supplies for consumption
and maintenance of the water and sewage systems are stated at the lower of average cost of acquisition or net realizable
value, and are classified in current assets.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory', window );">Investment properties</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The investment properties are recorded at the
acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method
at rates that consider the estimated useful life of assets.&#160; Expenditures related to repairs and maintenance are recorded
in the income statement when incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also maintains few assets for undetermined
use in the future, i.e., it is not defined if the Company will use these assets in the operation or sell them in the short term
during the ordinary course of business.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Property, plant and equipment</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property, plant and equipment comprise
mainly administrative facilities not composing the assets, subject-matter of the concession agreements.&#160; Those assets
are stated at historical acquisition or construction cost less depreciation, net of impairment charge, when necessary.&#160;
Interest, other finance charges and inflationary effects deriving from financing effectively applied to construction in
progress are recorded as cost of respective property, plant and equipment, in this case, for the qualifying
assets. Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale.
The Company considers that substantial period means a period greater than 12 months. This period was established by
considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to
one fiscal year of SABESP.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent costs included in the existing asset's
carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated
with the item will flow to the Company and the cost of the item can be measured reliably.&#160; Repairs and maintenance are charged
to the income statement during the financial period in which they were incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation is calculated using the straight-line
method to allocate their cost and is described in Note 15(c).&#160; Lands are not depreciated.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Residual values and the useful life of assets
are revised and adjusted, where applicable, at the end of each year.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gain and losses on disposals are determined
by the difference between the proceeds with the carrying amount and are recognized within other operating income (expenses) in
the income statement.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory', window );">Intangible assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangibles are stated at acquisition cost and/or
construction of the underlying assets, including construction margin, interest and other finance charges capitalized during the
construction period, in this case, for the qualifying assets.&#160; Qualifying assets are assets that, necessarily, take a substantial
period to get ready for its intended use or sale.&#160; The Company considers that substantial period means a period greater than
12 months.&#160; This period was established by considering the completion period of the majority of its constructions, which is
greater than 12 months, which corresponds to one fiscal year of SABESP.&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The intangible has its amortization initiated
when the intangible assets are available for use in location and the necessary condition when this asset becomes operational.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br />
&#160;The amortization of intangible assets reflects the period over the expected future economic benefits generated by the intangible
asset are consumed by the Company and can be the period of the contract or the useful life of the asset.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amortization of the intangible assets is
discontinued when the asset is totally consumed or it is disposed of, whatever occurs first.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Donations in assets, received from third parties
and governmental entities to allow the Company to render water  and sewage services are not recorded in the Company&#8217;s
financial statements, since these assets are controlled by the concession grantor.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial resources received as donations for
the construction of infrastructure are recorded under &#8220;Other operating income&#8221;.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Concession arrangements/program</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates concession agreements including
the rendering of basic sanitation, environmental, water supply and sewage services signed with the concession grantor.&#160; The
infrastructure used by SABESP subject to service concession arrangements is considered to be controlled by the concession grantor
when:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them,
and at what price;&#160; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;
The grantor controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SABESP's rights over infrastructure operated
under concession arrangements is accounted for as an intangible asset as SABESP has the right to charge for use of the infrastructure
assets, and users (consumers) have the primary responsibility to pay SABESP for the services.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of construction and other work
on the infrastructure is recognized as revenue, as its fair value, when the infrastructure is built, provided that this work is
expected to generate future economic benefits.&#160; The accounting policy to recognize construction revenue is described in Note
3.3.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br />
Intangible assets related to Concession agreements and Program contracts, when there is no right to receive the residual value
of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract, or the useful
life of the underlying asset, whichever occurs first.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments made and not recovered through rendering
of services, when there is  right to receive the  residual value of the assets at the end of the contract, must
be indemnified by the concession grantor, (1) with cash or cash equivalents or also, in general (2) with the contract extension.&#160;
These investments are amortized by the useful life of asset.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The details referring to amortization of
intangible  arising from concession arrangements/programs are described in Note 14 (d).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Law 11,445/07 indicates, whenever possible,
that basic sanitation public utilities will have the economic and financial sustainability ensured through the remuneration due
to service collection, preferably as tariffs and other public prices, which may be established for each service or both jointly.
&#160;Therefore, investments made and not recovered through services rendered, within original term of the contract, are recorded
as intangible assets and amortized by the useful life of the asset, taking into consideration a solid track record of concession
renewal and, therefore, the continuity of services.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;Software licenses</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Software licensing is capitalized based on the
acquisition costs and other implementation costs.&#160; Amortizations are recorded according to the useful lives and the expenses
associated with maintaining these are recognized as expenses when incurred.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of non-financial assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property, plant and equipment, intangibles and
other noncurrent assets with definite useful lives, are yearly reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.&#160; The Company does not record assets with indefinite useful life
and assessed that there are no indications of impairment losses, mainly supported by Law 11,445/07, which ensures that basic sanitation
public utilities will have assured its economic and financial sustainability through tariffs or via indemnity.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory', window );">Trade accounts payable and contractors</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">Accounts
payable to contractors and suppliers are obligations to pay for goods or services purchased from suppliers in the ordinary course
of business and are classified as current liabilities if the payment is due in the period up to one year. Otherwise, the accounts
payable are presented as noncurrent liabilities and are initially measured at fair value, which generally correspond to the bill
and subsequently at amortized cost.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Borrowings and financing</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Borrowings are initially recognized at fair
value, upon receipt of funds, net of transaction costs.&#160; Subsequently, borrowings are stated at amortized cost, as presented
in Note 16.&#160; Borrowings and financing are classified as current liabilities unless the Company has an unconditional right
to defer settlement of the liability for at least 12 months after the end of the reporting period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nonconvertible bonds issued by the Company are
recognized in a similar manner to borrowings.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory', window );">Borrowing costs</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Borrowing costs attributable to acquisition,
construction or production of an asset, which, necessarily, requires a substantial time period to be ready for use or sale are
capitalized as part of the cost of these assets.&#160; Other borrowing costs are recognized as expenses in the period they are
incurred.&#160; Borrowing costs are interest rates and other charges incurred by the Company related to loans, including exchange
variation, as described below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The capitalization occurs during the period
in which the asset has been built, considering the weighted average rate of loans effective on the capitalization date.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For foreign currency-denominated loans or financing,
the Company analyzes them as if they were contracted in local currency, restricting the capitalization of interest and/or exchange
variation by the amount that would be capitalized if these were contracted in the domestic market in similar lines of credit and
loans.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Payroll, related charges and contributions</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Salaries, vacations and the 13th salary and
additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on the accrual
basis.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DescriptionOfAccountingPolicyForProfitSharingExplanatory', window );">Profit sharing</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The profit sharing plan for its employees is
based on operational and financial targets of the Company as a whole.&#160; The Company recognizes a provision when it is contractually
required or when there is a practice in the past that created a constructive obligation.&#160; The accrual for profit sharing is
recorded on the accrual basis period as operating cost, selling and administrative expenses.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions, legal obligations, escrow deposits, contingent assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provisions related to claims are recognized
when: i) the Company has a present (legal or constructive) obligation as a result of past event; ii) it is probable that an outflow
of resources that comprise economic benefits will be required to settle the obligation; and iii) the amount can be reliably estimated.&#160;
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by
considering the class of obligations as a whole.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provisions are measured at the present value
of the disbursements expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the obligation.&#160; The increase in the provision due to passage of time
is recognized as interest expense.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For financial statement presentation purposes,
the provision is stated net of the related escrow deposits based on the legal right to offset.&#160; The bases and the nature of
the provisions for civil, tax, labor and environmental risks are described in Note 19.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Escrow deposits not linked to related liabilities
are recorded in noncurrent assets. Escrow deposits are adjusted for inflation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contingent assets are not recognized in the
statements of financial position.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory', window );">Environmental costs</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Costs related to ongoing environmental programs
are expensed in the income statement, when there is any indication of an event. Ongoing programs are designed to minimize the environmental
impact of the operations and to manage the environmental risks inherent to the Company's activities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Income taxes - current and deferred</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes expenses comprise current and deferred
income tax and social contributions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Current tax</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision for income tax and social contribution
is based on the taxable income for the year.&#160; The income tax was accrued at rate 15%, plus 10% surtax on taxable income exceeding
R$ 240.&#160; The social contribution was accrued at rate 9% over adjusted net income. Taxable income differs from net income (profit
presented in the income statement), because it excludes income and expenses taxable or deductible in other years, and excludes
items not permanently taxable or not deductible. Income tax and social contribution are accrued based on legislation in place in
the end of the year. Management periodically evaluates and measures the positions taken in the income tax return with respect to
situations in which applicable tax regulations are subject to interpretation. It establishes provisions where appropriate on the
basis of amounts expected to be paid to the tax authorities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Deferred tax</u></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income tax is recognized, using the
liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in
the financial statements, according to IAS 12. However, the deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor
taxable profit nor loss, except for business combinations.&#160; Deferred income tax is determined using tax rates (and laws) effective
at the end of the reporting period and expected to apply when the related deferred income tax asset is realized or the deferred
income tax liability is settled.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income tax and social contribution
assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences
can be utilized and tax losses can be carryforward.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred taxes assets and liabilities are offset
when there is a legally enforceable right of offsetting current tax assets against current tax liabilities and when deferred income
tax assets and liabilities are related to income taxes levied by same tax authority over the tax entity.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory', window );">Taxes on revenues</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from water and sewage services
are recognized on accrual basis for PASEP and Cofins, calculated at the rates of 1.65% and 7.60%, respectively.&#160;Taxes
levied on billed amounts to public entities are due when bills are received.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, revenues from sanitation
services  are also subject to the Regulatory, Control and Inspection Fee (TRCF - Taxa de Regula&#231;&#227;o, Controle e
Fiscaliza&#231;&#227;o), whose taxable event is the performance of regulation, control and monitoring activities by ARSESP,
calculated at 0.50% of the annual revenue directly generated by the service provided less taxes levied on the service.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The taxes related to PASEP and Cofins
incident on amounts invoiced to public entities are due when invoices  are received.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As these taxes are calculated by the non-cumulativeness
regime and presented net of tax credits, as deductions from gross revenues.&#160; Debts measured on &#8220;other operating income&#8221;
are presented as deductions from the respective operating income or expense.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DescriptionOfAccountingPolicyForPensionObligationsExplanatory', window );">Pension obligations</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160; Defined
benefit</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company makes contributions to defined benefit
plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;),
a supplementary private pension closely-held entity.&#160; The regular contributions comprise the net administrative expenses and
are recognized in the income statement for the period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Liabilities from defined benefit pension plan
obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair
value of the plan&#8217;s assets.&#160; The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent
actuaries, using the projected unit credit method.&#160; The estimated future cash outflows is discounted to its present value,
using the interest rates of Government bonds with maturities that approximate the maturity of the related liability.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Referring to actuarial gains and losses deriving
from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive
income (OCI), so that the plan's net assets or liabilities are recognized in the statement of financial position in order to reflect
the full amount of plan&#8217;s deficit or surplus.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The expenses related to pension plan are recognized
in profit and loss of the year as operating cost, selling expenses or administrative expenses, according to employee&#8217;s allocation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In an event where a curtailment relates to only
some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate
share of the past service cost and actuarial gains and losses.&#160; The proportionate share is determined on the basis of the
present value of the obligations before and after the curtailment or settlement.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b) &#160;&#160;&#160;&#160; Defined contribution</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company makes contributions to defined contribution
plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held
entity that provides post-employment benefits to its employees.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A defined contribution plan is a pension plan
according to which the Company makes fixed contributions to a separate entity.&#160; The Company has no obligation of making contributions
if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous
period.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory', window );">Financial revenues and expenses</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial revenue is primarily comprised of
interest, inflation adjustments and exchange rate changes resulting from financial investments, escrow deposits and negotiations
with customer to pay by installments, using the effective interest rate method.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial expenses are primarily comprised of
interest, inflation adjustments and exchange rate changes on borrowings and financing, provisions, public-private partnership and
program contract commitments. These financial income and expenses are calculated using the effective interest rate method.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inflation adjustments and exchange gains and
losses derive from the collection or payment to third parties, as contractually required by law or court decision, and recognized
on an accrual basis <i>pro rata temporis</i>. Inflation adjustments included in the agreements are not considered embedded derivatives,
since they are deemed as inflation adjustment rates for the Company&#8217;s economic scenario.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lease agreements are classified as finance lease
when property, risks and rewards inherent to the ownership of asset to the lessee are transferred.&#160; Other leases are classified
as operational lease, recognized as expenses in the income statement on a straight-line basis during the lease term.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finance lease agreements are measured based
on the lower amount between the present value of minimum mandatory payments of the agreement or the fair value of asset on the
start date the lease agreement.&#160; The amounts payable deriving from considerations of finance lease agreements are impacted
by financial expenses and amortization of finance lease payables so that to obtain a constant interest rate.&#160; The corresponding
lessor&#8217;s liability is recorded as current and noncurrent debt.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DescriptionOfAccountingPolicyForOtherCurrentAndNoncurrentAssetsAndLiabilitiesExplanatory', window );">Other current and noncurrent assets and liabilities</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other assets are stated at cost of acquisition,
net of any impairment loss, where applicable.&#160; The amounts recognized as other liabilities are stated at known or estimated
amounts, including, where applicable, related charges and inflation adjustments.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory', window );">Dividends and interest on capital</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses the tax benefits of
distributing dividends as interest on capital, as permitted by Brazilian Law.&#160; This distribution of dividend is
accounted for in accordance with Brazilian Law 9,249/95 for tax deductibility purposes, limited to the daily pro rata
fluctuation of the Long-term Interest Rate (TJLP). The benefit attributed to the shareholders is recognized in the current
liability against Equity, based on its by-laws. Dividends and interest on capital over the minimum established in the by-laws
are recognized when approved by the shareholders in the shareholders&#8217; meeting, except for taxes incurring in the
distribution of interest on capital. The tax benefit of the interest on capital  are accrued in the income statement of the
year, under the same recognition basis of expenses with interest on capital.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DescriptionOfAccountingPolicyForPresentValueAdjustmentExplanatory', window );">Present value adjustment</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current and noncurrent financial assets and
liabilities are adjusted to present value based on discount rate at current market rate as of the transaction date, when the effects
are relevant.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory', window );">Segment information</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating segments are determined in a manner
consistent with the internal reporting to the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;), which, in the
case of SABESP, is the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consequently, the Company determined that it
has one operating segment (sanitation services).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accounting policies used to determine segment
information are the same as those used to prepare the Company&#8217;s financial statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The measure of the segment&#8217;s profit or
loss is  operating income before other operating expenses, net and equity accounting, which excludes construction revenue and
related costs.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CODM analyzes asset and liability information
on a consolidated basis. Consequently, the Company does not disclose segment information on assets and liabilities.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the Company&#8217;s noncurrent
assets and revenue generated from customers are located in S&#227;o Paulo State. Consequently, financial information is not disclosed
by geographic area.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Translation into foreign currency</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(a)&#160;&#160;&#160;&#160;&#160; Functional
and reporting currency</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Items included in the financial statements are
measured using the currency of the primary economic environment in which the company operates (&#34;the functional currency&#34;).
The financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial
information has been stated in reais and rounded to the next thousand, except where otherwise indicated.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(b)&#160;&#160;&#160;&#160;&#160; Foreign
currency translation</b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign currency-denominated transactions are
translated into Brazilian reais using the exchange rates prevailing at the transaction dates. Statement of financial position accounts
are translated by the exchange rate prevailing at reporting date.&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exchange gains and losses resulting from the
settlement of these transactions and the translation of foreign currency-denominated cash assets and liabilities are recognized
in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in
progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described
in Note 3.12.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DescriptionOfAccountingPolicyForProfitSharingExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfSignificantAccountingPoliciesPoliciesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for interest and other costs that the entity incurs in connection with the borrowing of funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for environment related expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for finance income and costs. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investment property. [Refer: Investment property]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for service concession arrangements. [Refer: Service concession arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for taxes other than income tax. [Refer: Tax expense other than income tax expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 46<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758099984">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Changes in accounting practices and disclosures (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfNewAccountingStandardsAmendmentsAndInterpretationsAdoptedTableTextBlock', window );">New standards, amendments and interpretations, adopted</a></td>
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    <td style="width: 23%"><font style="font-size: 8pt"><b>Standard</b></font></td>
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    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td></tr>
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    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IAS 12  &#8211; Recognition of Deferred Income Tax for Unrealized Losses </font></td>
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Describes about the treatment of temporary differences.</font></td>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt">The application of this amendment did not impact the disclosures
        or amounts recognized in the annual financial statements.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0">&#160;</p></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IAS 7  &#8211; Disclosure Initiatives </font></td>
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Describes about disclosures that enable users to measure the changes in liabilities related to financing activities.</font></td>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt">The application of these amendments did not impact the disclosures
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 2.85pt 0">&#160;</p></td></tr>
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    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Annual improvements to IFRSs: 2015-2017 cycle</font></td>
    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IFRS 12 &#8211; Disclosure of interests in other entities &#8211; clarification on the standard&#8217;s scope.</font></td>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt">The application of this amendment did not impact the disclosures
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations', window );">New standards, amendments and interpretations, not yet effective</a></td>
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    <td style="width: 25%"><font style="font-size: 8pt"><b>Standard</b></font></td>
    <td style="width: 47%"><font style="font-size: 8pt"><b>Description</b></font></td>
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    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td>
    <td style="padding: 1pt 2.85pt 2pt">&#160;</td></tr>
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    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">IFRS 9 - Financial Instruments <sup>1</sup></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company assessed the main aspects of this  and has concluded that will not have an impact on the classification and measurement of losses on its financial assets and financial liabilities or hedge accounting, given that it does not have any operation of this nature. </font></td></tr>
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    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">IFRS 15 - Revenue from Contracts with Customers<sup>1</sup></font></td>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">Establishes a single comprehensive framework to
        determine if         and when         a revenue is recognized and how revenue is measured.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">IFRS 15 will supersede the current revenue recognition
        guidance including IAS 18 Revenue, IAS 11  Construction Contracts and IFRIC 13 Interpretation A - Customer
        Loyalty Programmes.</p></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company assessed the impacts on its customer contracts, including those with consumers with special billing characteristics, and concluded that the adoption of this standard will not have material impacts.</font></td></tr>
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    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">IFRS 16 &#8211; Leases<sup>2</sup></font></td>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">Establishes a single model for the accounting of
        leases         in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right to use the
        leased asset and         a lease liability that represents his obligation to make lease payments. The lessor&#8217;s
        accounting remains similar to the current         standard, that is, the lessors continue to classify the leases as financial
        or operating.</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 6pt">IFRS 16 will supersede the current leases guidance including
        IAS 17  Leases and IFRIC 4, SIC 15 and SIC 27 Determining Whether an Arrangement Contains a Lease.</p></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company is assessing the effects of recording operating leases in its financial statements and expects impacts which are currently under evaluation.</font></td></tr>
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    <td style="padding: 1pt 2.85pt 2pt"><font style="font-size: 8pt">Amendments to IFRS 2 &#8211; Classification and measurement of share-based payment transactions <sup>2</sup></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">Describe about modifications of settled options of shares.</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 6pt; padding-left: 2.85pt"><font style="font-size: 8pt">The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the known or reasonably estimable information relevant to assessing the possible impact that the application of a new IFRS, that has been issued but is not yet effective, will have.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 30<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_30_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6744863712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Risk Management (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RiskManagementTablesAbstract', window );"><strong>Risk Management Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfExposureToExchangeRiskTableTextBlock', window );">Exposure to exchange risk</a></td>
<td class="text"><p style="margin: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Foreign currency</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>R$</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Foreign currency</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>R$</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowings and financing &#8211; US$</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,200,786</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">3,972,200</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,241,963</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">4,047,682</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowings and financing &#8211; Yen</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"><font style="font-size: 8pt">57,575,271</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,692,713</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">57,643,930</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">1,609,419</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Interest and charges from borrowings and financing &#8211; US$</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">26,628</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">25,114</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Interest and charges from borrowings and financing &#8211; Yen</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,834&#160;&#160;&#160;</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,769&#160;&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total exposure</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right; vertical-align: bottom"><font style="font-size: 8pt">5,702,375</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">5,692,984</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowing cost &#8211; US$</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">(26,454)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right"><font style="font-size: 8pt">(29,650)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Borrowing cost &#8211; Yen</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,100)&#160;&#160;&#160;</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(2,971)&#160;&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Total foreign currency-denominated borrowings (Note 16)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,672,821&#160;&#160;&#160;</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; padding-left: 5.65pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,660,363&#160;&#160;</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingAndFinancingVariableInterestRateTableTextBlock', window );">Borrowing and financing variable interest rate</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 30%; padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 37%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 33%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">TR<sup>(i)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,574,564</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,535,030</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">CDI<sup>(ii)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,144,391</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,082,228</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">TJLP<sup>(iii)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,354,987</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,326,631</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">IPCA<sup>(iv)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,699,747</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,697,452</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">LIBOR<sup>(v)</sup></font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,814,399</font></td>
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,906,999</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Interest and charges</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">125,172</font>&#160;&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">142,644&#160;&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total </font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,713,260&#160;&#160;&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,690,984&#160;&#160;&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) TR &#8211; Interest Benchmark Rate</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) CDI &#8211; (Certificado de Dep&#243;sito
Interbanc&#225;rio), an interbank deposit certificate</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii) TJLP &#8211; (Taxa de Juros a Longo Prazo),
a long-term interest rate index</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iv) IPCA &#8211; (&#205;ndice Nacional de Pre&#231;os
ao Consumidor Amplo), a consumer price index</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(v) LIBOR &#8211; London Interbank Offered Rate</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExplanatory', window );">Credit rating</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 44%">&#160;</td>
    <td style="width: 28%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Cash at bank and short-term bank deposits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">AA+(bra)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,222,001</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,850,220</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">AAA(bra)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">43,978</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">35,452</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other (*)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">17,068&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">549&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,283,047</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,886,221</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) This category includes current accounts
and investment funds in banks whose balances were not significant.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCreditInformationOfBanksTableTextBlock', window );">Credit information of banks</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 37%"><font style="font-size: 8pt"><b>Banks</b></font></td>
    <td style="width: 21%; text-align: right"><font style="font-size: 8pt"><b>Fitch</b></font></td>
    <td style="width: 21%; text-align: right"><font style="font-size: 8pt"><b>Moody's</b></font></td>
    <td style="width: 21%; text-align: right"><font style="font-size: 8pt"><b>Standard Poor's</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Banco do Brasil S/A</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">AA+(bra)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aa1.br</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Banco Santander Brasil S/A</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aaa.br</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">brAA-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Caixa Econ&#244;mica Federal</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">AA+(bra)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aa1.br</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">brAA-</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Banco Bradesco S/A</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">AAA(bra)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aa1.br</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">brAA-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Ita&#250; Unibanco Holding S/A</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">AAA(bra)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">Aa1.br</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">brAA-</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfLiquidityRiskExplanatory', window );">Liquidity risk</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 30%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2020</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2021</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2022</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2023 onwards</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-bottom: 1pt"><font style="font-size: 8pt"><b>As of December 31, 2017</b></font></td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Liabilities</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Borrowings and financing</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,221,645</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,321,046</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,648,021</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,134,162</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,077,914</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,534,627</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">14,937,415</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Accounts payables to suppliers and contractors</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Services payable</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Public-Private Partnership &#8211; PPP (*)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">185,816</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">368,156</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,148,952</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">6,807,392</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Program contract commitments</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">128,820</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">92,505</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,639</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,779</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,029</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,981</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">269,753</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*)The Company also considered future commitments
(construction not yet performed) still not recognized in the financial statements related to S&#227;o Louren&#231;o PPP, due to
the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment
through an agreement signed by the parties.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCapitalManagementTableTextBlock', window );">Capital management</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 48%; text-align: justify">&#160;</td>
    <td style="width: 26%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 26%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Total borrowings and financing (Note 16)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">12,100,966</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">(-) Cash and cash equivalents (Note 7)</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">(2,283,047)</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">(1,886,221)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Net debt</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">9,817,919</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">10,077,922</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Total equity</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">17,513,009</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">15,419,211</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Total capital</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">27,330,928</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">25,497,133</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font-size: 8pt">Leverage ratio</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">36%</font></td>
    <td style="padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">40%</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory', window );">Fair value of financial instruments</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: center">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Cash and cash equivalents</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,283,047</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,283,047</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,886,221</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,886,221</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Restricted cash</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">18,822</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">18,822</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">24,078</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">24,078</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Trade receivables</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,888,505</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,888,505</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,711,306</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,711,306</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Water National Agency &#8211; ANA </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">70,487</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">70,487</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">81,221</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">81,221</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Other receivables </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">169,715</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">169,715</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,369</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,369</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialLiabilitiesTableTextBlock', window );">Financial liabilities</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="2" style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Carrying amount</b></font></td>
    <td style="width: 15%; text-align: center"><font style="font-size: 8pt"><b>Fair value</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Borrowings and financing</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">12,100,966</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,967,909</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">11,776,178</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;&#160; Accounts payables to suppliers and contractors</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">344,947</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">311,960</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">311,960</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Services payable</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">408,275</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">460,054</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">460,054</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Program contract commitments</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">239,500</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">239,500</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">178,093</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">178,093</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Public-Private Partnership - PPP</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,071,416</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,071,416</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,249,418</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,249,418</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RiskManagementTablesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingAndFinancingVariableInterestRateTableTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfCapitalManagementTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfCreditInformationOfBanksTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfExposureToExchangeRiskTableTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfFinancialLiabilitiesTableTextBlock</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of credit risk. [Refer: Credit risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Section Credit risk<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=F36665437&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of liquidity risk. [Refer: Liquidity risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Cash and cash equivalents (Tables)<br></strong></div></th>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754571952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. Restricted cash (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Current</font></td>
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    <td style="text-align: justify"><font style="font-size: 8pt">Brazilian Federal Savings Bank &#8211; escrow deposits (ii)</font></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758750448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Trade receivables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialPositionTableTextBlock', window );">Financial position</a></td>
<td class="text"><p style="margin: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 48%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt">&#160;</td>
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    <td style="width: 26%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">315,351&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">532,320</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">520,950</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,414</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Agreements (iii)</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">279,449</font>&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">803,813</font>&#160;</td></tr>
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    <td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="vertical-align: top; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">760,598</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">778,106</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">530,830</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">467,775</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,670</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,527</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,048,832</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">946,045</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,604</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,371</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Diadema </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">222,671&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">222,671</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Total wholesale customers &#8211; Municipal governments</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,568,205&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,419,495</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Unbilled supply</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">580,006&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">481,389</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Subtotal</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,538,703</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5,225,546</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt"><font style="font-size: 8pt">Allowance for doubtful accounts</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,650,198)&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,514,240)&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,888,505&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,711,306</font>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,672,595</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,557,472</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">215,910&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">153,834</font>&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,888,505&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,711,306&#160;</font></td></tr>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfAgingOfTradeReceivablesTableTextBlock', window );">Aging of trade receivables</a></td>
<td class="text"><p style="margin: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 38%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 31%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 31%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Current</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,471,668</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,337,503</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Past-due:</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Up to 30 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">287,173</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">263,157</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">From 31 to 60 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">118,179</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">148,927</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">From 61 to 90 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">73,989</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">53,268</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">From 91 to 120 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">52,477</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">109,138</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">From 121 to 180 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">105,952</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">124,001</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">From 181 to 360 days</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">147,699</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">203,837</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Over 360 days</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,281,566</font>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,985,715</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total past-due</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">4,067,035&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,888,043&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Total </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,538,703&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,225,546&#160;</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivableAllowanceForDoubtfulAccountsTableTextBlock', window );">Allowance for doubtful accounts</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 42%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="width: 18%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt/130% Times New Roman, Times, Serif">Balance
    at beginning of the year </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,514,240</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,307,793</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,164,288</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Private sector /government
    entities</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">75,973</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">144,217</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">103,231</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Recoveries </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(133,730)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(241,109)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(177,993)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Wholesale customers</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">193,715</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">331,295</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">283,113</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net additions for
    the year</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">135,958</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">234,403</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">208,351</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Write-offs of accounts
    receivable during the year</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(27,956)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(64,846)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Balance at end of
    the year</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,650,198</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,514,240</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,307,793</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfReconciliationOfEstimatedLossesOfIncomeTableTextBlock', window );">Reconciliation of estimated losses of income</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 46%"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reconciliation
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;of
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    <td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td style="width: 18%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="width: 18%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Write-offs</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(171,729)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(177,492)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(63,076)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(Losses)/reversal
    with state entities - related parties</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">21,510</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,292)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,999)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Losses with private
    sector / government entities</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(75,973)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(144,217)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(103,231)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(Losses)/reversal
    with wholesale customers</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,781</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,596)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,107)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Recoveries</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">133,730</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">241,109</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">177,993</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Amount recorded as
    selling expenses </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(82,681)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,488)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,420)</font></td></tr>
</table><span></span>
</td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741497568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Related-Party Balances and Transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedpartyBalancesAndTransactionsTablesAbstract', window );"><strong>Related-party Balances And Transactions Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfAccountsReceivableInterestOnCapitalPayableRevenueAndExpensesWithGovernmentTableTextBlock', window );">Accounts receivable, interest on capital payable, revenue and expenses with the Sao Paulo State Government</a></td>
<td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
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    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Accounts receivable</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Sanitation services (i)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">118,441</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">134,005</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(35,114)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(56,624)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">22,696</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 5.65pt; text-align: justify"><font style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160; - GESP Agreement &#8211; 2008 (ii) and (vi)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">20,099</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">56,512</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">54,379</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">39,816</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,148&#160;</font></td></tr>
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    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">202,553&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">&#160;&#160; Agreement for the installment payment of sanitation services</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">22,625</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; Reimbursement for retirement and pension benefits paid (G0):</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; &#160;&#160; - GESP Agreement &#8211; 2008 (ii) and (vi)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font>&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">18,838</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;&#160; &#160;&#160; - GESP Agreement &#8211; 2015 (vii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">611,762&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">650,318</font>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total noncurrent</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">634,387&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">669,156&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total receivables from shareholders</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">815,160&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">871,709&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Assets:</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Sanitation services</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">105,952</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">77,381</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Reimbursement of additional retirement and pension benefits (G0)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">709,208</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">788,180</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">&#8220;Se Liga na Rede&#8221; program (l)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,148&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">815,160</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">871,709</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Liabilities:</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Interest on capital payable to related parties</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">300,717</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">351,788</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Other (g)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,367</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,853</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 52%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Revenue from sanitation services</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">462,989</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">445,726</font></td>
    <td style="vertical-align: bottom; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;357,512</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Payments received from related parties</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(471,081)</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(424,549)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;(338,471)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 14.2pt; text-align: justify; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Receipt of GESP reimbursement referring to Law 4,819/58</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(192,889)</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(139,472)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;(121,709)</font></td></tr>
</table>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfLoanAgreementThroughCreditFacilityTableTextBlock', window );">Loan agreement through credit facility</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 20%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>SPE</b></font></td>
    <td style="width: 16%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Principal disbursed amount</b></font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Interest balance</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
    <td style="width: 18%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Interest rate</b></font></td>
    <td style="width: 18%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>Maturity</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Attend Ambiental</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,400</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">9,277</font></td>
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    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(i)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Aquapolo Ambiental</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,629</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,209</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,838</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">CDI + 1.2% a.a.</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(ii)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Aquapolo Ambiental</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">19,000</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,502</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">30,502</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">CDI + 1.2% a.a.</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(iii)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">50,617</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;
The loan agreement with SPE Attend&#160; Ambiental&#160; S/A&#160; matures&#160; within&#160; 180&#160; days,&#160; from&#160;
the&#160; date when&#160; the respective amount is available in the borrower&#8217;s account, renewable for the same period.&#160;
The credit has been overdue since May 11, 2015 and is subject to contractual default charges (inflation adjustment considering
the IGP-M variation, 2% fine and default interest of 1% p.m.). The agreement has been renegotiated between the parties.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt">(ii)&#160;&#160;&#160;&#160;
The R$ 5,629 loan agreement originally expired on April 30, 2016. As of February 10, 2016, an amendment to the agreement changed
the payment schedule for four annual installments, the first of which maturing on December 30, 2018 and the last on December 30,
2021; and</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 42.55pt; text-align: justify; text-indent: -19.85pt">(iii)&#160;&#160;
The loan agreement totaling R$ 19,000 originally expired on April 30, 2015, was extended to October 30, 2015 and on November 25,
2015 a new amendment changed the payment schedule for three annual installments, the first of which maturing on December 30, 2021
and the last on December 30, 2023.</p><span></span>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754488432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Investments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentsTablesAbstract', window );"><strong>Investments Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvesteesFinancialStatementsAndEquityInterestTableTextBlock', window );">Summary of the investees' financial statements and equity interest</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

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<tr>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
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    <td style="vertical-align: top; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: right">&#160;</p>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center">&#160;</p>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center">&#160;</p>
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    <td style="text-align: right"><font style="font-size: 8pt">39,262</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">37,198</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">32,313</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">3,706</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,449</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">4,090</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,560</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">390</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">5,249</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">3,084</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">689</font></td>
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<tr>
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    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
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    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
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    <td style="text-align: right"><font style="font-size: 8pt">975</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">36%</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">4,849</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">240</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,341</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(612)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">532</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">711</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">1,465</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,112</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">66</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">280</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">7</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">189</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">232</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">117</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">217</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">344</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">30%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">1,766</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">596</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(36)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">378</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,388</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">45%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">45%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">45%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">9,191</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6,047</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">3,170</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(26)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">338</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(2,239)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">49%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">49%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">49%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">2,111</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">2,117</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(10)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(29)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">25%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">25%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">25%</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">306</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6,473</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(713)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">4,740</font></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6664173936">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. Investment properties (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentPropertiesTableTextBlock', window );">Investment properties</a></td>
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    <td style="width: 16%; text-align: center"><font style="font-size: 8pt"><b>Write-offs and disposals</b></font></td>
    <td style="width: 18%; text-align: center"><font style="font-size: 8pt"><b>Depreciation</b></font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">(244)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(72)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">57,652</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">(244)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(72)</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

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    <td style="text-align: right"><font style="font-size: 8pt">56,957</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,231</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(124)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">10</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(106)</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">(124)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">10</font></td>
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    <td style="width: 17%; text-align: center"><font style="font-size: 8pt"><b>Write-offs and disposals</b></font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">54,039</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">9,182</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(5,859)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(405)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">56,957</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">(5,859)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(405)</font></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741552240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. Intangible assets (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsTablesAbstract', window );"><strong>Intangible Assets Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialPositionDetailsTableTextBlock', window );">Statement of financial position details</a></td>
<td class="text"><p style="margin: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td colspan="3" style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 38%; padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated
    amortization</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td>
    <td style="width: 8%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated
    amortization</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible right
    arising from:</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements &#8211;
    equity value</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,893,296</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,751,682)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,141,614</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,222,543</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,739,588)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,482,955</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements &#8211;
    economic value </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,068,402</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(634,465)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,433,937</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,925,361</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(543,709)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,381,652</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program contracts
    </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,653,292</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,058,226)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,595,066</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,209,367</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,633,346)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,576,021</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program contracts
    &#8211; commitments </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,113,160</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(202,785)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">910,375</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">991,848</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(168,632)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">823,216</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Services contracts
    &#8211; S&#227;o Paulo</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">19,388,751</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,471,736)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,917,015</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">17,457,658</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,904,951)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,552,707</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software license</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">688,712&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(220,587)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">468,125</font>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">575,494&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(145,257)</font>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,237&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">42,805,613&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,339,481)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">33,466,132&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">39,382,271&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,135,483)&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,246,788&#160;</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SumamryOfChangesInIntangibleAssetsTableTextBlock', window );">Changes in intangible assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 21%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Contract
    renewal</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reversal
    of estimated losses</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers
    (i)</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="vertical-align: bottom; width: 11%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
    right arising from: </font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; equity value&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,482,955</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">374,775</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(531,818)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,078</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,663</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,795)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(185,244)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,141,614&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; economic value&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,381,652</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">142,429</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,604</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,163)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(91,593)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,433,937</font>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,576,021</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">772,278</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">531,818</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,834</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,784)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,606)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(281,495)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,595,066&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts &#8211; commitments&#160; </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">823,216</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">121,313</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(34,154)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">910,375    </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Services
    contracts &#8211; S&#227;o Paulo </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,552,707</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,976,079</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,460</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(18,346)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(13,848)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(586,037)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,917,015&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software
    license </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,237</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">103,424</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,489</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(72,025)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">468,125
    </font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,246,788</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,490,298</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,380</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,374)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(24,412)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,250,548)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">33,466,132
    </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 21%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td>
    <td style="vertical-align: bottom; width: 8%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Contract
    renewal</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated
    losses</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="vertical-align: bottom; width: 11%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
    <td style="vertical-align: bottom; width: 10%; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
    right arising from: </font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; equity value&#160; </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,287,630</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">391,545</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,587)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,335)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,014</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,233)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(180,079)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,482,955</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; economic value&#160; </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,353,020</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">106,307</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(110)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(77,563)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,381,652</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,288,575</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">553,126</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,587</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,360)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,023</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,571)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(267,359)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,576,021</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts &#8211; commitments&#160; </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">850,530</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,762</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(33,076)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">823,216</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Services
    contracts &#8211; S&#227;o Paulo </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,367,017</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,697,724</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,495)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,696</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,894)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(514,341)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,552,707</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software
    license</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">366,854</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">101,367</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(167)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(37,817)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,237</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    </font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">28,513,626</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,855,831</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,198)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,572</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(14,808)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,110,235)</font></td>
    <td style="padding-bottom: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,246,788</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 21%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2014</b></font></td>
    <td style="vertical-align: bottom; width: 8%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Contract
    renewal</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reversal
    of estimated losses</b></font></td>
    <td style="vertical-align: bottom; width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
    <td style="vertical-align: bottom; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
    right arising from: </font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; equity value&#160; </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,369,271</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">574,421</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(463,362)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">747</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(324)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,303)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(188,820)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,287,630</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Agreements
    &#8211; economic value&#160; </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,281,260</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">140,732</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(139)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(68,816)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,353,020</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,379,153</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">663,399</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">463,362</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,459</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(752)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(11,045)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(210,001)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,288,575</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program
    contracts &#8211; commitments&#160; </font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">702,909</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">177,424</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(29,803)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">850,530</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,986,386</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,900,218</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">18,879</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,997)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(30,321)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(503,148)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 3pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,367,017</font></td></tr>
<tr style="vertical-align: bottom">
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    license </font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">260,547</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">148,248</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(41,941)</font></td>
    <td style="padding-top: 2.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">366,854</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    </font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,979,526</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,604,442</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">24,085</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,090)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(45,808)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,042,529)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 1pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">28,513,626</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
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    <td colspan="3" style="vertical-align: top; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
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    <td style="width: 13%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current
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    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Noncurrent
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    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current
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    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
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    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">282,501</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">317,584</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,898</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">309,858</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">341,756</font></td></tr>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">24,924</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,728,908</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,753,832</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,907,662</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,907,662</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,011,409</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,071,416</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,898</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,217,520</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,249,418</font></td></tr>
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<p style="margin: 0pt"></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754559552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. Property, plant and equipment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentTablesAbstract', window );"><strong>Property Plant And Equipment Tables</strong></a></td>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentTableTextBlock', window );">Statement of financial position details</a></td>
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<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(36,653)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,360</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">77,548</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(34,286)</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">338,696</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(189,556)</font></td>
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    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,862</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(7,182)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,680</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,141</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(6,610)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,531</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and fixtures </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">24,430</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(12,614)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,816</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,633</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(11,647)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,986</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,122&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(238)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">884&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,181&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(211)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">970&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">538,687&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(283,637)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">255,050&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">544,693&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(242,310)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">302,383&#160;</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInPropertyPlantAndEquipmentTableTextBlock', window );">Changes in property, plant, and equipment</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">13</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,507</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">43,262</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">86</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,358</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,346)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,360</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149,140</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">17,627</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(15,945)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(178)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(46,841)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">103,803</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,531</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(33)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(27)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(791)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,680</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and fixtures </font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,986</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,207</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(75)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(54)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,248)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,816</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">970&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(15)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(20)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(51)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">884&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">302,383&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">18,920&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(14,697)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(279)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(51,277)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">255,050&#160;&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-offs
    and disposals</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">102,708</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10,214)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">92,494</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">45,891</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(911)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(45)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,673)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">43,262</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">162,218</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26,061</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(6,380)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(181)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(32,578)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149,140</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,692</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">214</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(556)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(819)</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,531</font></td></tr>
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    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
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    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,418</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">511</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,258</font></td>
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10)</font></td>
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    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">11,986</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">845&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;-&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font>&#160;&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(24)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">970&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.65pt; padding-bottom: 1pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">325,076&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">27,631&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(13,803)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(236)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(36,285)&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">302,383&#160;&#160;</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Transfers</b></font></td>
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    <td style="width: 13%; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
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<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,533</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,032</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,143</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">102,708</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,515</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,383</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,347</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,354)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">45,891</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">146,922</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">51,610</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(8,123)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(340)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(27,851)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">162,218</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transportation
    equipment</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7,613</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">135</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,109)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(937)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,692</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
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    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7,124</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">634</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,629</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(23)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(946)</font></td>
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,418</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">21&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;-&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(10)&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">149</font>&#160;&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-top: 4.8pt; padding-right: 5.65pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">304,845&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">54,794&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,092)&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(373)&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(31,098)&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">325,076&#160;&#160;</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6666714352">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Borrowings and financing (Tables)<br></strong></div></th>
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<tr>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Current</b></p></td>
    <td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
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    <td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Total</b></p></td>
    <td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Current</b></p></td>
    <td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Noncurrent</b></p></td>
    <td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Total</b></p></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Local currency</b></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;10<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">41,702</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">80,953</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">122,655</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">40,967</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">120,343</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">161,310</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;12<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">45,450</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">294,702</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">340,152</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">45,450</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">340,165</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">385,615</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;14<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">40,503</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">141,351</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">181,854</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">39,802</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">178,571</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">218,373</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;15<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">346,414</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">345,788</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">692,202</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">97,692</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">672,657</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">770,349</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;17<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">144,391</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">781,922</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">926,313</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">140,144</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">904,094</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,044,238</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;18<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,020</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">194,872</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">227,892</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">32,436</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">223,840</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">256,276</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;19<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">199,461</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">199,461</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;20<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">250,000</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">246,890</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">496,890</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">495,533</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">495,533</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;21<sup>st</sup> issue debentures</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">499,628</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">499,628</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Federal Savings Bank</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">78,487</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,154,599</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,233,086</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">59,199</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,088,160</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,147,359</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES BAIXADA SANTISTA</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">16,782</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">16,782</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,564</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">16,603</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,207</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">49,810</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES PAC</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">11,143</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">50,028</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">61,171</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,987</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">60,293</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">71,280</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES PAC II 9751</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">4,334</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">22,991</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">27,325</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">4,288</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">27,007</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">31,295</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES PAC II 9752</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,367</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">19,526</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">21,893</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,341</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">21,659</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">24,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES ONDA LIMPA</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">23,469</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">146,461</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">169,930</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">23,219</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">168,083</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">191,302</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES TIET&#202; III</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">280,825</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">311,203</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">30,054</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">307,862</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">337,916</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Brazilian Development Bank - BNDES 2015</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,050</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">397,922</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">407,972</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">233,967</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">233,967</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Leases</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">17,573</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">544,044</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">561,617</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">14,914</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">537,602</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">552,516</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Other</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,466</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">9,477</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,943</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">746</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,829</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">11,575</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Interest and charges</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">121,605</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,228,761</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">6,428,145</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">879,908</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,423,872</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">6,303,780</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
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<tr>
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    <td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">
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    <td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
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    <td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
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    <td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
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    <td style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
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    <td style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right">&#160;</p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 2.4pt 0; text-align: right"><b>Total</b></p></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Foreign currency</b></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">81,794</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">81,794</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">34,000</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">238,000</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">272,000</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,499</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">267,979</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">301,478</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Inter-American Development Bank - BID 2202 &#8211; US$ 444,871 thousand (US$ 438,071 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">81,757</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,375,358</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,457,115</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">75,143</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,339,803</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,414,946</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;International Bank of Reconstruction and Development -BIRD &#8211; US$ 91,286 thousand </font><br />
<font style="font-size: 8pt">(US$ 79,946 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">301,665</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">301,665</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">260,224</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">260,224</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Deutsche Bank &#8211; US$ 150,000 thousand (US$ 150,000 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">248,100</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">242,343</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">490,443</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">480,244</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">480,244</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Eurobonds &#8211; US$ 350,000 thousand (US$ 350,000 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,155,331</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,155,331</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,137,395</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,137,395</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;JICA 15 &#8211; &#165; 13,829,160 thousand (&#165; 14,981,590 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">33,881</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">372,696</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">406,577</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">32,175</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">386,111</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">418,286</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;JICA 18 &#8211; &#165; 12,433,920 thousand (&#165; 13,470,080 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">30,463</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">334,849</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">365,312</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">28,930</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">346,889</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">375,819</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;JICA 17 &#8211; &#165; 1,534,959 thousand (&#165; 1,596,251 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,507</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">41,835</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">44,342</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,205</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">42,675</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">43,880</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;JICA 19 &#8211; &#165; 29,777,232 thousand (&#165; 27,596,009 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">873,383</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">873,383</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">768,463</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">768,463</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;BID 1983AB &#8211; US$ 82,404 thousand (US$ 106,346 thousand in December 2016)</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">79,201</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">189,990</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">269,191</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">78,030</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">263,921</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">341,951</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">&#160;Interest and charges</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">37,462</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">37,462</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">35,883</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">35,883</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Total in foreign currency</b></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">547,371</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,125,450</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,672,821</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">366,659</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,293,704</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,660,363</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Total borrowings and financing</b></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,746,755</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,354,211</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">12,100,966</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,246,567</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">10,717,576</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">11,964,143</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsTermsTableTextBlock', window );">Borrowings terms</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 47%"><font style="font-size: 8pt"><b>Local currency</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>Guarantees</b></font></td>
    <td style="width: 7%; text-align: right"><font style="font-size: 8pt"><b>Maturity</b></font></td>
    <td style="width: 26%; text-align: right"><font style="font-size: 8pt"><b>Annual interest rates</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>Inflation adjustment</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-bottom: 1pt">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
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    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2020</font></td>
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    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"><font style="font-size: 8pt">IPCA (Series 2)</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">12<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2025</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">&#160;TR + 9.5% </font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">14<sup>th</sup> issue debentures</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2022</font></td>
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    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"><font style="font-size: 8pt">IPCA (Series 2)</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">15<sup>th</sup> issue debentures</font></td>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2019</font></td>
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<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">17<sup>th</sup> issue debentures</font></td>
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<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">18<sup>th</sup> issue debentures</font></td>
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<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">19<sup>th</sup> issue debentures</font></td>
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    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center">&#160;</td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">20<sup>th</sup> issue debentures</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2019</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">CDI + 3.80%</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">21<sup>st</sup> issue debentures</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
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    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2018/2038</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">5% to 9.5%</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">TR</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; padding-left: 10.7pt; text-indent: -10.7pt"><font style="font-size: 8pt">Brazilian Development Bank - BNDES BAIXADA SANTISTA</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2019</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">2.5%+TJLP </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr>
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2023</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">2.15%+TJLP </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
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    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2027</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">1.72%+TJLP </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Brazilian Development Bank - BNDES PAC II 9752</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2027</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">1.72%+TJLP </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Brazilian Development Bank - BNDES ONDA LIMPA</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2025</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">1.92%+TJLP </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Brazilian Development Bank - BNDES TIET&#202; III</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2028</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">1.66%+TJLP </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Brazilian Development Bank - BNDES 2015</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2035</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">2.5%+TJLP </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Leases</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2035</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">7.73% to 10.12% </font></td>
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<tr style="background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Own funds</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2018/2025</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">12% (Presidente Prudente) and TJLP + 1.66% (FINEP)</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">TR</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 47%"><font style="font-size: 8pt"><b>Foreign currency</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>Guarantees</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>Maturity</b></font></td>
    <td style="width: 23%; text-align: right"><font style="font-size: 8pt"><b>Annual interest rates</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>Exchange rate changes</b></font></td></tr>
<tr>
    <td style="padding-top: 1pt; padding-bottom: 2pt">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right">&#160;</td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center">&#160;</td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Inter-American Development Bank - BID 1212&#160; &#8211; US$ 82,225 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2025</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2.74% (*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Inter-American Development Bank - BID 2202 - US$ 444,871 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2035</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2.33% (*)&#160; </font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">International Bank for Reconstruction and Development - BIRD US$ 91.286 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2034</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.71% (*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Deutsche Bank US$ 150,000 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2019</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">Libor+4.50%(*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">Eurobonds &#8211; US$ 350,000 thousand</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">-&#160;</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2020</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">6.25%</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 15 &#8211; &#165; 13,829,160 thousand </font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2029</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.8% and 2.5%</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 18 &#8211; &#165; 12,433,920 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2029</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.8% and 2.5%</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 17&#8211; &#165; 1,534,959 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2035</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.2% and 0.01% </font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">JICA 19&#8211; &#165; 29,777,232 thousand</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: right"><font style="font-size: 8pt">Government</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2037</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">1.7% and 0.01% </font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">Yen</font></td></tr>
<tr>
    <td style="padding-top: 4.8pt; padding-bottom: 4.8pt"><font style="font-size: 8pt">BID 1983AB &#8211; US$ 82,404 thousand</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">-&#160;</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">2023</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: right"><font style="font-size: 8pt">Libor + 1.88% to 2.38% (*)</font></td>
    <td style="padding-top: 1pt; padding-bottom: 2pt; text-align: center"><font style="font-size: 8pt">US$</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*)Rates comprising LIBOR + contractually defined
spread.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsPaymentScheduleTableTextBlock', window );">Borrowings payment schedule</a></td>
<td class="text"><p style="margin: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 26%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2020</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2021</b></font></td>
    <td style="width: 10%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2022</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2023</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>2024 to 2038</b></font></td>
    <td style="width: 8%; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"><b>TOTAL</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt"><b><i>LOCAL CURRENCY</i></b></font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">901,480</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,022,262</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">576,364</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">375,660</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">354,807</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">159,790</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">97,223</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">3,487,586</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">78,487</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">69,516</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">71,998</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">75,721</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">79,743</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">71,768</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">785,853</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,233,086</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">98,523</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">112,594</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">94,467</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">94,019</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">94,019</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">88,335</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">451,101</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,033,058</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">17,573</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">32,766</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">34,384</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">36,143</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">38,056</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">40,775</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">361,920</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">561,617</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,466</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,370</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">2,627</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">10,943</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">101,855</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,199,384</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,238,508</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">778,583</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">582,913</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">567,995</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">362,038</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,698,724</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">6,428,145</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt"><b><i>FOREIGN CURRENCY</i></b></font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td>
    <td style="padding: 2.4pt 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">BID</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,757</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">115,758</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,034,572</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,729,115</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">BIRD</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">10,056</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,112</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,112</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,112</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">20,113</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">211,160</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">301,665</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Deutsche Bank</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">248,100</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">242,343</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">490,443</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Eurobonds</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,155,331</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,155,331</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">JICA</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">66,851</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">114,173</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,051,898</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">1,689,614</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">BID 1983AB</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">79,201</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">58,526</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">58,526</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">25,446</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">25,446</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">22,046</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font-size: 8pt">269,191</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Interest and charges</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">37,462</font>&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-</font>&#160;&#160;</td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">-&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">37,462&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt"><i>TOTAL IN FOREIGN CURRENCY</i></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">547,371&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">540,855&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,463,899&#160;&#160;</font></td>
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    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">275,488&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">272,090&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,297,630&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">5,672,821&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt"><i>Overall Total</i></font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,746,755&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">1,779,363&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,242,482&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">858,401&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">843,483&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">634,128&#160;&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">3,996,354&#160;</font></td>
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">12,100,966&#160;</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInBorrowingsTableTextBlock', window );">Changes in borrowings</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%">&#160;</td>
    <td style="width: 5%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31, 2016</b></font></td>
    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Funding</b></font></td>
    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Borrowings costs</b></font></td>
    <td style="width: 8%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Lease </b></font></td>
    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Monetary variation &#160;and exchange rate changes</b></font></td>
    <td style="width: 8%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Inflation adjustment / update  incorporated interest - Capitalized</b></font></td>
    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest
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    <td style="width: 8%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
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    <td style="width: 8%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Provision for interest  and fees - Capitalized</b></font></td>
    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Borrowings costs- expenses</b></font></td>
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<tr style="vertical-align: bottom">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,641,912</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">500,000</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,157)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">51,768</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(301,493)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(597,794)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">176,780</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">103,215</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,611</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,576,842</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,150,691</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">144,654</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,495</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,415</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(95,854)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(65,836)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">78,283</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">17,826</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,236,674</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">BNDES</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">946,984</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">171,153</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,405</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,512</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(78,466)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(87,993)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">33,938</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">48,294</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">209</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,042,036</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Leasing </font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">552,516</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">24,693</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(15,593)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">561,616</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,677</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">116</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(876)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(750)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">779</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">10,977</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><i>TOTAL IN LOCAL CURRENCY</i></font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,303,780</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">815,807</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,157)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">24,693</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">62,784</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,927</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(476,689)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(797,966)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">289,780</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">169,366</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,820</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,428,145</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>FOREIGN CURRENCY</i></b></font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">BID</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,811,664</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">96,889</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(2,497)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(15,193)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">40,228</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(38,654)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(189,280)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">22,547</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">16,803</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">750</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,743,257</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">BIRD</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">261,337</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">35,710 </font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,874</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,837</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(4,049)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,662</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">888</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">303,278</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">485,090</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(720)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7,335</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(31,774)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">21,286</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,925</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,584</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">496,726</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,141,469</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">17,115</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(85,338)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">55,046</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">29,529</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">821</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,158,642</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">JICA</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,617,215</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">63,909</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(287)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">82,563</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,525</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(28,652)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(65,702)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">27,602</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,115</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">160</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,700,448</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">343,588</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(82)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,609</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(10,931)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(75,610)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,858</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,715</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,323</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">270,470</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,660,363</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">196,508</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(3,586)</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">96,303</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">45,590</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(199,398)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(330,592)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">137,001</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">63,975</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,657</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,672,821</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,012,315</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(4,743)</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">159,087</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">49,517</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(676,087)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,098,558)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">426,781</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">233,341</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">10,477</font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Borrowings costs</b></font></td>
    <td style="width: 8%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Lease </b></font></td>
    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Monetary variation and exchange rate changes</b></font></td>
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    <td style="width: 5%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest
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    <td style="width: 8%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td>
    <td style="width: 8%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accrued interest</b></font></td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
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    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
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    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(663,468)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">214,245</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">154,814</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,077</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,641,912</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">113,310</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15,619</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,405</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(89,896)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(52,315)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">63,813</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">26,291</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,150,691</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">BNDES</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">696,329</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">313,072</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(2,242)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(55,806)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(76,469)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">38,172</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">33,768</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">160</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">946,984</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Leasing </font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">534,894</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32,111</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(14,489)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,962</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">10,014</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(905)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(655)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,149</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">81</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><i>TOTAL IN LOCAL CURRENCY</i></font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,503,776</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">436,396</font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32,111</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">121,035</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,405</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(521,634)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(807,396)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">317,379</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">214,954</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,237</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,303,780</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
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    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>FOREIGN CURRENCY</i></b></font></td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td>
    <td style="text-align: right; line-height: 107%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">113,543</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(3,819)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(396,817)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">37,412</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(42,429)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(133,063)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">21,792</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">20,100</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">592</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,811,664</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">BIRD</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">238,940</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">59,983</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(40,213)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,971</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,876)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,916</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">597</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">261,337</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Deutsche Bank</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">469,020</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;(9,167)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19,845</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,042</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,804</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">546</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">485,090</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Eurobonds</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,922,256</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(334,915)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(128,283)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(437,752)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">69,002</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">50,239</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">922</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,141,469</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">JICA</font></td>
    <td style="padding-right: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,756,969</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">188,755</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(468)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(259,455)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,771</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(33,799)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(73,854)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">30,791</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,362</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">143</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,617,215</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">BID 1983AB</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">505,306</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(236)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(78,910)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-&#160; </font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(11,923)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(83,247)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,548</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,772</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,278</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">343,588</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><i>TOTAL IN FOREIGN CURRENCY</i></font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">6,617,824</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">831,301</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(13,690)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,090,465)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">45,154</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(218,310)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(727,916)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">132,091</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">80,874</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,500</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,660,363</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><i>Overall Total </i></font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">13,121,600</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,267,697</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(17,173)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32,111</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(969,430)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">51,559</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(739,944)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(1,535,312)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">449,470</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">295,828</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7,737</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,964,143</font></td></tr>
</table>
<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingCreditLimitedTableTextBlock', window );">Borrowings and financing - Credit Limited</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 65%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Agent</b></font></td>
    <td style="vertical-align: top; width: 5%; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">(in millions of reais (*))</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Brazilian Federal Savings Bank</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,487</font></td></tr>
<tr>
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Brazilian Development Bank &#8211; BNDES</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,576</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Inter-American Development Bank &#8211; BID</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">436</font></td></tr>
<tr>
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Japan International Cooperation Agency &#8211; JICA</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">244</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom"><font style="font-size: 8pt">Other</font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">38</font></td></tr>
<tr>
    <td style="vertical-align: bottom"><font style="font-size: 8pt"><b>TOTAL</b></font></td>
    <td style="vertical-align: top; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>3,781</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*)Brazilian Central Bank&#8217;s exchange rate
as of December 31, 2017 (US$&#160;1.00 = R$&#160;3.3080; &#165;&#160;1.00 = R$&#160;0.02940).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741384928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. Taxes recoverable/payable (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TaxesRecoverablepayableTablesAbstract', window );"><strong>Taxes Recoverablepayable Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCurrentTaxAssetsTableTextBlock', window );">Current tax assets</a></td>
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<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Recoverable taxes</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Income tax and social contribution</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">270,614</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">32,365</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Withholding income tax (IRRF) on financial investments</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,606</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">7,057</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,365</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,961</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">250&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">276,585&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">42,633&#160;</font></td></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCurrentTaxLiabilitiesTableTextBlock', window );">Current tax liabilities</a></td>
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<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Taxes and contributions payable</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Cofins and Pasep</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">74,034</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">49,132</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">INSS (Social Security contribution)</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">35,376</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">IRRF (withholding income tax)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">58,204</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">62,771</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">21,478</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">183,965</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">168,757</font></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741863392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. Deferred taxes and contributions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAndContributionsTablesAbstract', window );"><strong>Deferred Taxes And Contributions Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesTableTextBlock', window );">Deferred taxes</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 52%; padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax assets </b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Provisions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">482,863</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">524,129</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1 Plan </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Pension obligations - G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">165,503</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,922</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Donations of underlying asset on concession agreements</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">57,317</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">199,063</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">266,757</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,247</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax liabilities</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(460,177)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(492,341)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Capitalization of borrowing costs</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(415,379)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(374,512)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(76,705)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(92,365)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1 Plan </font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(36,538)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(88,947)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(91,790)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Borrowing costs</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(13,111)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,063)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Total deferred tax liabilities</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,090,857)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Deferred tax assets
    (liabilities), net</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,754)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRealizationOfDeferredTaxesTableTextBlock', window );">Realization</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 28%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax assets </b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized within 12 months</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">221,999</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">314,725</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized after one year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">832,104</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">937,691</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total deferred tax assets</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,054,103</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Deferred income tax liabilities</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized within 12 months</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">(51,520)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">(143,428)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">to be realized after one year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,039,337)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(922,643)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Total deferred tax liabilities</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,090,857)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Deferred tax asset (liabilities)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,754)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInDeferredTaxesTableTextBlock', window );">Changes</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 49%"><font style="font-size: 8pt"><b>Deferred income tax assets</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>Net </b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>change </b></p></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Provisions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">524,129</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(41,266)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">482,863</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(85,044)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Pension obligations - G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,922</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(2,419)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">165,503</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Donations of underlying asset on concession agreements</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">57,317</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(2,205)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">55,112</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Credit losses</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">266,757</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(67,694)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">199,063</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,247</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">315</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,562</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(198,313)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,054,103</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt"><b>Deferred income tax liabilities</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Temporary difference on concession of intangible asset</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(492,341)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">32,164</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(460,177)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Capitalization of borrowing costs</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(374,512)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(40,867)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(415,379)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Profit on supply to governmental entities</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(92,365)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">15,660</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(76,705)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(36,538)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(36,538)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Construction margin</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(91,790)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,843</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(88,947)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-left: 2.85pt"><font style="font-size: 8pt">Borrowing costs</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,063)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,952</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(13,111)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(24,786)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,090,857)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td>&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred tax assets (liabilities), net</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(223,099)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,754)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 49%; padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt"><b>Deferred income tax assets</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2015</b></font></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>Net </b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: right"><b>change </b></p></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; padding-left: 2.85pt"><font style="font-size: 8pt">Provisions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">480,378</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">43,751</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right; text-indent: -2.85pt"><font style="font-size: 8pt">524,129</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 2.85pt"><font style="font-size: 8pt">Actuarial gain/loss &#8211; G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,044</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Pension obligations - G1</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">256,808</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(88,886)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">167,922</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Donations of underlying asset on concession agreements</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">53,206</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">4,111</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">57,317</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Credit losses</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">213,171</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">53,586</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">266,757</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Tax losses</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">58,829</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(58,829)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">121,550</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">29,697</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">151,247</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,183,942</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">68,474</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,252,416</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">32,154</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(492,341)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(64,864)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(374,512)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(81,055)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(11,310)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(92,365)</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(33,726)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">33,726</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Construction margin</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(94,921)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,131</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(91,790)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt; padding-left: 2.85pt"><font style="font-size: 8pt">Borrowing costs</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(11,855)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(3,208)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(15,063)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,055,700)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(10,371)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,066,071)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2.4pt; padding-bottom: 2.4pt"><font style="font-size: 8pt">Deferred tax asset, net</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">128,242</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">58,103</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">186,345</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 49%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
        31, </b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></p></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
        31, </b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></p></td>
    <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
        31, </b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></p></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif"><b>Opening balance </b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>186,345</b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>128,242</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>209,478</b></font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;- corresponding entry to the income statement
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(101,517)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(60,667)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,024)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;- corresponding entry to valuation adjustments
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(121,582)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">118,770</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(31,212)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 8pt Times New Roman, Times, Serif">Total net change</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(223,099)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">58,103</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(81,236)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif"><b>Closing balance </b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(36,754)</b></font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>186,345</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>128,242</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfReconciliationOfEffectiveTaxRateTableTextBlock', window );">Reconciliation of the effective tax rate</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2017</b></font></td>
    <td style="width: 18%; padding-right: 2.85pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2016</b></font></td>
    <td style="width: 18%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31, 2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Profit
    before income taxes</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,503,614</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,129,054</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">587,529</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Statutory
    rate</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Estimated
    expense at statutory rate</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,191,229)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,403,878)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(199,760)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding: 1pt 2.85pt 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Tax
    benefit of interest on equity</font></td>
    <td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">245,444</font></td>
    <td style="padding: 1pt 2.85pt 2.4pt 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">245,637</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">56,172</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Permanent
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(57,104)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(63,039)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(54,679)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,413)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,153)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">GESP
    Agreement (note 10 (vii))</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">151,465</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,998</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">50,311</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,295)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income
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    <td style="padding-right: 2.85pt; padding-bottom: 2.4pt; padding-left: 5.65pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(984,304)</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,024)</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i)&#160;&#160;&#160;&#160; Permanent difference related
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6664826944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Provisions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 2.85pt 1pt 0">&#160;</p></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">438,619</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(56,301)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">382,318</font></td>
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(259,608)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">72,429</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">332,667</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">81,157</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">98,317</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">71,593</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">69,898</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">66,912</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(6,741)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">293,101</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">607,959</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">814,629</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(344,384)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">470,245</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">811,224</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(368,483)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">442,741</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInProvisionsTableTextBlock', window );">Changes in provisions</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 24%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Additional provisions</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Interest and inflation adjustment</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font-size: 8pt"><b>Use of the accrual</b></font></td>
    <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Amounts not used</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(reversal)</b></p></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">572,210</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">26,642</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">44,805</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(138,466)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(66,572)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">438,619</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Supplier claims&#160; (ii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">332,667</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">23,017</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">36,888</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(39,433)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(21,102)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">332,037</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">131,286</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">13,517</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">12,057</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(19,975)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(22,341)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">114,544</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">69,898</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,392</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(259)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(6,808)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">77,100</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">285,413</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">55,106</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">38,861</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(43,498)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(36,040)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">299,842</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">150,084</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">32,377</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">16,156</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(24,585)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(13,586)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">160,446</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Subtotal</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,541,558</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">157,536</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">156,159</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(266,216)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(166,449)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,422,588</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Escrow deposits</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(368,483)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(29,089)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(7,823)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,354</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">45,657</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(344,384)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,173,075</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">128,447</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">148,336</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(250,862)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(120,792)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,078,204</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 24%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2015</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Additional provisions</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Interest and inflation adjustment</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font-size: 8pt"><b>Use of the accrual</b></font></td>
    <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Amounts not used</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(reversal)</b></p></td>
    <td style="width: 13%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">561,061</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">109,540</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">95,459</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(87,334)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(106,516)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">572,210</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Supplier claims&#160; (ii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">296,660</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">12,885</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">43,679</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(20,018)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(539)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">332,667</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">124,833</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">20,638</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">19,940</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(8,080)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(26,045)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">131,286</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">62,812</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">20,716</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">14,265</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(4,621)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(23,274)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">69,898</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">283,991</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,408</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">29,419</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(37,072)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(42,333)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">285,413</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">83,520</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">68,485</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">23,508</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(25,429)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">150,084</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Subtotal</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,412,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">283,672</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">226,270</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(157,125)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(224,136)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,541,558</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Escrow deposits</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(330,663)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(38,269)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(27,153)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">9,601</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">18,001</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(368,483)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,082,214</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">245,403</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">199,117</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(147,524)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(206,135)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,173,075</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 24%; text-align: justify">&#160;</td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>December 31, 2014</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Additional provisions</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font-size: 8pt"><b>Interest and inflation adjustment</b></font></td>
    <td style="width: 11%; text-align: right"><font style="font-size: 8pt"><b>Use of the accrual</b></font></td>
    <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Amounts not used</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>(reversal)</b></p></td>
    <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>December 31,</b></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>2015</b></p></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">638,637</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">34,868</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">96,735</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(92,203)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(116,976)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">561,061</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Supplier claims&#160; (ii)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">260,854</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">7,062</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">39,143</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(5,837)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(4,562)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">296,660</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">126,403</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">13,022</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">20,643</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(12,778)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(22,457)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">124,833</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">55,554</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,501</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8,557</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(266)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(2,534)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">62,812</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">235,466</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">114,499</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">27,231</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(23,431)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(69,774)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">283,991</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">226,404</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">17,072</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">16,247</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(8,081)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(168,122)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">83,520</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Subtotal</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,543,318</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">188,024</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">208,556</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(142,596)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(384,425)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,412,877</font></td></tr>
<tr>
    <td><font style="font-size: 8pt">Escrow deposits</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(322,971)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(16,892)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(21,791)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">26,061</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">4,930</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(330,663)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,220,347</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">171,132</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">186,765</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(116,535)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(379,495)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">1,082,214</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfLawsuitsDeemedAsContingentLiabilitiesTableTextBlock', window );">Lawsuits deemed as contingent liabilities</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 54%; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Customer claims (i)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">219,900</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">306,500</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Supplier claims (ii)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,430,600</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,422,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Other civil claims (iii)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">733,100</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">709,400</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Tax claims (iv)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,291,000</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,143,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Labor claims (v)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">677,400</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">533,600</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Environmental claims (vi)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,879,000</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,317,600</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">8,231,000</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,432,100</font></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758498608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EmployeesBenefitsTablesAbstract', window );"><strong>Employees Benefits Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPensionPlanBenefitsTableTextBlock', window );">Pension plan benefits</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 60%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 20%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 20%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Funded plan &#8211; G1 (i)</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Present value of defined benefit obligations</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,319,841</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,465,721</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Fair value of the plan assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,931,380)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(1,712,551)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Net liabilities recognized for defined benefit obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">388,461</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">753,170</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Unfunded plan &#8211; G0 (iii)</b></font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Present value of defined benefit obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,543,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; text-align: justify"><font style="font-size: 8pt">Net liabilities recognized for defined benefit obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,543,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>Liability as per statement of financial position &#8211; pension obligations (*)</b></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2,932,338</b></font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>3,265,250</b></font></td></tr>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock', window );">(Gains)/losses, due to changes in assumptions</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify">&#160;</td>
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    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G0 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">As of December 31, 2017</font></td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Actuarial gains/(losses) on obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">305,511</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">357,046</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Gains/(losses) on financial assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">52,083</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">52,083</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total gains/(losses)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">357,594</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">409,129</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred income tax and social contribution - G1 Plan</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(121,582)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(121,582)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Valuation adjustments to equity</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">236,012</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">287,547</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 52%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G1 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G0 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">As of December 31, 2016</font></td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Actuarial gains/(losses) on obligations</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(541,783)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(241,711)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(783,494)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Gains/(losses) on financial assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">192,458</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">192,458</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total gains/(losses)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(349,325)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(241,711)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(591,036)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred income tax and social contribution - G1 Plan</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">118,770</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">118,770</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Valuation adjustments to equity</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(230,555)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(241,711)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(472,266)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="vertical-align: top; width: 52%; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; width: 16%; text-align: right"><font style="font-size: 8pt"><b>G1 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; text-align: right"><font style="font-size: 8pt"><b>G0 Plan</b></font></td>
    <td style="vertical-align: bottom; width: 16%; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">As of December 31, 2015</font></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Actuarial gains/(losses) on obligations</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">228,191</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(24,224)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">203,967</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Gains/(losses) on financial assets</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(136,389)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(136,389)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total gains/(losses)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">91,802</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(24,224)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">67,578</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Deferred income tax and social contribution - G1 Plan</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(31,212)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(31,212)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Valuation adjustments to equity</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">60,590</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(24,224)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">36,366</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfReconciliationOfDefinedBenefitObligationsTableTextBlock', window );">Reconciliation of defined benefit obligations</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Defined benefit obligation, beginning of the year</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,465,721</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,252,204</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Current service cost</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">17,582</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">35,845</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Interest cost</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">260,409</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">285,227</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Actuarial (gains)/losses recorded as other comprehensive income</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(305,511)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">541,783</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Effect of the plan migration &#8211; early reduction/curtailment</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(525,992)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Benefits paid</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(118,360)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(123,346)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Defined benefit obligation, end of the year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,319,841</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,465,721</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFairValueOfBenefitPlanTableTextBlock', window );">Fair value of plan</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Fair value of the plan&#8217;s assets, beginning of the year</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,712,551</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,586,930</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Expected return on the plan assets</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">183,689</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">201,779</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Expected Company&#8217;s
    contributions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">48,742</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">23,046</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Expected participants&#8217; contributions</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">52,675</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">23,525</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Benefits paid</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(118,360)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(123,347)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Actuarial gains/(losses) recorded as other comprehensive income</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">52,083</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">192,458</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Effect of the plan migration &#8211; early reduction/curtailment</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(191,840)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Fair value of the plan&#8217;s assets, end of the year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,931,380</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,712,551</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify; text-indent: 7.1pt">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">(Deficit)/Surplus</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(388,461)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(753,170)</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock', window );">Amounts recognized in income statement</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 61%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Current service expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(35,093)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,562</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">23,303</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest cost rate</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">260,409</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">285,227</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">287,334</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Expected return on
    the plan assets</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(183,689)</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(201,778)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(205,981)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 12pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    expenses</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">41,627</font></td>
    <td style="padding-top: 12pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">97,011</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">104,656</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBenefitPlanExpensesRecognizedByEmployerTableTextBlock', window );">Benefit plan expenses recognized by employer</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 77%"><font style="font-size: 8pt">Estimated expenses </font></td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2018</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Service cost</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,228</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Interest cost rates</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">213,201</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Participants contribution</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(37,659)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Net profitability on financial assets</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(179,449)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Expense to be recognized by the employer</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">11,321</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfActuarialAssumptionsTableTextBlock', window );">Actuarial assumptions</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 64%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 12%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 12%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Discount rate &#8211;
    actual rate (NTN-B) </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.35%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5.74%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7.23% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation rate</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3.96%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.87%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.49% p.a.</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Expected rate of
    return on assets</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9.52%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10.89%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14.19% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Future salary increase</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.04%
    p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6.97%
    p.a.</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8.62% p.a.</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Mortality table</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">AT-2000</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">AT-2000</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">AT-2000</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfSensitivityAnalysisOfBenefitPlansTableTextBlock', window );">Sensitivity analysis of benefit plans</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 34%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Plan &#8211; G1</b></font></td>
    <td style="width: 33%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Change in assumption</b></font></td>
    <td style="width: 33%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Impact on present value of the defined benefit obligations </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Discount rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Decrease of R$&#160;257,172</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1.0% </font></td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><font style="font-size: 8pt">Increase of R$&#160;309,440</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Wage increase rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Increase of R$&#160;33,484</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1.0% </font></td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><font style="font-size: 8pt">Decrease of R$&#160;29,143</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Life expectation</font></td>
    <td><font style="font-size: 8pt">Increase of 1 year </font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Increase of R$&#160;40,729</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1 year </font></td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><font style="font-size: 8pt">Decrease of R$&#160;41,838</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPlanAssetsTableTextBlock', window );">Plan assets</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 45%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 5%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="width: 25%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Fixed income</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;&#160;&#160;&#160; -&#160; NTNBs</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,064,935</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">997,027</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;&#160;&#160;&#160; -&#160; NTNCs</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">146,495</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">141,405</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;&#160;&#160;&#160; -&#160; NTNFs</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,803</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Government bonds in own portfolio</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(a)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,211,430</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,144,235</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 12pt"><font style="font-size: 8pt">Fixed income fund quotas </font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(b)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">260,352</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">95,854</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Private credit investment fund quotas </font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(c)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">135,454</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">139,665</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Debentures</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,902</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,940</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Total fixed income</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,611,138</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,383,694</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Equities</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Stocks investment fund quotas</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(d)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">195,459</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">180,721</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Shares</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,903</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,467</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total equities</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">199,362</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">196,188</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Structured investments</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Equity investment fund quotas</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(e)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">86,193</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">76,680</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Real estate investment fund quotas</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(f)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">27,170</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">18,428</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Multimarket investment fund quotas</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(g)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">-</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">31,195</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total structured investments</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">113,363</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">126,303</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt">(h)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,517</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">6,366 </font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Fair value of the plan assets</font></td>
    <td style="padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,931,380</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,712,551 </font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDefinedBenefitObligationTableTextBlock', window );">Defined benefit obligation</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 66%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font-size: 8pt">Defined benefit obligation, beginning of the year</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,166,942</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Current interest expense and service costs</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">262,873</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">282,117</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Actuarial (gains)/losses recorded as other comprehensive income</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">(51,535)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">241,711</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; text-indent: 7.1pt"><font style="font-size: 8pt">Benefits paid</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(179,541)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(178,690)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font-size: 8pt">Defined benefit obligation, end of the year</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,543,877</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">2,512,080</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfAmountsRecognizedInIncomeStatementFundedPlanTableTextBlock', window );">Amounts recognized in income statement</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 70%">&#160;</td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Current interest expense and service costs</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">262,873</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">282,117</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">248,054</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Amount received from GESP (undisputed amount)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(95,191)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(96,709)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">(87,232)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Total expenses</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">167,682</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">185,408</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">160,822</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock', window );">Expense related to defined benefit plan</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 77%"><font style="font-size: 8pt">Estimated expenses</font></td>
    <td style="width: 23%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>2018</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Interest cost rate</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">232,248</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 3pt"><font style="font-size: 8pt">Expense to be recognized</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">232,248</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock', window );">Main actuarial assumptions used</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 70%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="width: 10%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt"><b>2016</b></font></td>
    <td style="width: 10%; text-align: right"><font style="font-size: 8pt"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Discount rate &#8211; actual rate (NTN-B) </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5.30% p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">5.71% p.a.</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">7.25% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Inflation rate</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3.96% p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">4.87% p.a.</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">6.49% p.a.</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Future salary increase</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">6.04% p.a.</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">6.97% p.a.</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">8.62% p.a.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font-size: 8pt">Mortality table</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">AT-2000</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">AT-2000</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">AT-2000</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfActuarialAssumptionsUnfundedPlanTableTextBlock', window );">Actuarial assumptions unfunded plan</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 28%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Plan &#8211; G0</b></font></td>
    <td style="width: 30%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Changes in assumption</b></font></td>
    <td style="width: 42%; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>Impact on present value of the defined benefit obligations</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Discount rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td><font style="font-size: 8pt">Decrease of R$&#160;227,083</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1.0% </font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Increase of R$&#160;267,435</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Wages growth rate</font></td>
    <td><font style="font-size: 8pt">Increase of 1.0% </font></td>
    <td><font style="font-size: 8pt">Increase of R$&#160;273,937</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1.0% </font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of R$&#160;235,976</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font-size: 8pt">Life expectation</font></td>
    <td><font style="font-size: 8pt">Increase of 1 year </font></td>
    <td><font style="font-size: 8pt">Increase of R$&#160;73,736</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of 1 year</font></td>
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Decrease of R$&#160;74,033</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfAmountsRecognizedInIncomeStatementTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfDefinedBenefitObligationTableTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfExpenseRelatedToDefinedBenefitPlanUnfundedTableTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfFairValueOfBenefitPlanTableTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
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<td style="white-space:nowrap;">SBS_SummaryOfGainsLossesDueToChangesInAssumptionsTableTextBlock</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfMainActuarialAssumptionsUsedTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfPensionPlanBenefitsTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfPlanAssetsTableTextBlock</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745254928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Equity (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityTablesAbstract', window );"><strong>Equity Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfSubscribedAndPaidinCapitalTableTextBlock', window );">Subscribed and paid-in capital</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
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    <td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td colspan="2" style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify">&#160;</td>
    <td style="width: 16%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt"><b>Number of shares</b></font></td>
    <td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt"><b>%&#160;</b></font></td>
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    <td style="width: 10%; padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt"><b>%&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">State Department of Finance</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">343,524,285</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">50,26%</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">343,524,285</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">50.26%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Companhia
    Brasileira de Liquida&#231;&#227;o e Cust&#243;dia (**)</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">201,026,895</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">29,41%</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">206,955,305</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">30.28%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">The
    Bank of New York ADR Department&#160;&#160; (equivalent in shares) (*) (**)</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">136,790,413</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">20,01%</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">132,401,813</font></td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right"><font style="font-size: 8pt">19.37%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">2,168,276&#160;&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">0,32%&#160;&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">628,466&#160;&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">0.09%&#160;&#160;&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td>
    <td style="padding: 4.8pt 5.65pt 2.4pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 4.8pt; padding-right: 8.5pt; padding-bottom: 2.4pt; text-align: justify">&#160;</td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">683,509,869&#160;&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">100,00%&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">683,509,869&#160;&#160;</font></td>
    <td style="padding-top: 4.8pt; padding-bottom: 2.4pt; text-align: right"><font style="font-size: 8pt">100.00%&#160;&#160;&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">(*)&#160;&#160;&#160;&#160;&#160;&#160;
each ADR corresponds to 1 share.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">(**)
&#160;&#160;&#160;&#160;custodians&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDistributionOfEarningsTableTextBlock', window );">Distribution of earnings</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 70%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Profit for the year</font></td>
    <td style="padding-right: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,519,310</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,947,098</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">536,279</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(-) Legal reserve
    - 5%</font></td>
    <td style="padding-right: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">125,965</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">147,355</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26,814</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,393,345</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,799,743</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">509,465</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Minimum
    mandatory dividend &#8211; 25% (R$0.87539, R$1.0240 and R$0.1863 as of December 31, 2017, 2016 and 2015 per share and per
    ADS)</font></td>
    <td style="border-bottom: Black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">598,336&#160;&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">699,936</font></td>
    <td style="border-bottom: Black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">127,366</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfAllocationOfProfitTableTextBlock', window );">Allocation of profit</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 1.7pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td colspan="2"><font style="font: 8pt Times New Roman, Times, Serif">Profit</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">(+)</font></td>
    <td style="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Profit
    for the year</font></td>
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,519,310</font></td>
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,947,098</font></td>
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">536,279</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">(-)</font></td>
    <td><font style="font: 8pt Times New Roman, Times, Serif">Legal reserve &#8211; 5%</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">125,965&#160;&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">147,355</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">26,814</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">(-)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Minimum
    mandatory dividends</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">598,336</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">699,936</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">127,366</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td><font style="font: 8pt Times New Roman, Times, Serif">(-)</font></td>
    <td><font style="font: 8pt Times New Roman, Times, Serif">Additional proposed dividends</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">105,543</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">123,557</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">22,527</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">Investment
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.689.466</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1.976.250</font></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">359.572</font></td></tr>
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</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOtherComprehensiveLossTableTextBlock', window );">Other comprehensive loss</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="width: 15%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G1</b></font></td>
    <td style="width: 16%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>G0</b></font></td>
    <td style="width: 17%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Balance as of December 31, 2016</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(165,085)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(660,563)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(825,648)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Actuarial gains/(losses) for the year (Note 20 (b))</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">236,012</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">51,535</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">287,547</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Balance as of December 31, 2017</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">70,927</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(609,028)</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">(538,101)</font></td></tr>
</table><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741508848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. Earnings per share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EarningsPerShareTablesAbstract', window );"><strong>Earnings Per Share Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Earnings per share, basic and diluted</a></td>
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    <td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
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<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,519,310</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,947,098</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">683,509,869</font></td>
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-bottom: 2pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4.31</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.78</font></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EarningsPerShareTablesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6649254656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Operating segment information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingSegmentInformationTablesAbstract', window );"><strong>Operating Segment Information Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingSegmentInformationTableTextBlock', window );">Operating segment information</a></td>
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    <td style="text-align: justify; line-height: 107%">&#160;</td>
    <td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 43%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sanitation (i)</b></font></td>
    <td style="width: 17%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reconciliation to the financial statements (ii)</b></font></td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance as per financial statements</b></font></td></tr>
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    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Gross operating revenue</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">12,223,746</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,150,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15,374,623</font></td></tr>
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    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Gross sales deductions</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(766,390)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(766,390)</font></td></tr>
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    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Net operating revenue </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,457,356</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,150,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">14,608,233</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(7,566,104)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(3,080,542)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(10,646,646)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations before other operating expenses, net and equity accounting </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,891,252</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">70,335</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,961,587</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Other operating income / (expenses), net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(5,679)</font></td></tr>
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    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Equity accounting</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,760</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Financial result, net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) See note 31 for further information
about non-cash items, other than depreciation and amortization that impact segment results, and for additionals to long-lived asset
information;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) Construction revenue and related
costs not reported to the CODM.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%">&#160;</td>
    <td colspan="3" style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 43%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sanitation (i)</b></font></td>
    <td style="width: 17%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reconciliation to the financial statements (ii)</b></font></td>
    <td style="width: 20%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance as per financial statements</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Gross operating revenue</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,122,232</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,732,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">14,855,109</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Gross sales deductions</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(756,901)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Net operating revenue </font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,732,877</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">14,098,208</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Costs, selling and administrative expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(7,026,699)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(3,651,364)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(10,678,063)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations before other operating expenses, net and equity accounting </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,338,632</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">81,513</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,420,145</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Other operating income / (expenses), net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,722</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Equity accounting</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,740</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Financial result, net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">699,447</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations before taxes</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4,129,054</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation and amortization</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,146,626</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,146,626</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) See note 31 for further information
about non-cash items, other than depreciation and amortization that impact segment results, and for additionals to long-lived asset
information;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) Construction revenue and related
costs not reported to the CODM.&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="width: 43%; text-align: justify; line-height: 107%">&#160;</td>
    <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sanitation (i) </b></font></td>
    <td style="width: 17%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reconciliation to the financial statements (ii)</b></font></td>
    <td style="width: 20%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance as per financial statements</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">8,946,825</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,336,716</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">12,283,541</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Gross sales deductions</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(571,972)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,336,716</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,711,569</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(5,550,122)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(3,263,808)</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(8,813,930)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations before other operating expenses, net and equity accounting </font></td>
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    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">72,908</font></td>
    <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,897,639</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Equity accounting</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Financial result, net</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Income from operations before taxes</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right; line-height: 107%">&#160;</td>
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<tr style="vertical-align: bottom">
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) See note 31 for further information
about non-cash items, other than depreciation and amortization that impact segment results, and for additionals to long-lived asset
information;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>

<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">(ii) Construction revenue and related costs not reported
to the CODM.&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfImpactsOnGrossOperatingRevenueAndCostsTableTextBlock', window );">Impacts on gross operating income and costs</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: bottom"><td style="width: 61%; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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<tr style="vertical-align: bottom">
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,263,808)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Construction margin</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81,513</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72,908</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt">(a)&#160;&#160;&#160;
</font><font style="font: 8pt Times New Roman, Times, Serif">Revenue from concession construction contracts
is recognized in accordance with IAS 11 - Construction Contracts, using the percentage-of-completion method. See Note 13 (f<font style="letter-spacing: -0.05pt">).</font></font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OperatingSegmentInformationTablesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758268784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>25. Insurance (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsuranceTablesAbstract', window );"><strong>Insurance Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceCoverageTableTextBlock', window );">Insurance coverage</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 80%; padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="width: 20%; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt"><b>Coverage</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify">&#160;</td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Specified risks &#8211; fire</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">2,007,219</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Engineering risk</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">1,043,368</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Guarantee insurance for escrow deposit</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">500</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Traditional guarantee insurance</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">100</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Civil liability&#8211; D&#38;O (Directors and Officers)</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">100</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Civil liability &#8211; works</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">85,530</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Domestic and international transportation</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">448</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Civil liability &#8211; operations</font></td>
    <td style="padding-right: 2.85pt; padding-bottom: 1pt; padding-left: 2.85pt; text-align: right"><font style="font-size: 8pt">3,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Other</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">14&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-size: 8pt">Total</font></td>
    <td style="padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,140,279&#160;</font></td></tr>
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</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InsuranceTablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<TEXT>
<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741618704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. Operating revenue (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueTablesAbstract', window );"><strong>Operating Revenue Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingRevenueTableTextBlock', window );">Operating revenue</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 61%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 13%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Metropolitan
    region of S&#227;o Paulo</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,636,926</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,749,694</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,021,949</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Regional
    Systems </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,586,820</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,372,538</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,924,876</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,223,746</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,122,232</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,946,825</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfReconciliationOfGrossOperatingRevenueAndNetOperatingRevenue', window );">Reconciliation between gross operating income and net operating income</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: bottom"><td style="width: 57%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Revenue
    from sanitation services (i) </font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">12,223,746</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,122,232</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,946,825</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Construction
    revenue</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,150,877</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,732,877</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,336,716</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Sales
    tax</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(757,619)</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(756,901)</font></td>
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(571,972)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Regulation,
    Control and Oversight Fee (TRCF)</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,771)</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-top: 2pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net
    revenue</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,608,233</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14,098,208</font></td>
    <td style="padding-top: 2pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,711,569</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.05pt">(i)
Includes the amount of R$&#160;8,771 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP.</font></p><span></span>
</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754498112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. Operating costs and expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfExpensesByNatureTableTextBlock', window );">Operating costs and expenses</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 55%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 15%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 15%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Operating
    costs</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Salaries, payroll charges and benefits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,841,571)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,718,199)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,503,383)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Pension obligations </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(48,381)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">131,469</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(75,247)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Construction costs (Note 24)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,080,542)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,651,364)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,263,808)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(163,712)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(173,224)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(172,561)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Treatment supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(287,592)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(279,150)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(269,294)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Outsourced services</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(857,063)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(845,334)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(791,156)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Electricity</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(794,352)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(932,435)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(815,164)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(531,985)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(471,965)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(369,213)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Depreciation and amortization</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,173,765)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,072,918)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,000,937)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,778,963)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,013,120)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,260,763)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Selling
    expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Salaries, payroll charges and benefits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(305,440)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(271,690)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(237,848)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Pension obligations</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,296)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">17,941</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,761)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,451)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,585)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,692)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Outsourced services</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(258,287)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(278,565)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(247,687)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(762)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(751)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(770)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(94,112)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(93,180)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(86,064)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Depreciation and amortization</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(15,664)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,729)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,883)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; text-indent: -2.85pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(82,681)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,488)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,420)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(768,693)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(730,047)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(598,125)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Administrative
    revenue (expenses)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Salaries, payroll charges and benefits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(229,752)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(194,357)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(182,215)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(185,206)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,675)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,585)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,340)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(183,746)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(123,802)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Electricity</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(965)</font></td>
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<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General expenses</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(11,467)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Depreciation and amortization</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(112,468)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(63,979)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(63,212)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(92,441)</font></td>
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    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(81,487)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,098,990)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(934,896)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">44,958</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Operating costs and
    expenses</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Salaries, payroll charges and benefits</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,376,763)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,184,246)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,923,446)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Pension obligations</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(227,507)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,052</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(270,214)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    GESP Reimbursement &#8211; benefits paid (Note 10 (a) (vii))</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">696,283</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Construction costs (Note 24)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,080,542)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,651,364)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,263,808)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(173,838)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(179,394)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(178,593)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Treatment supplies</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(287,592)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(279,150)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(269,294)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Outsourced services</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,299,096)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,278,825)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,162,645)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Electricity</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(796,079)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(935,034)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(817,530)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    General expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(928,210)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(855,007)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(466,744)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Depreciation and amortization</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,301,897)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,146,626)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,074,032)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    Tax expenses</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(92,441)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,981)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(81,487)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify; text-indent: -2.85pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(82,681)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(90,488)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,420)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,646,646)</font></td>
    <td style="vertical-align: bottom; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,678,063)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(8,813,930)</font></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741642144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>28. Financial Income (Expenses) (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 59%; padding-top: 2.4pt; padding-right: 2.85pt; padding-bottom: 2.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 13%; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2015</b></font></td></tr>
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    <td style="padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
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    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
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    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(289,780)</font></td>
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    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(326,315)</font></td></tr>
<tr>
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    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(119,100)</font></td>
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    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(127,352)</font></td></tr>
<tr style="background-color: #D5EAEA">
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    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(97,533)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(86,372)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(149,902)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income
    tax over international remittance</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,901)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(18,823)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(20,389)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation
    adjustment on borrowings and financing (iii)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(62,787)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(121,036)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(171,735)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation
    adjustment on Sabesprev Mais deficit </font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(891)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,529)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    inflation adjustments (iv)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,941)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(48,634)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(20,594)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest
    and inflation adjustments on provisions (v)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(50,238)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(133,488)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(41,916)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    financial expenses</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(688,280)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(839,891)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(859,732)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    income</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inflation
    adjustment gains (vi)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">89,010</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">152,154</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">166,887</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Income
    on short-term investments (vii)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">195,992</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">209,376</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">170,551</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest
    income (viii)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">57,166</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">99,068</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">44,358</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Cofins
    and Pasep </font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(16,366)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(23,535)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,947)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    </font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">442</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,647</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">21,385</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total
    financial income</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">326,244</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">448,710</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">395,234</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    income (expenses), net before exchange rate changes</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(362,036)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(391,181)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(464,498)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Net
    exchange gains (losses)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    rate changes on borrowings and financing (ix)</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(96,300)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,090,466</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,992,019)</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    exchange rate changes</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(54)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(209)</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(720)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    gains</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">336</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">371</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">775
    </font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    rate changes, net</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(96,018)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,090,628</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,991,964)</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt 2.4pt 7.1pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    income (expenses), net</font></td>
    <td style="vertical-align: bottom; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(458,054)</font></td>
    <td style="vertical-align: top; padding: 2.4pt 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">699,447</font></td>
    <td style="vertical-align: top; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,456,462)</font></td></tr>
</table>
<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(i)&#160;&#160;&#160;&#160;&#160;
Interest expenses on loans and financing in local currency decreased mainly as a result of the variation of floating interest
rates that remunerate these agreements. The main variations were in the average CDI and TJLP, of 9.9% and 7.0%, respectively,
in 2017 (14.0% and 7.5%, respectively, in 2016).</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(ii)&#160;&#160;&#160;
The variation in other financial expenses is mainly a result of the increase in expenses with the present value adjustment of
long-term liabilities and funding costs related to loans and financing. In 2016, other financial expenses decreased, especially
due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiet&#234; &#8211; CAB &#8211; SPAT.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(iii)&#160;&#160;
The monetary variation derives mainly from the lower variation of the IPCA in 2017, versus 2016 (2.95% and 6.29%, respectively).
The exposures to this rate are shown in Note&#160; 5.1 (d). In 2016, the inflation adjustment derives mainly from the lower variation
of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively).</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(iv)&#160;
Expenses mainly related to inflation adjustments related to the commitments required by public-private partnerships, program contracts
commitments and agreements. In 2016, the increase was essentially due to the restatement of liabilities related to the commitments
required by public-private partnerships and leases.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(v)&#160;&#160;&#160;&#160;
The decrease arises from the decline in the rate practiced by the Court, from 7.39% in 2016 to 1.94% in 2017. In 2016, the variation
was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the
estimated probability of loss, arising from decisions that were unfavorable to the Company.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">(vi)&#160;&#160;
The monetary variation gains decrease due to the lower restatement of the agreement entered into with the S&#227;o Paulo State
Government (GESP) in 2017 and the reduction in the National Consumer Price Index (INPC), used to restate escrow deposits.</font></p>

<p style="font: 12pt Georgia, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Times New Roman, Times, Serif">(vii)&#160;
The decrease is a result of the decrease in the CDI rate, of 13.75% p.a. in 2016 and 6.89% p.a. in 2017. In 2016, the increase
is due to the higher average balance of investments compared to 2015.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 56.7pt; text-align: justify; text-indent: -21.25pt"><font style="font: 8pt Times New Roman, Times, Serif">(viii)&#160;The
R$&#160;39,567 decrease in interest income arises mainly from the recognition of present value adjustment on new installment payment
agreements entered into with customers in 2017. In 2016, the R$54,710 increase in interest income is essentially due to lower
interest on installment agreements in 2015.</font></p>

<p style="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt 58.15pt; text-align: justify; text-indent: -22.7pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;(ix)&#160;
The change in expenses mainly reflects the appreciation of the U.S. dollar and the Yen against the Real in 2017 (1.5% and 5.3%,
respectively), compared to the depreciation presented in 2016 (16.5% and 13.9%, respectively). In 2016, the change in expenses
mainly reflects the depreciation of the U.S. dollar against the real in 2016 (16.5% and 13.9%, respectively), compared to the
appreciation presented in 2015 (47.0% and 45.9%, respectively).</font></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742536288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. Other operating income (expenses), net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OtherOperatingIncomeExpensesNetTablesAbstract', window );"><strong>Other Operating Income Expenses Net Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOtherOperatingIncomeExpensesTableTextBlock', window );">Other operating income (expenses), net</a></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">62,570</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,679)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,722</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6759302880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>30. Commitments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CommitmentsTablesAbstract', window );"><strong>Commitments Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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    <td style="padding-top: 1pt; padding-bottom: 1pt"><font style="font-size: 8pt">Contractual obligations &#8211; Expenses </font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,459,864</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,151,641</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">381,119</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,216,835</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">4,209,459</font></td></tr>
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    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,779,320</font></td>
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    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,031,762</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">5,970,069</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">10,902,644</font></td></tr>
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    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">3,273,134</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">1,412,881</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">7,186,904</font></td>
    <td style="padding-top: 1pt; padding-bottom: 1pt; text-align: right"><font style="font-size: 8pt">15,112,103</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741491808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. Supplemental cash flow information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SupplementalCashFlowInformationTablesAbstract', window );"><strong>Supplemental Cash Flow Information Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock', window );">Supplemental cash flow information</a></td>
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    <td style="width: 11%; padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,490,298</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,855,831</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,604,442</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,747,664)</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,207,090)</font></td></tr>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">649,048</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">700,743</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">466,544</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Contractors payable</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">213,340</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">57,431</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(57,041)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Program contract
    commitments </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">95,126</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,262</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">136,543</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Public Private Partnership
    - S&#227;o Louren&#231;o PPP (Note 14 (g)) </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">501,591</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">893,181</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">548,978</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Leases </font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,078</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,534</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">36,877</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Construction margin
    (Note 24)</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">70,335</font></td>
    <td style="padding-right: 2.85pt; padding-left: 2.85pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">81,513</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72,908</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,281</font></td></tr>
<tr style="vertical-align: bottom; background-color: #D5EAEA">
    <td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,532,518</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,747,664</font></td>
    <td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,207,090</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfSupplementalCashFlowInformationTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SupplementalCashFlowInformationTablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SupplementalCashFlowInformationTablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741284464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>32. Events after the reporting period (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EventsAfterReportingPeriodTablesAbstract', window );"><strong>Events After Reporting Period Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTariffRevisionTableTextBlock', window );">Tariff revision</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #D5EAEA">
    <td style="width: 67%; border: black 1pt solid"><font style="font-size: 8pt">Final Regulatory Remuneration Base</font></td>
    <td style="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"><font style="font-size: 8pt">R$ 38.4 billion</font></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><font style="font-size: 8pt">WACC</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"><font style="font-size: 8pt">8.11%</font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><font style="font-size: 8pt">Factor X</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"><font style="font-size: 8pt">0.9287%</font></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><font style="font-size: 8pt">P0</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"><font style="font-size: 8pt">R$ 3.8207/m<sup>3</sup></font></td></tr>
<tr style="background-color: #D5EAEA">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><font style="font-size: 8pt">Tariff Repositioning Index (IRT)</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.1pt; text-align: right"><font style="font-size: 8pt">4.7744%</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EventsAfterReportingPeriodTablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EventsAfterReportingPeriodTablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfTariffRevisionTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfTariffRevisionTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760157856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>1. Operations (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperationsDetailsNarrativeAbstract', window );"><strong>Operations Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated', window );">Carrying amount of intangible assets</a></td>
<td class="nump">R$ 4,345<span></span>
</td>
<td class="nump">R$ 4,345<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConcessionAgreementsExpired', window );">Concession agreements</a></td>
<td class="text">51<span></span>
</td>
<td class="text">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProgramAndServiceContractsSigned', window );">Program and service contracts</a></td>
<td class="text">287<span></span>
</td>
<td class="text">281<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConcessionAgreementsThatWillExpire', window );">Concession agreements that will expire</a></td>
<td class="text">32<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PeriodOfExpiration', window );">Period of expiration</a></td>
<td class="text">2018 to 2030<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation', window );">Carrying amount of the underlying assets</a></td>
<td class="nump">R$ 1,577,787<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation', window );">Carrying amount of the underlying asset</a></td>
<td class="nump">R$ 6,205,337<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo', window );">Gross revenue concentrated in the municipality of S&#227;o Paulo</a></td>
<td class="nump">55.38%<span></span>
</td>
<td class="nump">55.46%<span></span>
</td>
<td class="nump">51.79%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo', window );">Intangible assets concentrated in the municipality of S&#227;o Paulo</a></td>
<td class="nump">46.92%<span></span>
</td>
<td class="nump">46.57%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RevenueFromAgreementOfSantos', window );">Gross revenue</a></td>
<td class="nump">R$ 294,658<span></span>
</td>
<td class="nump">R$ 280,689<span></span>
</td>
<td class="nump">R$ 269,530<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsFromAgreementOfSantos', window );">Intangible assets</a></td>
<td class="nump">R$ 310,577<span></span>
</td>
<td class="nump">R$ 303,540<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ParticipationInIntangibleAssets', window );">Participation in intangible assets</a></td>
<td class="nump">18.54%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GrossRevenuesPercentage', window );">Gross revenues</a></td>
<td class="nump">10.26%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CarryingAmountOfIntangibleAssetsNotTemporarilyOperated</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CarryingAmountOfUnderlyingAssetsUnderNegotiation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConcessionAgreementsExpired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConcessionAgreementsExpired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConcessionAgreementsThatWillExpire">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConcessionAgreementsThatWillExpire</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GrossRevenueConcentratedInMunicipalityOfSaoPaulo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GrossRevenueOfTheMunicipalitiesUnderNegotiation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GrossRevenuesPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GrossRevenuesPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsConcentratedInMunicipalityOfSaoPaulo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsFromAgreementOfSantos">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsFromAgreementOfSantos</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OperationsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OperationsDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ParticipationInIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ParticipationInIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PeriodOfExpiration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PeriodOfExpiration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProgramAndServiceContractsSigned">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProgramAndServiceContractsSigned</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RevenueFromAgreementOfSantos">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RevenueFromAgreementOfSantos</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760142608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Changes in accounting practices and disclosures (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_VoluntaryChangesInAccountingPolicyAxis=SBS_StandardOneMember', window );">Standard One</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems', window );"><strong>SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements', window );">New standards and revisions</a></td>
<td class="text"><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Standard: Amendments to IAS 12  &#8211; Recognition of Deferred Income Tax for Unrealized Losses</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Description:&#160;Describes about
the treatment of temporary differences.</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Impact: The application of this
amendment did not impact the disclosures or amounts recognized in the annual financial statements.</font></p>



<p style="margin: 0"></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_VoluntaryChangesInAccountingPolicyAxis=SBS_StandardTwoMember', window );">Standard Two</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems', window );"><strong>SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements', window );">New standards and revisions</a></td>
<td class="text"><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Standard: Amendments to IAS 7  &#8211; Disclosure Initiatives</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Description:&#160;Describes about
disclosures that enable users to measure the changes in liabilities related to financing activities.</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Impact: The application of these
amendments did not impact the disclosures or amounts recognized in the annual financial statements.</font></p>



<p style="margin: 0"></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_VoluntaryChangesInAccountingPolicyAxis=SBS_StandardThreeMember', window );">Standard Three</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems', window );"><strong>SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DiscussionOfImpactThatInitialApplicationOfIFRSIsExpectedToHaveOnFinancialStatements', window );">New standards and revisions</a></td>
<td class="text"><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Standard: Annual improvements to IFRSs: 2015-2017 cycle</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Description:&#160;Amendments to IFRS 12 &#8211; Disclosure of interests in other entities &#8211; clarification on the standard&#8217;s
scope.</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Impact: The application of this
amendment did not impact the disclosures or amounts recognized in the annual financial statements.</font></p><span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discussion of the impact that the initial application of a new IFRS is expected to have on financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_31_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740652576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. Changes in accounting practices and disclosures (Details 1)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_VoluntaryChangesInAccountingPolicyAxis=SBS_StandardOneMember', window );">Standard One</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems', window );"><strong>SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations', window );">New standards, amendments and interpretations to existing standards that are not yet effective</a></td>
<td class="text"><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Standard: IFRS 9 - Financial Instruments</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Description:&#160;Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Impact: The Company assessed the main aspects of
this and has concluded that will not have an impact on the classification and measurement of losses on its
financial assets and financial liabilities or hedge accounting, given that it does not have any operation of this
nature.</font></p>



<p style="margin: 0"></p><span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_VoluntaryChangesInAccountingPolicyAxis=SBS_StandardTwoMember', window );">Standard Two</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems', window );"><strong>SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations', window );">New standards, amendments and interpretations to existing standards that are not yet effective</a></td>
<td class="text"><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Standard: IFRS 15 - Revenue from
Contracts with Customers</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Description: Establishes a
single comprehensive framework to determine if and when a revenue is recognized and how revenue is measured.</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">IFRS 15 will supersede the current
revenue recognition guidance including IAS 18 Revenue, IAS 11     Construction Contracts and IFRIC 13
Interpretation A - Customer Loyalty Programmes.</font></p>



<p style="margin: 0"></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Impact: The Company assessed the impacts on its customer contracts, including those with consumers with special billing
characteristics, and concluded that the adoption of this standard will not have material impacts.</font></p>



<p style="margin: 0"></p><span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_VoluntaryChangesInAccountingPolicyAxis=SBS_StandardThreeMember', window );">Standard Three</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems', window );"><strong>SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations', window );">New standards, amendments and interpretations to existing standards that are not yet effective</a></td>
<td class="text"><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Standard: IFRS 16 - Leases</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Description:&#160;Establishes a single model for
the accounting of leases in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right
to use the leased asset and a lease liability that represents his obligation to make lease payments. The
lessor&#8217;s accounting remains similar to the current standard, that is, the lessors continue to classify the leases as
financial or operating.</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">IFRS 16 will supersede the current
leases guidance including IAS 17  Leases and IFRIC 4, SIC 15 and SIC 27    Determining Whether an Arrangement
Contains a Lease</font></p>



<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Impact: The Company is assessing the effects of recording operating leases in its financial statements and expects
impacts which are currently under evaluation.</font></p>



<p style="margin: 0"></p><span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_VoluntaryChangesInAccountingPolicyAxis=SBS_StandardFourMember', window );">Standard Four</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems', window );"><strong>SummaryOfChangesInAccountingPracticesAndDisclosuresLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations', window );">New standards, amendments and interpretations to existing standards that are not yet effective</a></td>
<td class="text"><p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Standard: Amendments to IFRS 2  &#8211; Classification and measurement of share-based payment transactions</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Description:&#160;Describe about modifications of settled options of shares.</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Impact: The Company is assessing the impacts and effects of the amendments, however it does not expect material effects
from adopting this standard.</font></p>



<p style="margin: 0"></p><span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Effective for annual periods beginning on or after January 1, 2018.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Effective for annual periods beginning on or after January 1, 2019.</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The explanation of the fact that the entity has not applied a new IFRS that has been issued but is not yet effective.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 30<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_30_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760338992">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>5. Risk Management (Details)<br> &#165; in Thousands, R$ in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>JPY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>JPY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsUS', window );">Borrowings and financing - US</a></td>
<td class="nump">R$ 3,972,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 4,047,682<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsYen', window );">Borrowings and financing - Yen</a></td>
<td class="nump">1,692,713<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,609,419<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestChargesFromBorrowingsUS', window );">Interest and charges from borrowings and financing - US$</a></td>
<td class="nump">26,628<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,114<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestChargesFromBorrowingsYen', window );">Interest and charges from borrowings and financing - Yen</a></td>
<td class="nump">10,834<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,769<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_MaximumExposureToExchangeRisk', window );">Total exposure</a></td>
<td class="nump">5,702,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,692,984<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingCostUS', window );">Borrowing cost - US</a></td>
<td class="num">(26,454)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(29,650)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingCostYen', window );">Borrowing cost - Yen</a></td>
<td class="num">(3,100)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,971)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ForeignCurrencyDenominatedBorrowings', window );">Total foreign currency-denominated borrowings</a></td>
<td class="nump">R$ 5,672,821<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 5,660,363<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsUS', window );">Borrowings and financing - US | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,786<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,241,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsYen', window );">Borrowings and financing - Yen | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 57,575,271<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 57,643,930<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingCostUS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingCostUS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingCostYen">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingCostYen</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsUS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsUS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsYen">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsYen</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ForeignCurrencyDenominatedBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ForeignCurrencyDenominatedBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestChargesFromBorrowingsUS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestChargesFromBorrowingsUS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestChargesFromBorrowingsYen">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestChargesFromBorrowingsYen</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_MaximumExposureToExchangeRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_MaximumExposureToExchangeRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_ForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>81
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745522096">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>5. Risk Management (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancing', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 8,713,260<span></span>
</td>
<td class="nump">R$ 8,690,984<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SBS_TRMember', window );">TR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancing', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,574,564<span></span>
</td>
<td class="nump">1,535,030<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SBS_CDIMember', window );">CDI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancing', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,144,391<span></span>
</td>
<td class="nump">1,082,228<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SBS_TJLPMember', window );">TJLP</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancing', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">1,354,987<span></span>
</td>
<td class="nump">1,326,631<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SBS_IPCAMember', window );">IPCA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancing', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">1,699,747<span></span>
</td>
<td class="nump">1,697,452<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SBS_LIBORMember', window );">LIBOR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancing', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">2,814,399<span></span>
</td>
<td class="nump">2,906,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SBS_InterestAndChargesMember', window );">Interest and charges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsLineItems', window );"><strong>SummaryOfBorrowingsLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancing', window );">Borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 125,172<span></span>
</td>
<td class="nump">R$ 142,644<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">TR - Interest Benchmark Rate</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">CDI - (Certificado de Deposito Interbancario), an interbank deposit certificate</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">TJLP - (Taxa de Juros a Longo Prazo), a long-term interest rate index</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">IPCA - (Indice Nacional de Precos ao Consumidor Amplo), a consumer price index</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">LIBOR - London Interbank Offered Rate</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsAndFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsAndFinancing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SBS_TRMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SBS_TRMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SBS_CDIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SBS_CDIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SBS_TJLPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SBS_TJLPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SBS_IPCAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SBS_IPCAMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SBS_LIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SBS_LIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SBS_InterestAndChargesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
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<td></td>
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<tr>
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<td></td>
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</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760734208">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>5. Risk Management (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,283,047<span></span>
</td>
<td class="nump">R$ 1,886,221<span></span>
</td>
<td class="nump">R$ 1,639,214<span></span>
</td>
<td class="nump">R$ 1,722,991<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExternalCreditGradesAxis=SBS_AAPlusMember', window );">AA+(bra)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,222,001<span></span>
</td>
<td class="nump">1,850,220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExternalCreditGradesAxis=SBS_AAAMember', window );">AAA(bra)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,978<span></span>
</td>
<td class="nump">35,452<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExternalCreditGradesAxis=SBS_OtherCreditGradesMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 17,068<span></span>
</td>
<td class="nump">R$ 549<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">This category includes current accounts and investment funds in banks whose balances were not significant.</td>
</tr></table></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRiskManagementLineItems</td>
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<td>na</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExternalCreditGradesAxis=SBS_AAPlusMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExternalCreditGradesAxis=SBS_AAAMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExternalCreditGradesAxis=SBS_OtherCreditGradesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760546096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Risk Management (Details 3)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoDeBrasilMember', window );">Banco do Brasil S/A | Fitch</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">AA+(bra)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoDeBrasilMember', window );">Banco do Brasil S/A | Moody's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">Aa1.br<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoDeBrasilMember', window );">Banco do Brasil S/A | Standard Poor's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">-<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoSantanderBrasilMember', window );">Banco Santander Brasil S/A | Fitch</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">-<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoSantanderBrasilMember', window );">Banco Santander Brasil S/A | Moody's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">Aaa.br<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoSantanderBrasilMember', window );">Banco Santander Brasil S/A | Standard Poor's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">brAA-<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_CaixaEconomicaFederalMember', window );">Caixa Economica Federal | Fitch</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">AA+(bra)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_CaixaEconomicaFederalMember', window );">Caixa Economica Federal | Moody's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">Aa1.br<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_CaixaEconomicaFederalMember', window );">Caixa Economica Federal | Standard Poor's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">brAA-<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoBradescoMember', window );">Banco Bradesco S/A | Fitch</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">AAA(bra)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoBradescoMember', window );">Banco Bradesco S/A | Moody's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">Aa1.br<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoBradescoMember', window );">Banco Bradesco S/A | Standard Poor's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">brAA-<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_ItauUnibancoHoldingMember', window );">Itau Unibanco Holding S/A | Fitch</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">AAA(bra)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_ItauUnibancoHoldingMember', window );">Itau Unibanco Holding S/A | Moody's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">Aa1.br<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_ItauUnibancoHoldingMember', window );">Itau Unibanco Holding S/A | Standard Poor's</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CreditRatingInformationOfBanks', window );">Credit rating information of the banks</a></td>
<td class="text">brAA-<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CreditRatingInformationOfBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CreditRatingInformationOfBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoDeBrasilMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoDeBrasilMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_CreditRatingSourceAxis=SBS_FitchMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_CreditRatingSourceAxis=SBS_FitchMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_CreditRatingSourceAxis=SBS_MoodysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_CreditRatingSourceAxis=SBS_MoodysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_CreditRatingSourceAxis=SBS_StandardPoorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_CreditRatingSourceAxis=SBS_StandardPoorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoSantanderBrasilMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoSantanderBrasilMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_CaixaEconomicaFederalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_CaixaEconomicaFederalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoBradescoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BancoBradescoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_ItauUnibancoHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_ItauUnibancoHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</body>
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</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760842752">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>5. Risk Management (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingAndFinancing', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 14,937,415<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">344,947<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,275<span></span>
</td>
<td class="nump">R$ 460,054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,807,392<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">269,753<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_TwentyEighteenMember', window );">2018</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingAndFinancing', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,221,645<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">344,947<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,275<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">185,816<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">128,820<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_TwentyNineteenMember', window );">2019</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingAndFinancing', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,321,046<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">368,156<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">92,505<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_TwentyTwentyMember', window );">2020</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingAndFinancing', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,648,021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">368,156<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,639<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_TwentyTwentyOneMember', window );">2021</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingAndFinancing', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,134,162<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">368,156<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_TwentyTwentyTwoMember', window );">2022</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingAndFinancing', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,077,914<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">368,156<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,029<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_TwentyTwentyThreeOnwardsMember', window );">2023 onwards</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingAndFinancing', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,534,627<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,148,952<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 15,981<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Company also considered future commitments (construction not yet performed) still not recognized in the financial statements related to Sao Lourenco PPP, due to the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment through an agreement signed by the parties.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingAndFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingAndFinancing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnership">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnership</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future capital expenditures that the entity is committed to make.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_TwentyEighteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_TwentyEighteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_TwentyNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_TwentyNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_TwentyTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_TwentyTwentyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_TwentyTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_TwentyTwentyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_TwentyTwentyTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_TwentyTwentyTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_TwentyTwentyThreeOnwardsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_TwentyTwentyThreeOnwardsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>85
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745846512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Risk Management (Details 5) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RiskManagementDetails5Abstract', window );"><strong>Risk Management Details 5</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing</a></td>
<td class="nump">R$ 12,100,966<span></span>
</td>
<td class="nump">R$ 11,964,143<span></span>
</td>
<td class="nump">R$ 13,121,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">(-) Cash and cash equivalents</a></td>
<td class="num">(2,283,047)<span></span>
</td>
<td class="num">(1,886,221)<span></span>
</td>
<td class="num">(1,639,214)<span></span>
</td>
<td class="num">R$ (1,722,991)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DebtNet', window );">Net debt</a></td>
<td class="nump">9,817,919<span></span>
</td>
<td class="nump">10,077,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">17,513,009<span></span>
</td>
<td class="nump">15,419,211<span></span>
</td>
<td class="nump">R$ 13,716,606<span></span>
</td>
<td class="nump">R$ 13,304,403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TotalCapital', window );">Total capital</a></td>
<td class="nump">R$ 27,330,928<span></span>
</td>
<td class="nump">R$ 25,497,133<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LeverageRatio', window );">Leverage ratio</a></td>
<td class="nump">36.00%<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DebtNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DebtNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LeverageRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LeverageRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RiskManagementDetails5Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RiskManagementDetails5Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TotalCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TotalCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760815408">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>5. Risk Management (Details 6) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,283,047<span></span>
</td>
<td class="nump">R$ 1,886,221<span></span>
</td>
<td class="nump">R$ 1,639,214<span></span>
</td>
<td class="nump">R$ 1,722,991<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,822<span></span>
</td>
<td class="nump">24,078<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,888,505<span></span>
</td>
<td class="nump">1,711,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WaterNationalAgencyNoncurrent', window );">Water National Agency - ANA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70,487<span></span>
</td>
<td class="nump">81,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,100,966<span></span>
</td>
<td class="nump">11,964,143<span></span>
</td>
<td class="nump">R$ 13,121,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">344,947<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,275<span></span>
</td>
<td class="nump">460,054<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentContractLiabilities', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">110,698<span></span>
</td>
<td class="nump">69,051<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,807,392<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FairValueAsDeemedCostAxis=ifrs-full_CarryingAmountMember', window );">Carrying amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,283,047<span></span>
</td>
<td class="nump">1,886,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,822<span></span>
</td>
<td class="nump">24,078<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,888,505<span></span>
</td>
<td class="nump">1,711,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WaterNationalAgencyNoncurrent', window );">Water National Agency - ANA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70,487<span></span>
</td>
<td class="nump">81,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">169,715<span></span>
</td>
<td class="nump">167,369<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,100,966<span></span>
</td>
<td class="nump">11,964,143<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">344,947<span></span>
</td>
<td class="nump">311,960<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,275<span></span>
</td>
<td class="nump">460,054<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentContractLiabilities', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">239,500<span></span>
</td>
<td class="nump">178,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,071,416<span></span>
</td>
<td class="nump">2,249,418<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FairValueAsDeemedCostAxis=SBS_FairValueMember', window );">Fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRiskManagementLineItems', window );"><strong>SummaryOfRiskManagementLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,283,047<span></span>
</td>
<td class="nump">1,886,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,822<span></span>
</td>
<td class="nump">24,078<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,888,505<span></span>
</td>
<td class="nump">1,711,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WaterNationalAgencyNoncurrent', window );">Water National Agency - ANA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70,487<span></span>
</td>
<td class="nump">81,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">169,715<span></span>
</td>
<td class="nump">167,369<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,967,909<span></span>
</td>
<td class="nump">11,776,178<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Accounts payables to suppliers and contractors</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">344,947<span></span>
</td>
<td class="nump">311,960<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Services payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,275<span></span>
</td>
<td class="nump">460,054<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentContractLiabilities', window );">Program contract commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">239,500<span></span>
</td>
<td class="nump">178,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnership', window );">Public-Private Partnership - PPP</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,071,416<span></span>
</td>
<td class="nump">R$ 2,249,418<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Company also considered future commitments (construction not yet performed) still not recognized in the financial statements related to Sao Lourenco PPP, due to the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment through an agreement signed by the parties.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnership">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnership</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRiskManagementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRiskManagementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WaterNationalAgencyNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as ""Treated Sewage Purchase Program"". This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&amp;#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WaterNationalAgencyNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FairValueAsDeemedCostAxis=ifrs-full_CarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FairValueAsDeemedCostAxis=ifrs-full_CarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FairValueAsDeemedCostAxis=SBS_FairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FairValueAsDeemedCostAxis=SBS_FairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6635109760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. Risk Management (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RiskManagementDetailsNarrativeAbstract', window );"><strong>Risk Management Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total exposure</a></td>
<td class="nump">R$ 5,702,375<span></span>
</td>
<td class="nump">R$ 5,692,984<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialInstrumentAssetsRelatedParties', window );">Financial instrument assets from related parties</a></td>
<td class="nump">815,160<span></span>
</td>
<td class="nump">871,709<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectsOnProfitForTheYearBeforeTaxes', window );">Effects on profit for the year before taxes</a></td>
<td class="nump">87,133<span></span>
</td>
<td class="nump">86,910<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectsOnResultsBeforeTaxes', window );">Effects on results before taxes</a></td>
<td class="nump">R$ 570,238<span></span>
</td>
<td class="nump">R$ 569,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LeverageRatio', window );">Leverage ratio</a></td>
<td class="nump">36.00%<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties', window );">Financial instrument assets receivables from related parties</a></td>
<td class="nump">R$ 815,160<span></span>
</td>
<td class="nump">R$ 871,709<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReimbursementOfAdditionalRetirementAndPensionPlan', window );">Reimbursement of additional retirement and pension plan</a></td>
<td class="nump">R$ 709,208<span></span>
</td>
<td class="nump">R$ 788,180<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EffectsOnProfitForTheYearBeforeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EffectsOnProfitForTheYearBeforeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EffectsOnResultsBeforeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EffectsOnResultsBeforeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialInstrumentAssetsReceivablesFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialInstrumentAssetsRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialInstrumentAssetsRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LeverageRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LeverageRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReimbursementOfAdditionalRetirementAndPensionPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReimbursementOfAdditionalRetirementAndPensionPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RiskManagementDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RiskManagementDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaximumExposureToCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that best represents the maximum exposure to credit risk without taking into account any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS 32). [Refer: Credit risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35K<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35K_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_36_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaximumExposureToCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>88
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745319088">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>7. Cash and cash equivalents (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CashAndCashEquivalentsDetailsAbstract', window );"><strong>Cash And Cash Equivalents Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Cash and banks</a></td>
<td class="nump">R$ 171,951<span></span>
</td>
<td class="nump">R$ 137,395<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashEquivalents', window );">Cash equivalents</a></td>
<td class="nump">2,111,096<span></span>
</td>
<td class="nump">1,748,826<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">R$ 2,283,047<span></span>
</td>
<td class="nump">R$ 1,886,221<span></span>
</td>
<td class="nump">R$ 1,639,214<span></span>
</td>
<td class="nump">R$ 1,722,991<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CashAndCashEquivalentsDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CashAndCashEquivalentsDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6744428560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. Cash and cash equivalents (Details Narrative)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CashAndCashEquivalentsDetailsNarrativeAbstract', window );"><strong>Cash And Cash Equivalents Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AverageYieldOfFinancialInvestments', window );">Average yield of financial investments</a></td>
<td class="nump">98.88%<span></span>
</td>
<td class="nump">99.24%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AverageYieldOfFinancialInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AverageYieldOfFinancialInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CashAndCashEquivalentsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CashAndCashEquivalentsDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6744966880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>8. Restricted cash (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRestrictedCashLineItems', window );"><strong>SummaryOfRestrictedCashLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">R$ 18,822<span></span>
</td>
<td class="nump">R$ 24,078<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash1Member', window );">Agreement with the Sao Paulo municipal government</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRestrictedCashLineItems', window );"><strong>SummaryOfRestrictedCashLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">12,055<span></span>
</td>
<td class="nump">15,858<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash3Member', window );">Brazilian Federal Savings - escrow deposit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRestrictedCashLineItems', window );"><strong>SummaryOfRestrictedCashLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">1,209<span></span>
</td>
<td class="nump">2,989<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash4Member', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRestrictedCashLineItems', window );"><strong>SummaryOfRestrictedCashLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">R$ 5,558<span></span>
</td>
<td class="nump">R$ 5,231<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRestrictedCashLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRestrictedCashLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SBS_RestrictedCash4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>91
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6761280448">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>9. Trade receivables (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">R$ 5,538,703<span></span>
</td>
<td class="nump">R$ 5,225,546<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Allowance for doubtful accounts</a></td>
<td class="num">(3,650,198)<span></span>
</td>
<td class="num">(3,514,240)<span></span>
</td>
<td class="num">R$ (3,307,793)<span></span>
</td>
<td class="num">R$ (3,164,288)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total trade receivables</a></td>
<td class="nump">1,888,505<span></span>
</td>
<td class="nump">1,711,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current</a></td>
<td class="nump">1,672,595<span></span>
</td>
<td class="nump">1,557,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Noncurrent</a></td>
<td class="nump">215,910<span></span>
</td>
<td class="nump">153,834<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total</a></td>
<td class="nump">1,888,505<span></span>
</td>
<td class="nump">1,711,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesAxis=SBS_UnbilledSupplyMember', window );">Unbilled supply</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">580,006<span></span>
</td>
<td class="nump">481,389<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_PrivateSectorMember', window );">Private sector</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">1,569,011<span></span>
</td>
<td class="nump">1,520,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_PrivateSectorMember', window );">Private sector | General and special customers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">1,248,979<span></span>
</td>
<td class="nump">1,205,498<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_PrivateSectorMember', window );">Private sector | Agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">320,032<span></span>
</td>
<td class="nump">315,351<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_GovernmentEntitiesMember', window );">Government entities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">821,481<span></span>
</td>
<td class="nump">803,813<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_GovernmentEntitiesMember', window );">Government entities | Agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">285,614<span></span>
</td>
<td class="nump">279,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_GovernmentEntitiesMember', window );">Government entities | Municipal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">532,320<span></span>
</td>
<td class="nump">520,950<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_GovernmentEntitiesMember', window );">Government entities | Federal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">3,547<span></span>
</td>
<td class="nump">3,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember', window );">Wholesale customers - Municipal governments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">2,568,205<span></span>
</td>
<td class="nump">2,419,495<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember', window );">Wholesale customers - Municipal governments | Guarulhos</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">760,598<span></span>
</td>
<td class="nump">778,106<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember', window );">Wholesale customers - Municipal governments | Maua</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">530,830<span></span>
</td>
<td class="nump">467,775<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember', window );">Wholesale customers - Municipal governments | Mogi das Cruzes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">2,670<span></span>
</td>
<td class="nump">2,527<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember', window );">Wholesale customers - Municipal governments | Santo Andre</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">1,048,832<span></span>
</td>
<td class="nump">946,045<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember', window );">Wholesale customers - Municipal governments | Sao Caetano do Sul</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">2,604<span></span>
</td>
<td class="nump">2,371<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember', window );">Wholesale customers - Municipal governments | Diadema</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Trade receivables, gross</a></td>
<td class="nump">R$ 222,671<span></span>
</td>
<td class="nump">R$ 222,671<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_UnbilledSupplyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_UnbilledSupplyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_PrivateSectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySectorIndustryClassificationsSectorAxis=SBS_PrivateSectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_GeneralAndSpecialCustomersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_GeneralAndSpecialCustomersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_AgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_AgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_GovernmentEntitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySectorIndustryClassificationsSectorAxis=SBS_GovernmentEntitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_MunicipalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_MunicipalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_FederalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_FederalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySectorIndustryClassificationsSectorAxis=SBS_WholesaleMunicipalGovernmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_GuarulhosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_GuarulhosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_MauaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_MauaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_MogiDasCruzesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_MogiDasCruzesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_SantoAndreMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_SantoAndreMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_SaoCaetanoDoSulMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_SaoCaetanoDoSulMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesAxis=SBS_DiademaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesAxis=SBS_DiademaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760190288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>9. Trade receivables (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrentTradeReceivablesGross', window );">Current</a></td>
<td class="nump">R$ 1,471,668<span></span>
</td>
<td class="nump">R$ 1,337,503<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">4,067,035<span></span>
</td>
<td class="nump">3,888,043<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesGross', window );">Total</a></td>
<td class="nump">5,538,703<span></span>
</td>
<td class="nump">5,225,546<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_UpTo30DaysMember', window );">Up to 30 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">287,173<span></span>
</td>
<td class="nump">263,157<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_From31To60DaysMember', window );">From 31 to 60 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">118,179<span></span>
</td>
<td class="nump">148,927<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_From61To90DaysMember', window );">From 61 to 90 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">73,989<span></span>
</td>
<td class="nump">53,268<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_From91To120DaysMember', window );">From 91 to 120 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">52,477<span></span>
</td>
<td class="nump">109,138<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_From121To180DaysMember', window );">From 121 to 180 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">105,952<span></span>
</td>
<td class="nump">124,001<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_From181To360DaysMember', window );">From 181 to 360 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">147,699<span></span>
</td>
<td class="nump">203,837<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_Over360DaysMember', window );">Over 360 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTradeReceivablesLineItems', window );"><strong>SummaryOfTradeReceivablesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesPastDue', window );">Past-due</a></td>
<td class="nump">R$ 3,281,566<span></span>
</td>
<td class="nump">R$ 2,985,715<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrentTradeReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrentTradeReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesPastDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesPastDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_UpTo30DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_UpTo30DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_From31To60DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_From31To60DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_From61To90DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_From61To90DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_From91To120DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_From91To120DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_From121To180DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_From121To180DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_From181To360DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_From181To360DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_Over360DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_Over360DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R82.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6609645392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Trade receivables (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesDetails2Abstract', window );"><strong>Trade Receivables Details 2</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Balance at beginning of the year</a></td>
<td class="nump">R$ 3,514,240<span></span>
</td>
<td class="nump">R$ 3,307,793<span></span>
</td>
<td class="nump">R$ 3,164,288<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector', window );">Bad debt expense recognized during the year - Private sector /government entities</a></td>
<td class="nump">75,973<span></span>
</td>
<td class="nump">144,217<span></span>
</td>
<td class="nump">103,231<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RecoveriesRecognized', window );">Recoveries recognized during the year</a></td>
<td class="num">(133,730)<span></span>
</td>
<td class="num">(241,109)<span></span>
</td>
<td class="num">(177,993)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale', window );">Bad debt expense recognized during the year - Wholesale customers</a></td>
<td class="nump">193,715<span></span>
</td>
<td class="nump">331,295<span></span>
</td>
<td class="nump">283,113<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BadDebtExpense', window );">Net bad debt expense for the year</a></td>
<td class="nump">135,958<span></span>
</td>
<td class="nump">234,403<span></span>
</td>
<td class="nump">208,351<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WriteoffsAccountsReceivable', window );">Write-offs of accounts receivable during the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(27,956)<span></span>
</td>
<td class="num">(64,846)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Balance at end of the year</a></td>
<td class="nump">R$ 3,650,198<span></span>
</td>
<td class="nump">R$ 3,514,240<span></span>
</td>
<td class="nump">R$ 3,307,793<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BadDebtExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BadDebtExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionPrivateSector</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RecoveriesRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RecoveriesRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WriteoffsAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WriteoffsAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740649104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. Trade receivables (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesDetails3Abstract', window );"><strong>Trade Receivables Details 3</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction', window );">Write-offs</a></td>
<td class="num">R$ (171,729)<span></span>
</td>
<td class="num">R$ (177,492)<span></span>
</td>
<td class="num">R$ (63,076)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties', window );">(Losses)/reversal with state entities - related parties</a></td>
<td class="nump">21,510<span></span>
</td>
<td class="num">(7,292)<span></span>
</td>
<td class="num">(3,999)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector', window );">Losses with private sector / government entities</a></td>
<td class="num">(75,973)<span></span>
</td>
<td class="num">(144,217)<span></span>
</td>
<td class="num">(103,231)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers', window );">Losses with wholesale customers</a></td>
<td class="nump">9,781<span></span>
</td>
<td class="num">(2,596)<span></span>
</td>
<td class="num">(10,107)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RecoveriesRecognized', window );">Recoveries</a></td>
<td class="nump">133,730<span></span>
</td>
<td class="nump">241,109<span></span>
</td>
<td class="nump">177,993<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Amount reported in selling expenses</a></td>
<td class="nump">R$ 82,681<span></span>
</td>
<td class="nump">R$ 90,488<span></span>
</td>
<td class="nump">R$ 2,420<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransactionStateEntitiesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithPrivateSector</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForTransactionWithWholesaleCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RecoveriesRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RecoveriesRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesDetails3Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WriteoffsDuringPeriodForBadAndDoubtfulDebtsForThirdPartyTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6597530944">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>9. Trade receivables (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesDetailsNarrativeAbstract', window );"><strong>Trade Receivables Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TradeReceivablesWholesaleLosses', window );">Wholesale losses</a></td>
<td class="nump">R$ 203,496<span></span>
</td>
<td class="nump">R$ 328,699<span></span>
</td>
<td class="nump">R$ 273,006<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TradeReceivablesWholesaleLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TradeReceivablesWholesaleLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745721056">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>10. Related-Party Balances and Transactions (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">R$ 180,773<span></span>
</td>
<td class="nump">R$ 202,553<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Accounts receivable, noncurrent</a></td>
<td class="nump">634,387<span></span>
</td>
<td class="nump">669,156<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialInstrumentAssetsRelatedParties', window );">Total receivables from shareholders</a></td>
<td class="nump">815,160<span></span>
</td>
<td class="nump">871,709<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestOnCapitalPayableToRelatedParties', window );">Interest on capital payable to related parties</a></td>
<td class="nump">300,717<span></span>
</td>
<td class="nump">351,788<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OtherLiabilitiesRelatedParties', window );">Other</a></td>
<td class="nump">1,367<span></span>
</td>
<td class="nump">1,853<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_SanitationServicesMember', window );">Sanitation services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">118,441<span></span>
</td>
<td class="nump">134,005<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialInstrumentAssetsRelatedParties', window );">Total receivables from shareholders</a></td>
<td class="nump">105,952<span></span>
</td>
<td class="nump">77,381<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_AllowanceForLossesMember', window );">Allowance for losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">35,114<span></span>
</td>
<td class="nump">56,624<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_ReimbursementMonthlyFlowMember', window );">Reimbursement for benefits - monthly flow</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">22,968<span></span>
</td>
<td class="nump">22,696<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialInstrumentAssetsRelatedParties', window );">Total receivables from shareholders</a></td>
<td class="nump">709,208<span></span>
</td>
<td class="nump">788,180<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_ReimbursementGESP2008Member', window );">Reimbursement for benefits - GESP 2008</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">20,099<span></span>
</td>
<td class="nump">56,512<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Accounts receivable, noncurrent</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">18,838<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_ReimbursementGESP2015Member', window );">Reimbursement for benefits - GESP 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">54,379<span></span>
</td>
<td class="nump">39,816<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Accounts receivable, noncurrent</a></td>
<td class="nump">611,762<span></span>
</td>
<td class="nump">650,318<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_SeLigaNaRedeMember', window );">Se Liga na Rede program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,148<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialInstrumentAssetsRelatedParties', window );">Total receivables from shareholders</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,148<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember', window );">Agreement for the installment payment of sanitation services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Accounts receivable, noncurrent</a></td>
<td class="nump">R$ 22,625<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialInstrumentAssetsRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialInstrumentAssetsRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestOnCapitalPayableToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestOnCapitalPayableToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OtherLiabilitiesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OtherLiabilitiesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_SanitationServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_SanitationServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_AllowanceForLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_AllowanceForLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_ReimbursementMonthlyFlowMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_ReimbursementMonthlyFlowMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_ReimbursementGESP2008Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_ReimbursementGESP2008Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_ReimbursementGESP2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_ReimbursementGESP2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_SeLigaNaRedeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_SeLigaNaRedeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_AgreementForTheInstallmentPaymentOfSanitationServicesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742031072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Related-Party Balances and Transactions (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">R$ 14,608,233<span></span>
</td>
<td class="nump">R$ 14,098,208<span></span>
</td>
<td class="nump">R$ 11,711,569<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueAxis=SBS_SanitationServices1Member', window );">Sanitation services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">462,989<span></span>
</td>
<td class="nump">445,726<span></span>
</td>
<td class="nump">357,512<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueAxis=SBS_PaymentsReceivedRelatedPartiesMember', window );">Payments received from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="num">(471,081)<span></span>
</td>
<td class="num">(424,549)<span></span>
</td>
<td class="num">(338,471)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueAxis=SBS_GESPReimbursementMember', window );">Receipt of GESP reimbursement referring to Law 4819/58</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReceiptOfGESPReimbursementReferringToLaw', window );">Receipt of GESP reimbursement</a></td>
<td class="num">R$ (192,889)<span></span>
</td>
<td class="num">R$ (139,472)<span></span>
</td>
<td class="num">R$ (121,709)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReceiptOfGESPReimbursementReferringToLaw">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReceiptOfGESPReimbursementReferringToLaw</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OperatingRevenueAxis=SBS_SanitationServices1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OperatingRevenueAxis=SBS_SanitationServices1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OperatingRevenueAxis=SBS_PaymentsReceivedRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OperatingRevenueAxis=SBS_PaymentsReceivedRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OperatingRevenueAxis=SBS_GESPReimbursementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OperatingRevenueAxis=SBS_GESPReimbursementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6759607120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Related-Party Balances and Transactions (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PrincipalDisbursedRelatedPartyAgreement', window );">Principal disbursed amount</a></td>
<td class="nump">R$ 30,029<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestBalanceRelatedPartyAgreement', window );">Interest balance</a></td>
<td class="nump">20,588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreement', window );">Loan agreement total</a></td>
<td class="nump">50,617<span></span>
</td>
<td class="nump">R$ 52,407<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AttendAmbientalMember', window );">Attend Ambiental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PrincipalDisbursedRelatedPartyAgreement', window );">Principal disbursed amount</a></td>
<td class="nump">5,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestBalanceRelatedPartyAgreement', window );">Interest balance</a></td>
<td class="nump">3,877<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreement', window );">Loan agreement total</a></td>
<td class="nump">R$ 9,277<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreementInterestRate', window );">Interest rate</a></td>
<td class="text">SELIC + 3.5 % a.a.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreementMaturity', window );">Maturity</a></td>
<td class="text">The loan agreement with SPE Attend  Ambiental  S/A  matures  within  180  days,  from  the  date when  the respective amount is available in the borrower&#146;s account, renewable for the same period.  The credit has been overdue since May 11, 2015 and is subject to contractual default charges (inflation adjustment considering the IGP-M variation, 2% fine and default interest of 1% p.m.). The agreement has been renegotiated between the parties. <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AquapoloAmbiental1Member', window );">Aquapolo Ambiental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PrincipalDisbursedRelatedPartyAgreement', window );">Principal disbursed amount</a></td>
<td class="nump">R$ 5,629<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestBalanceRelatedPartyAgreement', window );">Interest balance</a></td>
<td class="nump">5,209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreement', window );">Loan agreement total</a></td>
<td class="nump">R$ 10,838<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreementInterestRate', window );">Interest rate</a></td>
<td class="text">CDI + 1.2% a.a.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreementMaturity', window );">Maturity</a></td>
<td class="text">The R$ 5,629 loan agreement originally expired on April 30, 2016. As of February 10, 2016, an amendment to the agreement changed the payment schedule for four annual installments, the first of which maturing on December 30, 2018 and the last on December 30, 2021; and<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AquapoloAmbiental2Member', window );">Aquapolo Ambiental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PrincipalDisbursedRelatedPartyAgreement', window );">Principal disbursed amount</a></td>
<td class="nump">R$ 19,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestBalanceRelatedPartyAgreement', window );">Interest balance</a></td>
<td class="nump">11,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreement', window );">Loan agreement total</a></td>
<td class="nump">R$ 30,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreementInterestRate', window );">Interest rate</a></td>
<td class="text">CDI + 1.2% a.a.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreementMaturity', window );">Maturity</a></td>
<td class="text">The loan agreement totaling R$ 19,000 originally expired on April 30, 2015, was extended to October 30, 2015 and on November 25, 2015 a new amendment changed the payment schedule for three annual installments, the first of which maturing on December 30, 2021 and the last on December 30, 2023.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestBalanceRelatedPartyAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestBalanceRelatedPartyAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PrincipalDisbursedRelatedPartyAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PrincipalDisbursedRelatedPartyAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RelatedPartyLoanAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RelatedPartyLoanAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RelatedPartyLoanAgreementInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RelatedPartyLoanAgreementInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RelatedPartyLoanAgreementMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RelatedPartyLoanAgreementMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AttendAmbientalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AttendAmbientalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AquapoloAmbiental1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AquapoloAmbiental1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AquapoloAmbiental2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AquapoloAmbiental2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R88.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6762960400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. Related-Party Balances and Transactions (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Apr. 05, 2017</div></th>
<th class="th"><div>Oct. 28, 2016</div></th>
<th class="th"><div>Apr. 20, 2016</div></th>
<th class="th"><div>Mar. 18, 2015</div></th>
<th class="th"><div>Mar. 17, 2015</div></th>
<th class="th"><div>Nov. 17, 2008</div></th>
<th class="th"><div>Nov. 30, 2007</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">R$ 180,773<span></span>
</td>
<td class="nump">R$ 202,553<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReceivablesInCurrentAssets', window );">Receivables in current assets</a></td>
<td class="nump">54,379<span></span>
</td>
<td class="nump">39,816<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReceivablesInNoncurrentAssets', window );">Receivables in non-current assets</a></td>
<td class="nump">611,762<span></span>
</td>
<td class="nump">650,318<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisputedAmountsReceivable', window );">Disputed amounts receivable</a></td>
<td class="nump">1,021,657<span></span>
</td>
<td class="nump">937,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PensionBenefitObligations', window );">Pension benefit obligations</a></td>
<td class="nump">2,543,877<span></span>
</td>
<td class="nump">2,512,080<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities, current</a></td>
<td class="nump">6,110<span></span>
</td>
<td class="nump">9,018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialLiabilities', window );">Other liabilities, non-current</a></td>
<td class="nump">64,180<span></span>
</td>
<td class="nump">29,749<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BalanceRelatedToFirstAmendmentWithEMAE', window );">Balance related to the first amendment with EMAE</a></td>
<td class="nump">171,860<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities', window );">Expenses related to personnel assigned by SABESP to other state government entities</a></td>
<td class="nump">9,853<span></span>
</td>
<td class="nump">10,393<span></span>
</td>
<td class="nump">R$ 10,481<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp', window );">Expenses related to personnel by other entities to SABESP</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="nump">342<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities', window );">Payables for services rendered by S&#227;o Paulo State Government entities</a></td>
<td class="nump">1,367<span></span>
</td>
<td class="nump">1,853<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_NonoperatingAssets', window );">Non-operating assets</a></td>
<td class="nump">969<span></span>
</td>
<td class="nump">969<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_NetActuarialLiability', window );">Net actuarial liability</a></td>
<td class="nump">388,461<span></span>
</td>
<td class="nump">753,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Compensation to Officers</a></td>
<td class="nump">3,813<span></span>
</td>
<td class="nump">3,912<span></span>
</td>
<td class="nump">4,078<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermBenefits', window );">Bonus program</a></td>
<td class="nump">556<span></span>
</td>
<td class="nump">494<span></span>
</td>
<td class="nump">521<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RelatedPartyLoanAgreement', window );">Loan agreement related party, total</a></td>
<td class="nump">50,617<span></span>
</td>
<td class="nump">52,407<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinanceIncomeRelatedParties', window );">Financial income</a></td>
<td class="nump">R$ 5,017<span></span>
</td>
<td class="nump">7,118<span></span>
</td>
<td class="nump">R$ 10,123<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PaymentsOfInstallments', window );">Payments of installments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 133,709<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UndisputedReimbursement', window );">Undisputed reimbursement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 915,251<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReimbursementReceivableRelatedToReservoirs', window );">Reimbursement receivable related to the reservoirs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">696,283<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AgreementReceivableGESPRemaining', window );">GESP Agreement, remaining balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 218,967<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GESPAgreementInterestRate', window );">GESP Agreement, interest rate</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SaoPauloGovernmentAgreement', window );">Government Agreement receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,012,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GovernmentAgreementInflationAdjustment', window );">Government Agreement inflation adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 316,027<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PreferredSharesIssuedForInstallments', window );">Preferred shares issued for installments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,221,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PreferredSharesIssuedForInstallmentsValue', window );">Preferred shares issued for installments, value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 87,174<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SaoPauloGovernmentAgreementAdjusted', window );">Government Agreement receivable, adjusted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 609,109<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GovernmentAgreementInflationAdjustment1', window );">Government Agreement inflation adjustment</a></td>
<td class="nump">R$ 316,027<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CteepSharesDisposed', window );">CTEEP shares disposed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 111,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UseOfReservoirsAnnualPayment', window );">Use of Reservoirs annual payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 6,610<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UseOfReservoirsAnnualPayment1', window );">Use of Reservoirs annual payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 46,270<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UseOfReservoirsAnnualPayment2', window );">Use of Reservoirs annual payment</a></td>
<td class="nump">R$ 9,254<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReservoirsLongtermAverageOutflow', window );">Reservoirs long-term average outflow</a></td>
<td class="nump">61.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SharedExpensesBasedOnTermsOfAgreement', window );">Shared expenses based on terms of agreement</a></td>
<td class="nump">R$ 6,610<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PresentValueOfAgreementBalance', window );">Present value of balance payable</a></td>
<td class="nump">46,270<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BalanceOfAgreementWithEMAECurrent', window );">Balance of the agreement with EMAE - current</a></td>
<td class="nump">15,668<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BalanceOfAgreementWithEMAENoncurrent', window );">Balance of the agreement with EMAE - non current</a></td>
<td class="nump">92,894<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AmountDisbursedCurrent', window );">Amount disbursed, current</a></td>
<td class="nump">1,780<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AmountDisbursedNoncurrent', window );">Amount disbursed, noncurrent</a></td>
<td class="nump">R$ 48,837<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConnectToNetworkProgramExpenditureConcentration', window );">Connect to the Network Program expenditure concentration</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConnectToNetworkProgram', window );">Connect to the Network Program</a></td>
<td class="nump">R$ 82,697<span></span>
</td>
<td class="nump">79,274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties', window );">Connect to the Network Program. receivable from related parties</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,148<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConnectToNetworkProgram.IntangibleAssets', window );">Connect to the Network Program. intangible assets</a></td>
<td class="nump">35,068<span></span>
</td>
<td class="nump">34,915<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConnectToNetworkProgram.Reimbursement', window );">Connect to the Network Program. reimbursement</a></td>
<td class="nump">R$ 47,629<span></span>
</td>
<td class="nump">38,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_StateGovernmentMember', window );">State Government</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConnectToNetworkProgramExpenditureConcentration', window );">Connect to the Network Program expenditure concentration</a></td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccountsReceivableAxis=SBS_AllowanceForLossesMember', window );">Allowance for losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems', window );"><strong>SummaryOfRelatedPartyBalancesAndTransactionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Accounts receivable, current</a></td>
<td class="nump">R$ 35,114<span></span>
</td>
<td class="nump">R$ 56,624<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AgreementReceivableGESPRemaining">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AgreementReceivableGESPRemaining</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AmountDisbursedCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AmountDisbursedCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AmountDisbursedNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AmountDisbursedNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BalanceOfAgreementWithEMAECurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BalanceOfAgreementWithEMAECurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BalanceOfAgreementWithEMAENoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BalanceOfAgreementWithEMAENoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BalanceRelatedToFirstAmendmentWithEMAE">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BalanceRelatedToFirstAmendmentWithEMAE</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConnectToNetworkProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConnectToNetworkProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConnectToNetworkProgram.IntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConnectToNetworkProgram.IntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConnectToNetworkProgram.ReceivableFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConnectToNetworkProgram.Reimbursement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConnectToNetworkProgram.Reimbursement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConnectToNetworkProgramExpenditureConcentration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConnectToNetworkProgramExpenditureConcentration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CteepSharesDisposed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CteepSharesDisposed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DisputedAmountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DisputedAmountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesRelatedToPersonnelAssignedBySabespToOtherStateGovernmentEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesRelatedToPersonnelByOtherEntitiesToSabesp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinanceIncomeRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinanceIncomeRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GESPAgreementInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GESPAgreementInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GovernmentAgreementInflationAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GovernmentAgreementInflationAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GovernmentAgreementInflationAdjustment1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GovernmentAgreementInflationAdjustment1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_NetActuarialLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_NetActuarialLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_NonoperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_NonoperatingAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PayablesForServicesRenderedBySoPauloStateGovernmentEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PaymentsOfInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PaymentsOfInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PensionBenefitObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PensionBenefitObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PreferredSharesIssuedForInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PreferredSharesIssuedForInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PreferredSharesIssuedForInstallmentsValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PreferredSharesIssuedForInstallmentsValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PresentValueOfAgreementBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PresentValueOfAgreementBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReceivablesInCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReceivablesInCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReceivablesInNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReceivablesInNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReimbursementReceivableRelatedToReservoirs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReimbursementReceivableRelatedToReservoirs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RelatedPartyLoanAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RelatedPartyLoanAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReservoirsLongtermAverageOutflow">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReservoirsLongtermAverageOutflow</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SaoPauloGovernmentAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SaoPauloGovernmentAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SaoPauloGovernmentAgreementAdjusted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SaoPauloGovernmentAgreementAdjusted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SharedExpensesBasedOnTermsOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SharedExpensesBasedOnTermsOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfRelatedPartyBalancesAndTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_UndisputedReimbursement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_UndisputedReimbursement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_UseOfReservoirsAnnualPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_UseOfReservoirsAnnualPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_UseOfReservoirsAnnualPayment1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_UseOfReservoirsAnnualPayment1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_UseOfReservoirsAnnualPayment2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_UseOfReservoirsAnnualPayment2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long-term employee benefits other than post-employment benefits and termination benefits. Such benefits may include long-term paid absences, jubilee or other long-service benefits, long-term disability benefits, long-term profit-sharing and bonuses and long-term deferred remuneration. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 158<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_158&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentNonfinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current non-financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Other financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentNonfinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_StateGovernmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_StateGovernmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccountsReceivableAxis=SBS_AllowanceForLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccountsReceivableAxis=SBS_AllowanceForLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>100
<FILENAME>R89.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741426496">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>11. Water National Agency - ANA (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract', window );"><strong>Water National Agency - Ana Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WaterNationalAgencyNoncurrent', window );">Water National Agency &#8211; ANA</a></td>
<td class="nump">R$ 70,487<span></span>
</td>
<td class="nump">R$ 81,221<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WaterNationalAgencyAnaDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WaterNationalAgencyNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as ""Treated Sewage Purchase Program"". This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&amp;#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WaterNationalAgencyNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R90.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6763912832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Investments (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">R$ 17,513,009<span></span>
</td>
<td class="nump">R$ 15,419,211<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 13,716,606<span></span>
</td>
<td class="nump">R$ 13,304,403<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">2,519,310<span></span>
</td>
<td class="nump">2,947,098<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">536,279<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">36,932<span></span>
</td>
<td class="nump">31,096<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="nump">598,612<span></span>
</td>
<td class="nump">700,034<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_SesammMember', window );">Sesamm</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">39,262<span></span>
</td>
<td class="nump">37,198<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">32,313<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsProvisionedInInvestees', window );">Provisioned dividends</a></td>
<td class="num">(643)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionedDividendsChangeInEquity', window );">Provisioned dividends - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">2,707<span></span>
</td>
<td class="nump">8,601<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,082<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForYearChangeInEquity', window );">Profit for the year - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">14,135<span></span>
</td>
<td class="nump">13,391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="num">(231)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="nump">975<span></span>
</td>
<td class="nump">R$ 3,096<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 2,190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest percentage</a></td>
<td class="nump">36.00%<span></span>
</td>
<td class="nump">36.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">36.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AguasDeAndradinaMember', window );">Aguas de Andradina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">R$ 21,432<span></span>
</td>
<td class="nump">R$ 16,161<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 15,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsProvisionedInInvestees', window );">Provisioned dividends</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionedDividendsChangeInEquity', window );">Provisioned dividends - change in the equity</a></td>
<td class="nump">800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">4,471<span></span>
</td>
<td class="nump">1,772<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,371<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForYearChangeInEquity', window );">Profit for the year - change in the equity</a></td>
<td class="num">(2,040)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">5,818<span></span>
</td>
<td class="nump">4,849<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="nump">1,341<span></span>
</td>
<td class="nump">R$ 532<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 711<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="num">R$ (612)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest percentage</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AguasDeCastilhoMember', window );">Aguas de Castilho</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">R$ 4,858<span></span>
</td>
<td class="nump">R$ 3,706<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 3,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsProvisionedInInvestees', window );">Provisioned dividends</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">219<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionedDividendsChangeInEquity', window );">Provisioned dividends - change in the equity</a></td>
<td class="nump">219<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">933<span></span>
</td>
<td class="nump">631<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">773<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForYearChangeInEquity', window );">Profit for the year - change in the equity</a></td>
<td class="nump">22<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">1,465<span></span>
</td>
<td class="nump">1,112<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">66<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="nump">280<span></span>
</td>
<td class="nump">R$ 189<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 232<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="nump">R$ 7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest percentage</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_SaneaquaMairinqueMember', window );">Saneaqua Mairinque</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">R$ 4,480<span></span>
</td>
<td class="nump">R$ 4,090<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 3,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsProvisionedInInvestees', window );">Provisioned dividends</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionedDividendsChangeInEquity', window );">Provisioned dividends - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">390<span></span>
</td>
<td class="nump">723<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,145<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForYearChangeInEquity', window );">Profit for the year - change in the equity</a></td>
<td class="num">(153)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">1,298<span></span>
</td>
<td class="nump">1,227<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="nump">117<span></span>
</td>
<td class="nump">R$ 217<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 344<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="num">R$ (46)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest percentage</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AttendAmbientalMember', window );">Attend Ambiental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">R$ 5,249<span></span>
</td>
<td class="nump">R$ 3,925<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 3,084<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsProvisionedInInvestees', window );">Provisioned dividends</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionedDividendsChangeInEquity', window );">Provisioned dividends - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">1,324<span></span>
</td>
<td class="nump">841<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,195<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForYearChangeInEquity', window );">Profit for the year - change in the equity</a></td>
<td class="num">(80)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">2,326<span></span>
</td>
<td class="nump">1,766<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="nump">596<span></span>
</td>
<td class="nump">R$ 378<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 1,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="num">R$ (36)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest percentage</a></td>
<td class="nump">45.00%<span></span>
</td>
<td class="nump">45.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">45.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AquapoloAmbientalMember', window );">Aquapolo Ambiental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">R$ 18,810<span></span>
</td>
<td class="nump">R$ 12,340<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 11,651<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsProvisionedInInvestees', window );">Provisioned dividends</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionedDividendsChangeInEquity', window );">Provisioned dividends - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">6,470<span></span>
</td>
<td class="nump">689<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,569)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForYearChangeInEquity', window );">Profit for the year - change in the equity</a></td>
<td class="num">(53)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">9,191<span></span>
</td>
<td class="nump">6,047<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="nump">3,170<span></span>
</td>
<td class="nump">R$ 338<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">R$ (2,239)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="num">R$ (26)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest percentage</a></td>
<td class="nump">49.00%<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_PaulistaGeradoraDeEnergiaMember', window );">Paulista Geradora de Energia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">R$ 8,447<span></span>
</td>
<td class="nump">R$ 8,469<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 8,509<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsProvisionedInInvestees', window );">Provisioned dividends</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionedDividendsChangeInEquity', window );">Provisioned dividends - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="num">(22)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(114)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForYearChangeInEquity', window );">Profit for the year - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">2,111<span></span>
</td>
<td class="nump">2,117<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="num">(6)<span></span>
</td>
<td class="num">R$ (10)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">R$ (29)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest percentage</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_InvesteeTotalMember', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">R$ 36,344<span></span>
</td>
<td class="nump">R$ 30,509<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends distributed</a></td>
<td class="num">(231)<span></span>
</td>
<td class="nump">306<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsDistributedChangeInEquity', window );">Dividends distributed - change in the equity</a></td>
<td class="nump">306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliates', window );">Equity in the earnings of subsidiaries</a></td>
<td class="nump">6,473<span></span>
</td>
<td class="nump">4,740<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 2,597<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity', window );">Equity in the earnings of subsidiaries - change in the equity</a></td>
<td class="num">(713)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_OtherInvesteeMember', window );">Other investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInvestmentsLineItems', window );"><strong>SummaryOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">R$ 588<span></span>
</td>
<td class="nump">R$ 587<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refer to changes in the equity of investees, as their financial statements for the year ended December 31, 2016 were disclosed after disclosure of the Company's financial statements.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DividendsDistributedChangeInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DividendsDistributedChangeInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DividendsProvisionedInInvestees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DividendsProvisionedInInvestees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EquityInEarningsOfSubsidiariesChangeInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EquityInEarningsOfSubsidiariesChangeInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EquityInResultsOfInvestmentsInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the entity's equity resulting from the change in the equity of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EquityInResultsOfInvestmentsInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProfitForYearChangeInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProfitForYearChangeInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProvisionedDividendsChangeInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProvisionedDividendsChangeInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B16&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_SesammMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_SesammMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AguasDeAndradinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AguasDeAndradinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AguasDeCastilhoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AguasDeCastilhoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_SaneaquaMairinqueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_SaneaquaMairinqueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AttendAmbientalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AttendAmbientalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AquapoloAmbientalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AquapoloAmbientalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_PaulistaGeradoraDeEnergiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_PaulistaGeradoraDeEnergiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_InvesteeTotalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_InvesteeTotalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_OtherInvesteeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_OtherInvesteeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6746972208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. Investments (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 10,000,000<span></span>
</td>
<td class="nump">R$ 10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">683,509,869<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">683,509,869<span></span>
</td>
<td class="nump">683,509,869<span></span>
</td>
<td class="nump">683,509,869<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_SesammMember', window );">Sesamm</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 19,532<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">19,532,409<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Equity interest</a></td>
<td class="nump">36.00%<span></span>
</td>
<td class="nump">36.00%<span></span>
</td>
<td class="nump">36.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AguasDeAndradinaMember', window );">Aguas de Andradina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 13,841<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">13,840,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Equity interest</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">R$ 303<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AguasDeCastilhoMember', window );">Aguas de Castilho</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 2,360<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">2,360,330<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Equity interest</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_SaneaquaMairinqueMember', window );">Saneaqua Mairinque</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">2,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Equity interest</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AttendAmbientalMember', window );">Attend Ambiental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 13,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">13,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Equity interest</a></td>
<td class="nump">45.00%<span></span>
</td>
<td class="nump">45.00%<span></span>
</td>
<td class="nump">45.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_AquapoloAmbientalMember', window );">Aquapolo Ambiental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 36,412<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">42,419,045<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Equity interest</a></td>
<td class="nump">49.00%<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentIssuerAxis=SBS_PaulistaGeradoraDeEnergiaMember', window );">Paulista Geradora de Energia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Capital stock</a></td>
<td class="nump">R$ 8,679<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Capital stock, shares</a></td>
<td class="nump">8,679,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Equity interest</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AnnualAndExtraordinaryShareholdersMeetingMember', window );">Annual and Extraordinary Shareholders&#146; Meeting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity', window );">Capital increase</a></td>
<td class="nump">R$ 740<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">740<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Minimum mandatory dividends</a></td>
<td class="nump">R$ 184<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdditionalDividends', window );">Additional dividends</a></td>
<td class="nump">556<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AnnualAndExtraordinaryShareholdersMeeting1Member', window );">Annual and Extraordinary Shareholders&#146; Meeting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity', window );">Capital increase</a></td>
<td class="nump">R$ 2,290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">2,289,796<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Minimum mandatory dividends</a></td>
<td class="nump">R$ 573<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdditionalDividends', window );">Additional dividends</a></td>
<td class="nump">1,717<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SaneaquaMairinqueMember', window );">Saneaqua Mairinque</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfInvestmentsLineItems', window );"><strong>DisclosureOfInvestmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">505<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdvanceForFutureCapitalIncrease', window );">Advance for future capital increase</a></td>
<td class="nump">R$ 2,183<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdditionalDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdditionalDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdvanceForFutureCapitalIncrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdvanceForFutureCapitalIncrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DisclosureOfInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DisclosureOfInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_SesammMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_SesammMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AguasDeAndradinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AguasDeAndradinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AguasDeCastilhoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AguasDeCastilhoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_SaneaquaMairinqueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_SaneaquaMairinqueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AttendAmbientalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AttendAmbientalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_AquapoloAmbientalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_AquapoloAmbientalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentIssuerAxis=SBS_PaulistaGeradoraDeEnergiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentIssuerAxis=SBS_PaulistaGeradoraDeEnergiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AnnualAndExtraordinaryShareholdersMeetingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AnnualAndExtraordinaryShareholdersMeetingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AnnualAndExtraordinaryShareholdersMeeting1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AnnualAndExtraordinaryShareholdersMeeting1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SaneaquaMairinqueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SaneaquaMairinqueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760459216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. Investment properties (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentPropertiesDetailsAbstract', window );"><strong>Investment Properties Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentProperty', window );">Investment properties, beginning</a></td>
<td class="nump">R$ 57,968<span></span>
</td>
<td class="nump">R$ 56,957<span></span>
</td>
<td class="nump">R$ 54,039<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TransfersInvestmentProperty', window );">Transfers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,231<span></span>
</td>
<td class="nump">9,182<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsInvestmentProperty', window );">Write-offs and disposals</a></td>
<td class="num">(244)<span></span>
</td>
<td class="num">(124)<span></span>
</td>
<td class="num">(5,859)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty', window );">Reversal of estimated losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationInvestmentProperty', window );">Depreciation</a></td>
<td class="num">(72)<span></span>
</td>
<td class="num">(106)<span></span>
</td>
<td class="num">(405)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentProperty', window );">Investment properties, ending</a></td>
<td class="nump">R$ 57,652<span></span>
</td>
<td class="nump">R$ 57,968<span></span>
</td>
<td class="nump">R$ 56,957<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InvestmentPropertiesDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InvestmentPropertiesDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TransfersInvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TransfersInvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationInvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation recognised on investment property. [Refer: Depreciation and amortisation expense; Investment property]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph d<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_79_d_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 76<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_76&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationInvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsInvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in investment property resulting from disposals. [Refer: Investment property]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 76<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_76_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_79_d_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsInvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2019-01-01: The amount of property (land or a building - or part of a building - or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business.
Effective 2019-01-01: The amount of property (land or a building - or part of a building - or both) held (by the owner or by the lessee as a right-of-use asset) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 76<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_76&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_79_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reversal of impairment loss recognised in profit or loss for investment property. [Refer: Reversal of impairment loss recognised in profit or loss; Investment property]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 76<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_76_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph d<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_79_d_v&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossInvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741586256">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>13. Investment properties (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentPropertiesDetailsNarrativeAbstract', window );"><strong>Investment Properties Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentProperty', window );">Investment properties</a></td>
<td class="nump">R$ 57,652<span></span>
</td>
<td class="nump">R$ 57,968<span></span>
</td>
<td class="nump">R$ 56,957<span></span>
</td>
<td class="nump">R$ 54,039<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentPropertyMarketValue', window );">Investment properties, market value</a></td>
<td class="nump">R$ 402,000<span></span>
</td>
<td class="nump">R$ 404,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InvestmentPropertiesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InvestmentPropertiesDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InvestmentPropertyMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InvestmentPropertyMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2019-01-01: The amount of property (land or a building - or part of a building - or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business.
Effective 2019-01-01: The amount of property (land or a building - or part of a building - or both) held (by the owner or by the lessee as a right-of-use asset) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) sale in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 76<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_76&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=40&amp;date=2017-03-01&amp;anchor=para_79_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R94.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6746550736">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>14. Intangible assets (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">R$ 42,805,613<span></span>
</td>
<td class="nump">R$ 39,382,271<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(9,339,481)<span></span>
</td>
<td class="num">(8,135,483)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Net</a></td>
<td class="nump">33,466,132<span></span>
</td>
<td class="nump">31,246,788<span></span>
</td>
<td class="nump">R$ 28,513,626<span></span>
</td>
<td class="nump">R$ 25,979,526<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEquityValueMember', window );">Agreements - equity value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">8,893,296<span></span>
</td>
<td class="nump">9,222,543<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(1,751,682)<span></span>
</td>
<td class="num">(1,739,588)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Net</a></td>
<td class="nump">7,141,614<span></span>
</td>
<td class="nump">7,482,955<span></span>
</td>
<td class="nump">7,287,630<span></span>
</td>
<td class="nump">7,369,271<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEconomicValueMember', window );">Agreements - economic value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">2,068,402<span></span>
</td>
<td class="nump">1,925,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(634,465)<span></span>
</td>
<td class="num">(543,709)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Net</a></td>
<td class="nump">1,433,937<span></span>
</td>
<td class="nump">1,381,652<span></span>
</td>
<td class="nump">1,353,020<span></span>
</td>
<td class="nump">1,281,260<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsMember', window );">Program contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">10,653,292<span></span>
</td>
<td class="nump">9,209,367<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(3,058,226)<span></span>
</td>
<td class="num">(2,633,346)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Net</a></td>
<td class="nump">7,595,066<span></span>
</td>
<td class="nump">6,576,021<span></span>
</td>
<td class="nump">6,288,575<span></span>
</td>
<td class="nump">5,379,153<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsCommitmentsMember', window );">Program contracts - commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">1,113,160<span></span>
</td>
<td class="nump">991,848<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(202,785)<span></span>
</td>
<td class="num">(168,632)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Net</a></td>
<td class="nump">910,375<span></span>
</td>
<td class="nump">823,216<span></span>
</td>
<td class="nump">850,530<span></span>
</td>
<td class="nump">702,909<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ServiceContractsCommitmentsMember', window );">Services contracts &#150; S&#227;o Paulo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">19,388,751<span></span>
</td>
<td class="nump">17,457,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(3,471,736)<span></span>
</td>
<td class="num">(2,904,951)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Net</a></td>
<td class="nump">15,917,015<span></span>
</td>
<td class="nump">14,552,707<span></span>
</td>
<td class="nump">12,367,017<span></span>
</td>
<td class="nump">10,986,386<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_SoftwareLicenseMember', window );">Software license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">688,712<span></span>
</td>
<td class="nump">575,494<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(220,587)<span></span>
</td>
<td class="num">(145,257)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Net</a></td>
<td class="nump">R$ 468,125<span></span>
</td>
<td class="nump">R$ 430,237<span></span>
</td>
<td class="nump">R$ 366,854<span></span>
</td>
<td class="nump">R$ 260,547<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsAccumulatedAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsAccumulatedAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets other than goodwill that would have been recognised had the revalued intangible assets been measured using the cost model after recognition. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 124<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_124_a_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwillCarryingAmountAtCostOfRevaluedAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEquityValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEquityValueMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEconomicValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEconomicValueMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsCommitmentsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ServiceContractsCommitmentsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_SoftwareLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6759879984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. Intangible assets (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, beginning</a></td>
<td class="nump">R$ 31,246,788<span></span>
</td>
<td class="nump">R$ 28,513,626<span></span>
</td>
<td class="nump">R$ 25,979,526<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="nump">3,490,298<span></span>
</td>
<td class="nump">3,855,831<span></span>
</td>
<td class="nump">3,604,442<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractRenewalOfConcessionsArrengements', window );">Contract renewal</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Reversal of estimated losses</a></td>
<td class="nump">13,380<span></span>
</td>
<td class="num">(10,198)<span></span>
</td>
<td class="nump">24,085<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill', window );">Transfers</a></td>
<td class="num">(9,374)<span></span>
</td>
<td class="nump">12,572<span></span>
</td>
<td class="num">(6,090)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill', window );">Write-offs and disposals</a></td>
<td class="num">(24,412)<span></span>
</td>
<td class="num">(14,808)<span></span>
</td>
<td class="num">(45,808)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(1,250,548)<span></span>
</td>
<td class="num">(1,110,235)<span></span>
</td>
<td class="num">(1,042,529)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, ending</a></td>
<td class="nump">33,466,132<span></span>
</td>
<td class="nump">31,246,788<span></span>
</td>
<td class="nump">28,513,626<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEquityValueMember', window );">Agreements - equity value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, beginning</a></td>
<td class="nump">7,482,955<span></span>
</td>
<td class="nump">7,287,630<span></span>
</td>
<td class="nump">7,369,271<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="nump">374,775<span></span>
</td>
<td class="nump">391,545<span></span>
</td>
<td class="nump">574,421<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractRenewalOfConcessionsArrengements', window );">Contract renewal</a></td>
<td class="num">(531,818)<span></span>
</td>
<td class="num">(9,587)<span></span>
</td>
<td class="num">(463,362)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Reversal of estimated losses</a></td>
<td class="nump">2,078<span></span>
</td>
<td class="num">(1,335)<span></span>
</td>
<td class="nump">747<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill', window );">Transfers</a></td>
<td class="nump">1,663<span></span>
</td>
<td class="nump">1,014<span></span>
</td>
<td class="num">(324)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill', window );">Write-offs and disposals</a></td>
<td class="num">(2,795)<span></span>
</td>
<td class="num">(6,233)<span></span>
</td>
<td class="num">(4,303)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(185,244)<span></span>
</td>
<td class="num">(180,079)<span></span>
</td>
<td class="num">(188,820)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, ending</a></td>
<td class="nump">7,141,614<span></span>
</td>
<td class="nump">7,482,955<span></span>
</td>
<td class="nump">7,287,630<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEconomicValueMember', window );">Agreements - economic value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, beginning</a></td>
<td class="nump">1,381,652<span></span>
</td>
<td class="nump">1,353,020<span></span>
</td>
<td class="nump">1,281,260<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="nump">142,429<span></span>
</td>
<td class="nump">106,307<span></span>
</td>
<td class="nump">140,732<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractRenewalOfConcessionsArrengements', window );">Contract renewal</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Reversal of estimated losses</a></td>
<td class="nump">8<span></span>
</td>
<td class="num">(8)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill', window );">Transfers</a></td>
<td class="nump">2,604<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="num">(17)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill', window );">Write-offs and disposals</a></td>
<td class="num">(1,163)<span></span>
</td>
<td class="num">(110)<span></span>
</td>
<td class="num">(139)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(91,593)<span></span>
</td>
<td class="num">(77,563)<span></span>
</td>
<td class="num">(68,816)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, ending</a></td>
<td class="nump">1,433,937<span></span>
</td>
<td class="nump">1,381,652<span></span>
</td>
<td class="nump">1,353,020<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsMember', window );">Program contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, beginning</a></td>
<td class="nump">6,576,021<span></span>
</td>
<td class="nump">6,288,575<span></span>
</td>
<td class="nump">5,379,153<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="nump">772,278<span></span>
</td>
<td class="nump">553,126<span></span>
</td>
<td class="nump">663,399<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractRenewalOfConcessionsArrengements', window );">Contract renewal</a></td>
<td class="nump">531,818<span></span>
</td>
<td class="nump">9,587<span></span>
</td>
<td class="nump">463,362<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Reversal of estimated losses</a></td>
<td class="nump">4,834<span></span>
</td>
<td class="num">(4,360)<span></span>
</td>
<td class="nump">4,459<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill', window );">Transfers</a></td>
<td class="num">(1,784)<span></span>
</td>
<td class="nump">2,023<span></span>
</td>
<td class="num">(752)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill', window );">Write-offs and disposals</a></td>
<td class="num">(6,606)<span></span>
</td>
<td class="num">(5,571)<span></span>
</td>
<td class="num">(11,045)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(281,495)<span></span>
</td>
<td class="num">(267,359)<span></span>
</td>
<td class="num">(210,001)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, ending</a></td>
<td class="nump">7,595,066<span></span>
</td>
<td class="nump">6,576,021<span></span>
</td>
<td class="nump">6,288,575<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsCommitmentsMember', window );">Program contracts - commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, beginning</a></td>
<td class="nump">823,216<span></span>
</td>
<td class="nump">850,530<span></span>
</td>
<td class="nump">702,909<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="nump">121,313<span></span>
</td>
<td class="nump">5,762<span></span>
</td>
<td class="nump">177,424<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractRenewalOfConcessionsArrengements', window );">Contract renewal</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Reversal of estimated losses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill', window );">Transfers</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill', window );">Write-offs and disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(34,154)<span></span>
</td>
<td class="num">(33,076)<span></span>
</td>
<td class="num">(29,803)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, ending</a></td>
<td class="nump">910,375<span></span>
</td>
<td class="nump">823,216<span></span>
</td>
<td class="nump">850,530<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ServiceContractsCommitmentsMember', window );">Services contracts &#150; S&#227;o Paulo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, beginning</a></td>
<td class="nump">14,552,707<span></span>
</td>
<td class="nump">12,367,017<span></span>
</td>
<td class="nump">10,986,386<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="nump">1,976,079<span></span>
</td>
<td class="nump">2,697,724<span></span>
</td>
<td class="nump">1,900,218<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractRenewalOfConcessionsArrengements', window );">Contract renewal</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Reversal of estimated losses</a></td>
<td class="nump">6,460<span></span>
</td>
<td class="num">(4,495)<span></span>
</td>
<td class="nump">18,879<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill', window );">Transfers</a></td>
<td class="num">(18,346)<span></span>
</td>
<td class="nump">9,696<span></span>
</td>
<td class="num">(4,997)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill', window );">Write-offs and disposals</a></td>
<td class="num">(13,848)<span></span>
</td>
<td class="num">(2,894)<span></span>
</td>
<td class="num">(30,321)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(586,037)<span></span>
</td>
<td class="num">(514,341)<span></span>
</td>
<td class="num">(503,148)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, ending</a></td>
<td class="nump">15,917,015<span></span>
</td>
<td class="nump">14,552,707<span></span>
</td>
<td class="nump">12,367,017<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_SoftwareLicenseMember', window );">Software license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, beginning</a></td>
<td class="nump">430,237<span></span>
</td>
<td class="nump">366,854<span></span>
</td>
<td class="nump">260,547<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="nump">103,424<span></span>
</td>
<td class="nump">101,367<span></span>
</td>
<td class="nump">148,248<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractRenewalOfConcessionsArrengements', window );">Contract renewal</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Reversal of estimated losses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill', window );">Transfers</a></td>
<td class="nump">6,489<span></span>
</td>
<td class="num">(167)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill', window );">Write-offs and disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(72,025)<span></span>
</td>
<td class="num">(37,817)<span></span>
</td>
<td class="num">(41,941)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets, ending</a></td>
<td class="nump">R$ 468,125<span></span>
</td>
<td class="nump">R$ 430,237<span></span>
</td>
<td class="nump">R$ 366,854<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ContractRenewalOfConcessionsArrengements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ContractRenewalOfConcessionsArrengements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfIntangibleAssetsLineItems</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets other than goodwill resulting from disposals. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets other than goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets other than goodwill resulting from transfers. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEquityValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEquityValueMember</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_AgreementsEconomicValueMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ProgramContractsCommitmentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_ServiceContractsCommitmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=SBS_SoftwareLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6747877600">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>14. Intangible assets (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipCurrent', window );">Current liabilities</a></td>
<td class="nump">R$ 60,007<span></span>
</td>
<td class="nump">R$ 31,898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipNoncurrent', window );">Noncurrent liabilities</a></td>
<td class="nump">3,011,409<span></span>
</td>
<td class="nump">2,217,520<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipLiabilities', window );">Liabilities</a></td>
<td class="nump">3,071,416<span></span>
</td>
<td class="nump">2,249,418<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AltoTieteMember', window );">Alto Tiete</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipCurrent', window );">Current liabilities</a></td>
<td class="nump">35,083<span></span>
</td>
<td class="nump">31,898<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipNoncurrent', window );">Noncurrent liabilities</a></td>
<td class="nump">282,501<span></span>
</td>
<td class="nump">309,858<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipLiabilities', window );">Liabilities</a></td>
<td class="nump">317,584<span></span>
</td>
<td class="nump">341,756<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SaoLourencoMember', window );">Sao Lourenco</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfIntangibleAssetsLineItems', window );"><strong>SummaryOfIntangibleAssetsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipCurrent', window );">Current liabilities</a></td>
<td class="nump">24,924<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipNoncurrent', window );">Noncurrent liabilities</a></td>
<td class="nump">2,728,908<span></span>
</td>
<td class="nump">1,907,662<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipLiabilities', window );">Liabilities</a></td>
<td class="nump">R$ 2,753,832<span></span>
</td>
<td class="nump">R$ 1,907,662<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnershipCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnershipCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnershipLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnershipLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnershipNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Public-Private Partnerships, or &amp;#8220;PPPs&amp;#8221;, are long-term contracts between private parties and government entities, for providing a public asset or service, in which the private parties bears significant risk and management responsibility, and remuneration is linked to performance. PPPs are regulated by the State of S&amp;#227;o Paulo through Law No. 11,688/2004, which was enacted on May 19, 2004. PPPs may be used for: (i) implantation, expansion, improvement, reform, maintenance or management of public infrastructure; (ii) provision of public services; and (iii) exploitation of public assets and non material rights belonging to the State.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnershipNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AltoTieteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_AltoTieteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SaoLourencoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SaoLourencoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6758087344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. Intangible assets (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsDetailsNarrativeAbstract', window );"><strong>Intangible Assets Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IndemnitiesReceivableNoncurrent', window );">Indemnities receivable, noncurrent</a></td>
<td class="nump">R$ 24,071<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_NumberOfMunicipalities', window );">Number of municipalities</a></td>
<td class="text">368<span></span>
</td>
<td class="text">366<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentContractLiabilities', window );">Program Contracts Commitments, Current</a></td>
<td class="nump">R$ 128,802<span></span>
</td>
<td class="nump">R$ 109,042<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentContractLiabilities', window );">Program Contracts Commitments, Noncurrent</a></td>
<td class="nump">110,698<span></span>
</td>
<td class="nump">69,051<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Capitalized interest and inflation adjustment</a></td>
<td class="nump">649,048<span></span>
</td>
<td class="nump">700,743<span></span>
</td>
<td class="nump">R$ 466,544<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011', window );">Construction margin</a></td>
<td class="nump">70,335<span></span>
</td>
<td class="nump">81,513<span></span>
</td>
<td class="nump">72,908<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpropriationCosts', window );">Expropriations</a></td>
<td class="nump">19,576<span></span>
</td>
<td class="nump">40,452<span></span>
</td>
<td class="nump">R$ 66,801<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipIntangibleAssets', window );">Intangible assets - PPP</a></td>
<td class="nump">R$ 2,818,805<span></span>
</td>
<td class="nump">1,951,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp', window );">Intangible assets, physical evolution of contruction - PPP</a></td>
<td class="nump">89.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate', window );">Intangible assets, discount rate for adjustment - PPP</a></td>
<td class="nump">7.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WorkInProgressIntangibleAssets', window );">Intangible assets work in progress</a></td>
<td class="nump">R$ 10,387,000<span></span>
</td>
<td class="nump">R$ 9,156,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsWorkInProgressSaoPaulo', window );">Intangible assets work in progress - S&#227;o Paulo</a></td>
<td class="nump">6,497,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsWorkInProgressPppSaoLourenco', window );">Intangible assets work in progress - PPP S&#195;O LOUREN&#199;O</a></td>
<td class="nump">2,819,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsWorkInProgressSaoPauloFranca', window );">Intangible assets work in progress - Franca</a></td>
<td class="nump">253,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsWorkInProgressItanhaem', window );">Intangible assets work in progress, Itanha&#233;m</a></td>
<td class="nump">R$ 208,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AmortizationAverageRate', window );">Amortization average rate</a></td>
<td class="nump">3.90%<span></span>
</td>
<td class="nump">3.90%<span></span>
</td>
<td class="nump">3.90%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetRelatedToPPPAltoTiete', window );">Intangible assets related to PPP ALTO TIET&#202;</a></td>
<td class="nump">R$ 371,862<span></span>
</td>
<td class="nump">R$ 382,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EstimatedMonetaryRestatement', window );">Estimated monetary restatement</a></td>
<td class="nump">7,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_MonthlyAssignedFundsFromTariffs', window );">Monthly assigned funds from tariffs</a></td>
<td class="nump">R$ 10,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentToPresentValueOfAgreement', window );">Adjustment to present value of agreement</a></td>
<td class="nump">8.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AgreementPercentageOfRevenue', window );">Agreement percentage of revenue</a></td>
<td class="nump">55.38%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RevenueFromConstructionServiceGrossMargin', window );">Construction margin</a></td>
<td class="nump">2.30%<span></span>
</td>
<td class="nump">2.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FundsFromTariffsArisingFromServicesProvided', window );">Funds from tariffs arising from services provided</a></td>
<td class="nump">R$ 24,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentToPresentValueOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentToPresentValueOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AgreementPercentageOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AgreementPercentageOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AmortizationAverageRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AmortizationAverageRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EstimatedMonetaryRestatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EstimatedMonetaryRestatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpropriationCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpropriationCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FundsFromTariffsArisingFromServicesProvided">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FundsFromTariffsArisingFromServicesProvided</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IndemnitiesReceivableNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IndemnitiesReceivableNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetRelatedToPPPAltoTiete">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetRelatedToPPPAltoTiete</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsPhysicalEvolutionOfContructionDiscountRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsPhysicalEvolutionOfContructionPpp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsWorkInProgressItanhaem">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsWorkInProgressItanhaem</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsWorkInProgressPppSaoLourenco">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsWorkInProgressPppSaoLourenco</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsWorkInProgressSaoPaulo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsWorkInProgressSaoPaulo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsWorkInProgressSaoPauloFranca">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsWorkInProgressSaoPauloFranca</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_MonthlyAssignedFundsFromTariffs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_MonthlyAssignedFundsFromTariffs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_NumberOfMunicipalities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_NumberOfMunicipalities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnershipIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnershipIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RevenueFromConstructionServiceGrossMargin">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RevenueFromConstructionServiceGrossMargin</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WorkInProgressIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WorkInProgressIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2017-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=23&amp;date=2017-03-01&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) recognised on exchanging construction services for an intangible asset in service concession arrangements. [Refer: Service concession arrangements [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name SIC<br> -Number 29<br> -IssueDate 2017-01-01<br> -Paragraph 6A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=SIC&amp;num=29&amp;date=2017-03-01&amp;anchor=para_6A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6747008016">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>15. Property, plant and equipment (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">R$ 538,687<span></span>
</td>
<td class="nump">R$ 544,693<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(283,637)<span></span>
</td>
<td class="num">(242,310)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net</a></td>
<td class="nump">255,050<span></span>
</td>
<td class="nump">302,383<span></span>
</td>
<td class="nump">R$ 325,076<span></span>
</td>
<td class="nump">R$ 304,845<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">92,507<span></span>
</td>
<td class="nump">92,494<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net</a></td>
<td class="nump">92,507<span></span>
</td>
<td class="nump">92,494<span></span>
</td>
<td class="nump">102,708<span></span>
</td>
<td class="nump">100,533<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember', window );">Buildings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">79,013<span></span>
</td>
<td class="nump">77,548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(36,653)<span></span>
</td>
<td class="num">(34,286)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net</a></td>
<td class="nump">42,360<span></span>
</td>
<td class="nump">43,262<span></span>
</td>
<td class="nump">45,891<span></span>
</td>
<td class="nump">42,515<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember', window );">Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">330,753<span></span>
</td>
<td class="nump">338,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(226,950)<span></span>
</td>
<td class="num">(189,556)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net</a></td>
<td class="nump">103,803<span></span>
</td>
<td class="nump">149,140<span></span>
</td>
<td class="nump">162,218<span></span>
</td>
<td class="nump">146,922<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SBS_TransportEquipmentMember', window );">Transportation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">10,862<span></span>
</td>
<td class="nump">11,141<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(7,182)<span></span>
</td>
<td class="num">(6,610)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net</a></td>
<td class="nump">3,680<span></span>
</td>
<td class="nump">4,531<span></span>
</td>
<td class="nump">5,692<span></span>
</td>
<td class="nump">7,613<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fixtures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">24,430<span></span>
</td>
<td class="nump">23,633<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(12,614)<span></span>
</td>
<td class="num">(11,647)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net</a></td>
<td class="nump">11,816<span></span>
</td>
<td class="nump">11,986<span></span>
</td>
<td class="nump">8,418<span></span>
</td>
<td class="nump">7,124<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets', window );">Cost</a></td>
<td class="nump">1,122<span></span>
</td>
<td class="nump">1,181<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization', window );">Accumulated amortization</a></td>
<td class="num">(238)<span></span>
</td>
<td class="num">(211)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net</a></td>
<td class="nump">R$ 884<span></span>
</td>
<td class="nump">R$ 970<span></span>
</td>
<td class="nump">R$ 149<span></span>
</td>
<td class="nump">R$ 138<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PropertyPlantAndEquipmentAccumulatedAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PropertyPlantAndEquipmentAccumulatedAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment that would have been recognised had the revalued assets been carried under the cost model. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 77<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_77_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SBS_TransportEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SBS_TransportEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6747306720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. Property, plant and equipment (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">R$ 302,383<span></span>
</td>
<td class="nump">R$ 325,076<span></span>
</td>
<td class="nump">R$ 304,845<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">18,920<span></span>
</td>
<td class="nump">27,631<span></span>
</td>
<td class="nump">54,794<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="num">(14,697)<span></span>
</td>
<td class="num">(13,803)<span></span>
</td>
<td class="num">(3,092)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment', window );">Write-offs and disposals</a></td>
<td class="num">(279)<span></span>
</td>
<td class="num">(236)<span></span>
</td>
<td class="num">(373)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(51,277)<span></span>
</td>
<td class="num">(36,285)<span></span>
</td>
<td class="num">(31,098)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">255,050<span></span>
</td>
<td class="nump">302,383<span></span>
</td>
<td class="nump">325,076<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">92,494<span></span>
</td>
<td class="nump">102,708<span></span>
</td>
<td class="nump">100,533<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,032<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">13<span></span>
</td>
<td class="num">(10,214)<span></span>
</td>
<td class="nump">1,143<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment', window );">Write-offs and disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">92,507<span></span>
</td>
<td class="nump">92,494<span></span>
</td>
<td class="nump">102,708<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember', window );">Buildings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">43,262<span></span>
</td>
<td class="nump">45,891<span></span>
</td>
<td class="nump">42,515<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">86<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,383<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="nump">1,358<span></span>
</td>
<td class="num">(911)<span></span>
</td>
<td class="nump">3,347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment', window );">Write-offs and disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(2,346)<span></span>
</td>
<td class="num">(1,673)<span></span>
</td>
<td class="num">(1,354)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">42,360<span></span>
</td>
<td class="nump">43,262<span></span>
</td>
<td class="nump">45,891<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember', window );">Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">149,140<span></span>
</td>
<td class="nump">162,218<span></span>
</td>
<td class="nump">146,922<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">17,627<span></span>
</td>
<td class="nump">26,061<span></span>
</td>
<td class="nump">51,610<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="num">(15,945)<span></span>
</td>
<td class="num">(6,380)<span></span>
</td>
<td class="num">(8,123)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment', window );">Write-offs and disposals</a></td>
<td class="num">(178)<span></span>
</td>
<td class="num">(181)<span></span>
</td>
<td class="num">(340)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(46,841)<span></span>
</td>
<td class="num">(32,578)<span></span>
</td>
<td class="num">(27,851)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">103,803<span></span>
</td>
<td class="nump">149,140<span></span>
</td>
<td class="nump">162,218<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SBS_TransportEquipmentMember', window );">Transportation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">4,531<span></span>
</td>
<td class="nump">5,692<span></span>
</td>
<td class="nump">7,613<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">214<span></span>
</td>
<td class="nump">135<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="num">(33)<span></span>
</td>
<td class="num">(556)<span></span>
</td>
<td class="num">(1,109)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment', window );">Write-offs and disposals</a></td>
<td class="num">(27)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(10)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(791)<span></span>
</td>
<td class="num">(819)<span></span>
</td>
<td class="num">(937)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">3,680<span></span>
</td>
<td class="nump">4,531<span></span>
</td>
<td class="nump">5,692<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fixtures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">11,986<span></span>
</td>
<td class="nump">8,418<span></span>
</td>
<td class="nump">7,124<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">1,207<span></span>
</td>
<td class="nump">511<span></span>
</td>
<td class="nump">634<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="num">(75)<span></span>
</td>
<td class="nump">4,258<span></span>
</td>
<td class="nump">1,629<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment', window );">Write-offs and disposals</a></td>
<td class="num">(54)<span></span>
</td>
<td class="num">(10)<span></span>
</td>
<td class="num">(23)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(1,248)<span></span>
</td>
<td class="num">(1,191)<span></span>
</td>
<td class="num">(946)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">11,816<span></span>
</td>
<td class="nump">11,986<span></span>
</td>
<td class="nump">8,418<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems', window );"><strong>SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, beginning</a></td>
<td class="nump">970<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td class="nump">138<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">845<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="num">(15)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">21<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment', window );">Write-offs and disposals</a></td>
<td class="num">(20)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(51)<span></span>
</td>
<td class="num">(24)<span></span>
</td>
<td class="num">(10)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant, and equipment, ending</a></td>
<td class="nump">R$ 884<span></span>
</td>
<td class="nump">R$ 970<span></span>
</td>
<td class="nump">R$ 149<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised resulting from the write-down of property, plant and equipment to its recoverable amount or reversals of those write-downs. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WritedownsReversalsOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SBS_TransportEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SBS_TransportEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6664732448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. Property, plant and equipment (Details Narrative)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract', window );"><strong>Property Plant And Equipment Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Depreciation average rate</a></td>
<td class="text">13.6%<span></span>
</td>
<td class="text">10.9%<span></span>
</td>
<td class="text">11.5%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PropertyPlantAndEquipmentDetailsNarrativeAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives or depreciation rates used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Period Type:</strong></td>
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</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>112
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6763608960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>16. Borrowings and financing (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">R$ 1,746,755<span></span>
</td>
<td class="nump">R$ 1,246,567<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">10,354,211<span></span>
</td>
<td class="nump">10,717,576<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">12,100,966<span></span>
</td>
<td class="nump">11,964,143<span></span>
</td>
<td class="nump">R$ 13,121,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">1,199,384<span></span>
</td>
<td class="nump">879,908<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">5,228,761<span></span>
</td>
<td class="nump">5,423,872<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">6,428,145<span></span>
</td>
<td class="nump">6,303,780<span></span>
</td>
<td class="nump">6,503,776<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 10th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">41,702<span></span>
</td>
<td class="nump">40,967<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">80,953<span></span>
</td>
<td class="nump">120,343<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">122,655<span></span>
</td>
<td class="nump">161,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 12th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">45,450<span></span>
</td>
<td class="nump">45,450<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">294,702<span></span>
</td>
<td class="nump">340,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">340,152<span></span>
</td>
<td class="nump">385,615<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 14th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">40,503<span></span>
</td>
<td class="nump">39,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">141,351<span></span>
</td>
<td class="nump">178,571<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">181,854<span></span>
</td>
<td class="nump">218,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 15th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">346,414<span></span>
</td>
<td class="nump">97,692<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">345,788<span></span>
</td>
<td class="nump">672,657<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">692,202<span></span>
</td>
<td class="nump">770,349<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 17th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">144,391<span></span>
</td>
<td class="nump">140,144<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">781,922<span></span>
</td>
<td class="nump">904,094<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">926,313<span></span>
</td>
<td class="nump">1,044,238<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 18th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">33,020<span></span>
</td>
<td class="nump">32,436<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">194,872<span></span>
</td>
<td class="nump">223,840<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">227,892<span></span>
</td>
<td class="nump">256,276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 19th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">199,461<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">199,461<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 20th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">250,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">246,890<span></span>
</td>
<td class="nump">495,533<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">496,890<span></span>
</td>
<td class="nump">495,533<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 21th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">499,628<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">499,628<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Federal Savings Bank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">78,487<span></span>
</td>
<td class="nump">59,199<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">1,154,599<span></span>
</td>
<td class="nump">1,088,160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">1,233,086<span></span>
</td>
<td class="nump">1,147,359<span></span>
</td>
<td class="nump">1,067,464<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES BAIXADA SANTISTA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">16,782<span></span>
</td>
<td class="nump">16,603<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">16,782<span></span>
</td>
<td class="nump">33,207<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">33,564<span></span>
</td>
<td class="nump">49,810<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES PAC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">11,143<span></span>
</td>
<td class="nump">10,987<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">50,028<span></span>
</td>
<td class="nump">60,293<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">61,171<span></span>
</td>
<td class="nump">71,280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES PAC II 9751</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">4,334<span></span>
</td>
<td class="nump">4,288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">22,991<span></span>
</td>
<td class="nump">27,007<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">27,325<span></span>
</td>
<td class="nump">31,295<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES PAC II 9752</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">2,367<span></span>
</td>
<td class="nump">2,341<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">19,526<span></span>
</td>
<td class="nump">21,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">21,893<span></span>
</td>
<td class="nump">24,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES ONDA LIMPA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">23,469<span></span>
</td>
<td class="nump">23,219<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">146,461<span></span>
</td>
<td class="nump">168,083<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">169,930<span></span>
</td>
<td class="nump">191,302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES TIET&#202; III</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">30,378<span></span>
</td>
<td class="nump">30,054<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">280,825<span></span>
</td>
<td class="nump">307,862<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">311,203<span></span>
</td>
<td class="nump">337,916<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">10,050<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">397,922<span></span>
</td>
<td class="nump">233,967<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">407,972<span></span>
</td>
<td class="nump">233,967<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Leases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">17,573<span></span>
</td>
<td class="nump">14,914<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">544,044<span></span>
</td>
<td class="nump">537,602<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">561,617<span></span>
</td>
<td class="nump">552,516<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">1,466<span></span>
</td>
<td class="nump">746<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">9,477<span></span>
</td>
<td class="nump">10,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">10,943<span></span>
</td>
<td class="nump">11,575<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Interest and charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">101,855<span></span>
</td>
<td class="nump">121,605<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">101,855<span></span>
</td>
<td class="nump">121,605<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">547,371<span></span>
</td>
<td class="nump">366,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">5,125,450<span></span>
</td>
<td class="nump">5,293,704<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">5,672,821<span></span>
</td>
<td class="nump">5,660,363<span></span>
</td>
<td class="nump">6,617,824<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Interest and charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">37,462<span></span>
</td>
<td class="nump">35,883<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">37,462<span></span>
</td>
<td class="nump">35,883<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Inter-American Development Bank - BID 713</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">81,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">81,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Inter-American Development Bank - BID 1212</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">34,000<span></span>
</td>
<td class="nump">33,499<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">238,000<span></span>
</td>
<td class="nump">267,979<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">272,000<span></span>
</td>
<td class="nump">301,478<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Inter-American Development Bank - BID 2202</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">81,757<span></span>
</td>
<td class="nump">75,143<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">1,375,358<span></span>
</td>
<td class="nump">1,339,803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">1,457,115<span></span>
</td>
<td class="nump">1,414,946<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | International Bank of Reconstruction and Development -BIRD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">301,665<span></span>
</td>
<td class="nump">260,224<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">301,665<span></span>
</td>
<td class="nump">260,224<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Deutsche Bank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">248,100<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">242,343<span></span>
</td>
<td class="nump">480,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">490,443<span></span>
</td>
<td class="nump">480,244<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Eurobonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">1,155,331<span></span>
</td>
<td class="nump">1,137,395<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">1,155,331<span></span>
</td>
<td class="nump">1,137,395<span></span>
</td>
<td class="nump">1,922,256<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">33,881<span></span>
</td>
<td class="nump">32,175<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">372,696<span></span>
</td>
<td class="nump">386,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">406,577<span></span>
</td>
<td class="nump">418,286<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 18</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">30,463<span></span>
</td>
<td class="nump">28,930<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">334,849<span></span>
</td>
<td class="nump">346,889<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">365,312<span></span>
</td>
<td class="nump">375,819<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 17</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">2,507<span></span>
</td>
<td class="nump">1,205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">41,835<span></span>
</td>
<td class="nump">42,675<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">44,342<span></span>
</td>
<td class="nump">43,880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 19</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">873,383<span></span>
</td>
<td class="nump">768,463<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">873,383<span></span>
</td>
<td class="nump">768,463<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BID 1983AB</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current</a></td>
<td class="nump">79,201<span></span>
</td>
<td class="nump">78,030<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Noncurrent</a></td>
<td class="nump">189,990<span></span>
</td>
<td class="nump">263,921<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total</a></td>
<td class="nump">R$ 269,191<span></span>
</td>
<td class="nump">R$ 341,951<span></span>
</td>
<td class="nump">R$ 505,306<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfBorrowingsAndFinancingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingsAndFinancingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_LocalCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TwelfthMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TwelfthMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_FourteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_FourteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_FifteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_FifteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_SeventeenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_SeventeenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_EighteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_EighteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_NineteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_NineteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TwentiethIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TwentiethIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TwentyFirstIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TwentyFirstIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9751Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9751Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9752Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9752Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDES2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDES2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_LeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_LeasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InterestAndChargesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InterestAndChargesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_ForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID713Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID713Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID1212Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID1212Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID2202Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID2202Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InternationalBankOfReconstructionAndDevelopmentBIRDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICA15Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA15Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICA18Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA18Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA17Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICA19Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA19Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6764054800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Borrowings and financing (Details 1)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 10th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">TJLP +1.92% (Series 1 and 3) and 9.53% (Series 2) <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">IPCA (Series 2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 12th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">&#160;TR + 9.5% <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 14th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">TJLP +1.92% (Series 1 and 3) and 9.19% (Series 2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">IPCA (Series 2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 15th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">CDI + 0.99% (Series 1) and 6.2% (Series 2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">IPCA (Series 2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 17th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">CDI +0.75 (Series 1) and 4.5% (Series 2) and4.75% (Series 3)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">IPCA (Series 2 and 3)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 18th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">TJLP 1.92 % (Series 1 and 3) and 8.25% (Series 2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">IPCA (Series 2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 19th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">CDI + 0.80% to 1.08%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 20th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">CDI + 3.80%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | 21th issue debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">CDI + 0.60% and CDI+ 0.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Federal Savings Bank</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2018/2038<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">5% to 9.5%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">TR<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES BAIXADA SANTISTA</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">2.5%+TJLP <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES PAC</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">2.15%+TJLP <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES PAC II 9751</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2027<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.72%+TJLP <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES PAC II 9752</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2027<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.72%+TJLP <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES ONDA LIMPA</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.92%+TJLP <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES TIET&#202; III</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2028<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.66%+TJLP <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Development Bank - BNDES 2015</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2035<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">2.5%+TJLP <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Leases</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2035<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">7.73% to 10.12% <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">IPC<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Other</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Own funds<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2018/2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">12% (Presidente Prudente) and TJLP + 1.66% (FINEP)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsInflationAdjustment', window );">Inflation adjustment</a></td>
<td class="text">TR<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Inter-American Development Bank - BID 1212</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Government<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">2.74%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">US$<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Inter-American Development Bank - BID 2202</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Government<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2035<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">2.33% <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">US$<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | International Bank for Reconstruction and Development - BIRD</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Government<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2034<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.71%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">US$<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Deutsche Bank</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">-<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">Libor+4.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">US$<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Eurobonds</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">-&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">6.25%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">US$<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 15</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Government<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.8% and 2.5%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">Yen<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 18</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Government<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.8% and 2.5%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">Yen<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 17</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Government<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2035<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.2% and 0.01% <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">Yen<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA 19</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">Government<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2037<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">1.7% and 0.01% <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">Yen<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BID 1983AB</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsGuarantees', window );">Guarantees</a></td>
<td class="text">-&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Annual interest rates</a></td>
<td class="text">Libor + 1.88% to 2.38% <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsExchangeRateChanges', window );">Exchange rate changes</a></td>
<td class="text">US$<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsGuarantees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsGuarantees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsInflationAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsInflationAdjustment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfBorrowingsAndFinancingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingsAndFinancingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_LocalCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TwelfthMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TwelfthMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_FourteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_FourteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_FifteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_FifteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_SeventeenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_SeventeenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_EighteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_EighteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_NineteenthIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_NineteenthIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TwentiethIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TwentiethIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_TwentyFirstIssueDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_TwentyFirstIssueDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESBAIXADASANTISTAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9751Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9751Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9752Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESPACII9752Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESONDALIMPAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDESTIETEIIIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDES2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianDevelopmentBankBNDES2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_LeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_LeasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_ForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID1212Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID1212Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID2202Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InterAmericanDevelopmentBankBID2202Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_InternationalBankForReconstructionAndDevelopmentBIRDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICA15Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA15Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICA18Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA18Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICA17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICA19Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICA19Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6763203440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>16. Borrowings and financing (Details 2)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">R$ 1,746,755<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">1,779,363<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">2,242,482<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">858,401<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">843,483<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">634,128<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">3,996,354<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">12,100,966<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">1,199,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">1,238,508<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">778,583<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">582,913<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">567,995<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">362,038<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">1,698,724<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">6,428,145<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">901,480<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">1,022,262<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">576,364<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">375,660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">354,807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">159,790<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">97,223<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">3,487,586<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Federal Savings Bank</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">78,487<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">69,516<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">71,998<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">75,721<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">79,743<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">71,768<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">785,853<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">1,233,086<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | BNDES</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">98,523<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">112,594<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">94,467<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">94,019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">94,019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">88,335<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">451,101<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">1,033,058<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Leasing</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">17,573<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">32,766<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">34,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">36,143<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">38,056<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">40,775<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">361,920<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">561,617<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Other</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">1,466<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">1,370<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">1,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">1,370<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">1,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">1,370<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">2,627<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">10,943<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Interest and charges</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">101,855<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">101,855<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">547,371<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">540,855<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">1,463,899<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">275,488<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">275,488<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">272,090<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">2,297,630<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">5,672,821<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Interest and charges</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">37,462<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">37,462<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BID</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">115,757<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">115,757<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">115,757<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">115,757<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">115,757<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">115,758<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">1,034,572<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">1,729,115<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BIRD</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">10,056<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">20,112<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">20,112<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">20,112<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">20,113<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">211,160<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">301,665<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Deutsche Bank</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">248,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">242,343<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">490,443<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Eurobonds</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">1,155,331<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">1,155,331<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">66,851<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">114,173<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">114,173<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">114,173<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">114,173<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">114,173<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">1,051,898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">1,689,614<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BID 1983AB</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearOne', window );">2018</a></td>
<td class="nump">79,201<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearTwo', window );">2019</a></td>
<td class="nump">58,526<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearThree', window );">2020</a></td>
<td class="nump">58,526<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFour', window );">2021</a></td>
<td class="nump">25,446<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearFive', window );">2022</a></td>
<td class="nump">25,446<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentYearSix', window );">2023</a></td>
<td class="nump">22,046<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentThereafter', window );">2024 to 2038</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsPaymentNet', window );">Total</a></td>
<td class="nump">R$ 269,191<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentThereafter">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentThereafter</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentYearFive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentYearFive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentYearOne">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentYearOne</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentYearSix">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentYearSix</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsPaymentYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsPaymentYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfBorrowingsAndFinancingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingsAndFinancingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_LocalCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BNDESMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BNDESMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_LeasingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_LeasingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_OtherBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_OtherBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BorrowingsInterestAndChargesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BorrowingsInterestAndChargesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_ForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BIDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BIDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BIRDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BIRDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>115
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6763854960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Borrowings and financing (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">R$ 11,964,143<span></span>
</td>
<td class="nump">R$ 13,121,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">1,012,315<span></span>
</td>
<td class="nump">1,267,697<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(4,743)<span></span>
</td>
<td class="num">(17,173)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">24,693<span></span>
</td>
<td class="nump">32,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">159,087<span></span>
</td>
<td class="num">(969,430)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">49,517<span></span>
</td>
<td class="nump">51,559<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(676,087)<span></span>
</td>
<td class="num">(739,944)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(1,098,558)<span></span>
</td>
<td class="num">(1,535,312)<span></span>
</td>
<td class="num">R$ (1,292,322)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">426,781<span></span>
</td>
<td class="nump">449,470<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">233,341<span></span>
</td>
<td class="nump">295,828<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">10,477<span></span>
</td>
<td class="nump">7,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">12,100,966<span></span>
</td>
<td class="nump">11,964,143<span></span>
</td>
<td class="nump">13,121,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">6,303,780<span></span>
</td>
<td class="nump">6,503,776<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">815,807<span></span>
</td>
<td class="nump">436,396<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(1,157)<span></span>
</td>
<td class="num">(3,483)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">24,693<span></span>
</td>
<td class="nump">32,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">62,784<span></span>
</td>
<td class="nump">121,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">3,927<span></span>
</td>
<td class="nump">6,405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(476,689)<span></span>
</td>
<td class="num">(521,634)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(767,966)<span></span>
</td>
<td class="num">(807,396)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">289,780<span></span>
</td>
<td class="nump">317,379<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">169,366<span></span>
</td>
<td class="nump">214,954<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">3,820<span></span>
</td>
<td class="nump">4,237<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">6,428,145<span></span>
</td>
<td class="nump">6,303,780<span></span>
</td>
<td class="nump">6,503,776<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">3,641,912<span></span>
</td>
<td class="nump">4,203,127<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">500,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(1,157)<span></span>
</td>
<td class="num">(1,241)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">51,768<span></span>
</td>
<td class="nump">105,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(301,493)<span></span>
</td>
<td class="num">(375,027)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(597,794)<span></span>
</td>
<td class="num">(663,468)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">176,780<span></span>
</td>
<td class="nump">214,245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">103,215<span></span>
</td>
<td class="nump">154,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">3,611<span></span>
</td>
<td class="nump">4,077<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">3,576,842<span></span>
</td>
<td class="nump">3,641,912<span></span>
</td>
<td class="nump">4,203,127<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Brazilian Federal Savings Bank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">1,147,359<span></span>
</td>
<td class="nump">1,067,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">144,654<span></span>
</td>
<td class="nump">113,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">5,495<span></span>
</td>
<td class="nump">15,619<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">1,415<span></span>
</td>
<td class="nump">6,405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(95,854)<span></span>
</td>
<td class="num">(89,896)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(65,836)<span></span>
</td>
<td class="num">(52,315)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">78,283<span></span>
</td>
<td class="nump">63,813<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">17,826<span></span>
</td>
<td class="nump">26,291<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">1,233,086<span></span>
</td>
<td class="nump">1,147,359<span></span>
</td>
<td class="nump">1,067,464<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | BNDES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">946,984<span></span>
</td>
<td class="nump">696,329<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">171,153<span></span>
</td>
<td class="nump">313,072<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,242)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">5,405<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">2,512<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(78,466)<span></span>
</td>
<td class="num">(55,806)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(87,993)<span></span>
</td>
<td class="num">(76,469)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">33,938<span></span>
</td>
<td class="nump">38,172<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">48,294<span></span>
</td>
<td class="nump">33,768<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">209<span></span>
</td>
<td class="nump">160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">1,042,036<span></span>
</td>
<td class="nump">946,984<span></span>
</td>
<td class="nump">696,329<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Leasing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">552,516<span></span>
</td>
<td class="nump">534,894<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">24,693<span></span>
</td>
<td class="nump">32,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(15,593)<span></span>
</td>
<td class="num">(14,489)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">561,616<span></span>
</td>
<td class="nump">552,516<span></span>
</td>
<td class="nump">534,894<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember', window );">Local currency | Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">11,677<span></span>
</td>
<td class="nump">1,962<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10,014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">116<span></span>
</td>
<td class="nump">31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(876)<span></span>
</td>
<td class="num">(905)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(750)<span></span>
</td>
<td class="num">(655)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">779<span></span>
</td>
<td class="nump">1,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">81<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">10,977<span></span>
</td>
<td class="nump">11,677<span></span>
</td>
<td class="nump">1,962<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">5,660,363<span></span>
</td>
<td class="nump">6,617,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">196,508<span></span>
</td>
<td class="nump">831,301<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(3,586)<span></span>
</td>
<td class="num">(13,690)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">96,303<span></span>
</td>
<td class="num">(1,090,465)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">45,590<span></span>
</td>
<td class="nump">45,154<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(199,398)<span></span>
</td>
<td class="num">(218,310)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(330,592)<span></span>
</td>
<td class="num">(727,916)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">137,001<span></span>
</td>
<td class="nump">132,091<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">63,975<span></span>
</td>
<td class="nump">80,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">6,657<span></span>
</td>
<td class="nump">3,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">5,672,821<span></span>
</td>
<td class="nump">5,660,363<span></span>
</td>
<td class="nump">6,617,824<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BID</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">1,811,664<span></span>
</td>
<td class="nump">2,194,353<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">96,889<span></span>
</td>
<td class="nump">113,543<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(2,497)<span></span>
</td>
<td class="num">(3,819)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="num">(15,193)<span></span>
</td>
<td class="num">(396,817)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">40,228<span></span>
</td>
<td class="nump">37,412<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(38,654)<span></span>
</td>
<td class="num">(42,429)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(189,280)<span></span>
</td>
<td class="num">(133,063)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">22,547<span></span>
</td>
<td class="nump">21,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">16,803<span></span>
</td>
<td class="nump">20,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">750<span></span>
</td>
<td class="nump">592<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">1,743,257<span></span>
</td>
<td class="nump">1,811,664<span></span>
</td>
<td class="nump">2,194,353<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BIRD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">261,337<span></span>
</td>
<td class="nump">238,940<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">35,710<span></span>
</td>
<td class="nump">59,983<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">2,874<span></span>
</td>
<td class="num">(40,213)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">2,837<span></span>
</td>
<td class="nump">1,971<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(4,049)<span></span>
</td>
<td class="num">(1,876)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">3,662<span></span>
</td>
<td class="nump">1,916<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">888<span></span>
</td>
<td class="nump">597<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">19<span></span>
</td>
<td class="nump">19<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">303,278<span></span>
</td>
<td class="nump">261,337<span></span>
</td>
<td class="nump">238,940<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Deutsche Bank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">480,244<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">469,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(720)<span></span>
</td>
<td class="num">(9,167)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">7,335<span></span>
</td>
<td class="nump">19,845<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(31,774)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">21,286<span></span>
</td>
<td class="nump">2,042<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">11,925<span></span>
</td>
<td class="nump">2,804<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">3,584<span></span>
</td>
<td class="nump">546<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">490,443<span></span>
</td>
<td class="nump">480,244<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | Eurobonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">1,137,395<span></span>
</td>
<td class="nump">1,922,256<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">17,115<span></span>
</td>
<td class="num">(334,915)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(85,338)<span></span>
</td>
<td class="num">(128,283)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(437,752)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">55,046<span></span>
</td>
<td class="nump">69,002<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">29,529<span></span>
</td>
<td class="nump">50,239<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">821<span></span>
</td>
<td class="nump">922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">1,155,331<span></span>
</td>
<td class="nump">1,137,395<span></span>
</td>
<td class="nump">1,922,256<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | JICA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">1,617,215<span></span>
</td>
<td class="nump">1,756,969<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">63,909<span></span>
</td>
<td class="nump">188,755<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(287)<span></span>
</td>
<td class="num">(468)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">82,563<span></span>
</td>
<td class="num">(259,455)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">2,525<span></span>
</td>
<td class="nump">5,771<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(28,652)<span></span>
</td>
<td class="num">(33,799)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(65,702)<span></span>
</td>
<td class="num">(73,854)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">27,602<span></span>
</td>
<td class="nump">30,791<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">1,115<span></span>
</td>
<td class="nump">2,362<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">160<span></span>
</td>
<td class="nump">143<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">1,700,448<span></span>
</td>
<td class="nump">1,617,215<span></span>
</td>
<td class="nump">1,756,969<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember', window );">Foreign currency | BID 1983AB</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, beginning</a></td>
<td class="nump">341,951<span></span>
</td>
<td class="nump">505,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFunding', window );">Funding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingFundingCosts', window );">Borrowing costs</a></td>
<td class="num">(82)<span></span>
</td>
<td class="num">(236)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EffectOfExchangeRateChangesOnBorrowings', window );">Monetary variation &#160;and exchange rate changes</a></td>
<td class="nump">1,609<span></span>
</td>
<td class="num">(78,910)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Inflation adjustment / update and incorporated interest - Capitalized</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest and fees paid</a></td>
<td class="num">(10,931)<span></span>
</td>
<td class="num">(11,923)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Amortization</a></td>
<td class="num">(75,610)<span></span>
</td>
<td class="num">(83,247)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AccruedInterestOnBorrowings', window );">Accrued interest</a></td>
<td class="nump">6,858<span></span>
</td>
<td class="nump">6,548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized', window );">Provision for interest rates and fees - Capitalized</a></td>
<td class="nump">3,715<span></span>
</td>
<td class="nump">4,772<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs expenses</a></td>
<td class="nump">1,323<span></span>
</td>
<td class="nump">1,278<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings and financing, ending</a></td>
<td class="nump">R$ 269,191<span></span>
</td>
<td class="nump">R$ 341,951<span></span>
</td>
<td class="nump">R$ 505,306<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AccruedInterestOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AccruedInterestOnBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingFunding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingFunding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingFundingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingFundingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsProvisionForInterestRatesAndFeesCapitalized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EffectOfExchangeRateChangesOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EffectOfExchangeRateChangesOnBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfBorrowingsAndFinancingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingsAndFinancingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsRecognisedAsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsRecognisedAsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOutflowForLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2019-01-01<br> -Name IFRS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 53<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_53_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOutflowForLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestCostsIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest costs that an entity incurs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestCostsIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_LocalCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_LocalCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BrazilianFederalSavingsBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BNDESMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BNDESMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_LeasingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_LeasingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_OtherBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_OtherBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_ForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_ForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BIDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BIDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BIRDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BIRDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BID1983ABMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745190336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>16. Borrowings and financing (Details 4)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
<th class="th"><sup>[1]</sup></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancingCreditLimited', window );">Borrowings and financing - Credit Limited</a></td>
<td colspan="2" class="nump">R$ 3,781,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BrazilianFederalSavingsBankMember', window );">Brazilian Federal Savings Bank</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancingCreditLimited', window );">Borrowings and financing - Credit Limited</a></td>
<td colspan="2" class="nump">1,487,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BrazilianDevelopmentBankMember', window );">Brazilian Development Bank - BNDES</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancingCreditLimited', window );">Borrowings and financing - Credit Limited</a></td>
<td colspan="2" class="nump">1,576,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_InterAmericanDevelopmentBankMember', window );">Inter-American Development Bank - BID</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancingCreditLimited', window );">Borrowings and financing - Credit Limited</a></td>
<td colspan="2" class="nump">436,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_JapanInternationalCooperationAgencyMember', window );">Japan International Cooperation Agency - JICA</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancingCreditLimited', window );">Borrowings and financing - Credit Limited</a></td>
<td colspan="2" class="nump">244,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_OtherBankMember', window );">Other</a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BorrowingsAndFinancingCreditLimited', window );">Borrowings and financing - Credit Limited</a></td>
<td colspan="2" class="nump">R$ 38,000<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Brazilian Central Bank's exchange rate as of December 31, 2017 (US$ 1.00 = R$ 3.3080; Yen 1.00 = R$ 0.02940).</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BorrowingsAndFinancingCreditLimited">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BorrowingsAndFinancingCreditLimited</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfBorrowingsAndFinancingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingsAndFinancingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BrazilianFederalSavingsBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BrazilianFederalSavingsBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BrazilianDevelopmentBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_BrazilianDevelopmentBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_InterAmericanDevelopmentBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_InterAmericanDevelopmentBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_JapanInternationalCooperationAgencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_JapanInternationalCooperationAgencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_OtherBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_OtherBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>117
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6748446320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. Borrowings and financing (Details Narrative)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$) </div>
<div>R$ / $ </div>
<div>R$ / &#165;</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>BRL (R$) </div>
<div>R$ / $ </div>
<div>R$ / &#165;</div>
</th>
<th class="th">
<div>Jul. 13, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">R$ 6,223<span></span>
</td>
<td class="nump">R$ 8,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GuaranteedForAgreements', window );">Guaranteed</a></td>
<td class="nump">R$ 225,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrencyAppreciationUSD', window );">Currency appreciation USD</a></td>
<td class="nump">1.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DebtReducedCurrencyAppreciationUsd', window );">Debt reduced, currency appreciation USD</a></td>
<td class="nump">R$ 58,718<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrencyAppreciationYen', window );">Currency appreciation YEN</a></td>
<td class="nump">5.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DebtReducedCurrencyAppreciationYen', window );">Debt reduced, currency appreciation YEN</a></td>
<td class="nump">R$ 85,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_USDollarMember', window );">US Dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / $</a></td>
<td class="nump">3.3080<span></span>
</td>
<td class="nump">3.2591<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrenciesAxis=SBS_YenMember', window );">Yen</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / &#165;</a></td>
<td class="nump">.02940<span></span>
</td>
<td class="nump">.02792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_Issue17Member', window );">17th issue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AmortizedPrincipalAndInterest', window );">Amortized principal and interest</a></td>
<td class="nump">R$ 140,144<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_Issue15Member', window );">15th issue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AmortizedPrincipalAndInterest', window );">Amortized principal and interest</a></td>
<td class="nump">104,809<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_DebentureIssue19Member', window );">19th debenture issue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AmortizedPrincipalAndInterest', window );">Amortized principal and interest</a></td>
<td class="nump">212,648<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_DebentureIssue21Member', window );">21st debenture issue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UnsecuredDebentures', window );">Unsecured debentures, not convertible into share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 500,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_BNDESMember', window );">BNDES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">2,793<span></span>
</td>
<td class="nump">R$ 3,517<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember', window );">Eurobonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">2,470<span></span>
</td>
<td class="nump">3,290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember', window );">Deutsche Bank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">5,757<span></span>
</td>
<td class="nump">8,621<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_BIDMember', window );">BID</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">14,517<span></span>
</td>
<td class="nump">12,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_JICAMember', window );">JICA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">3,100<span></span>
</td>
<td class="nump">2,971<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_ABLoanMember', window );">AB Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">3,400<span></span>
</td>
<td class="nump">4,641<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SBS_IBRDMember', window );">IBRD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfBorrowingsAndFinancingLineItems', window );"><strong>SummaryOfBorrowingsAndFinancingLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Debentures</a></td>
<td class="nump">R$ 310<span></span>
</td>
<td class="nump">R$ 328<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AmortizedPrincipalAndInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AmortizedPrincipalAndInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrencyAppreciationUSD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrencyAppreciationUSD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrencyAppreciationYen">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrencyAppreciationYen</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DebtReducedCurrencyAppreciationUsd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DebtReducedCurrencyAppreciationUsd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DebtReducedCurrencyAppreciationYen">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DebtReducedCurrencyAppreciationYen</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GuaranteedForAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GuaranteedForAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfBorrowingsAndFinancingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfBorrowingsAndFinancingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_UnsecuredDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_UnsecuredDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_USDollarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_USDollarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrenciesAxis=SBS_YenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrenciesAxis=SBS_YenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_Issue17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_Issue17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_Issue15Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_Issue15Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DebentureIssue19Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DebentureIssue19Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DebentureIssue21Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DebentureIssue21Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BNDESMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BNDESMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_EurobondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_DeutscheBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_BIDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_BIDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_JICAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_JICAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_ABLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_ABLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SBS_IBRDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SBS_IBRDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>118
<FILENAME>R107.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742211664">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>17. Taxes recoverable/payable (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssets', window );">Current tax assets</a></td>
<td class="nump">R$ 276,585<span></span>
</td>
<td class="nump">R$ 42,633<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_IncomeTaxAndSocialContributionMember', window );">Income tax and social contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssets', window );">Current tax assets</a></td>
<td class="nump">270,614<span></span>
</td>
<td class="nump">32,365<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_WithholdingIncomeTaxMember', window );">Withholding income tax on financial investments For - IRRF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssets', window );">Current tax assets</a></td>
<td class="nump">2,606<span></span>
</td>
<td class="nump">7,057<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_OtherFederalTaxesMember', window );">Other federal taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssets', window );">Current tax assets</a></td>
<td class="nump">3,365<span></span>
</td>
<td class="nump">2,961<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_OtherMunicipalTaxesMember', window );">Other municipal taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssets', window );">Current tax assets</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 250<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfTaxesRecoverablePayableLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfTaxesRecoverablePayableLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssets">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The excess of amount paid for current tax in respect of current and prior periods over the amount due for those periods. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssets</td>
</tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_IncomeTaxAndSocialContributionMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_WithholdingIncomeTaxMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_OtherFederalTaxesMember</td>
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<td>na</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_OtherMunicipalTaxesMember</td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745566432">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>17. Taxes recoverable/payable (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current tax liabilities</a></td>
<td class="nump">R$ 183,965<span></span>
</td>
<td class="nump">R$ 168,757<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_COFINSAndPasepMember', window );">Cofins and Pasep</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current tax liabilities</a></td>
<td class="nump">74,034<span></span>
</td>
<td class="nump">49,132<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_SocialSecurityContributionMember', window );">INSS (Social Security contribution)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current tax liabilities</a></td>
<td class="nump">35,365<span></span>
</td>
<td class="nump">35,376<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_IRRFWithholdingIncomeTaxOnFinancialInvestmentsMember', window );">IRRF (Withholding income tax on financial investments)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current tax liabilities</a></td>
<td class="nump">58,204<span></span>
</td>
<td class="nump">62,771<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_OtherTaxPayableMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfTaxesRecoverablePayableLineItems', window );"><strong>SummaryOfTaxesRecoverablePayableLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Current tax liabilities</a></td>
<td class="nump">R$ 16,362<span></span>
</td>
<td class="nump">R$ 21,478<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfTaxesRecoverablePayableLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment due on social security and taxes other than income tax. Income taxes include all domestic and foreign taxes that are based on taxable profits. Income taxes also include taxes, such as withholding taxes, that are payable by a subsidiary, associate or joint arrangement on distributions to the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_SocialSecurityContributionMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_IRRFWithholdingIncomeTaxOnFinancialInvestmentsMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=SBS_OtherTaxPayableMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R109.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6749040672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>18. Deferred taxes and contributions (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">R$ 1,054,103<span></span>
</td>
<td class="nump">R$ 1,252,416<span></span>
</td>
<td class="nump">R$ 1,183,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">130,182<span></span>
</td>
<td class="nump">138,071<span></span>
</td>
<td class="num">(1,055,700)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax assets (liabilities), net</a></td>
<td class="num">(36,754)<span></span>
</td>
<td class="nump">186,345<span></span>
</td>
<td class="nump">128,242<span></span>
</td>
<td class="nump">R$ 209,478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_TaxProvisionsMember', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">482,863<span></span>
</td>
<td class="nump">524,129<span></span>
</td>
<td class="nump">480,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_ActuarialGainLossG1Member', window );">Actuarial gain/loss - G1 Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">85,044<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(36,538)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(33,726)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_PensionObligationsG1Member', window );">Pension obligations - G1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">165,503<span></span>
</td>
<td class="nump">167,922<span></span>
</td>
<td class="nump">256,808<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_DonationsMember', window );">Donations of underlying asset on concession agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">55,112<span></span>
</td>
<td class="nump">57,317<span></span>
</td>
<td class="nump">53,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_CreditLossesMember', window );">Credit losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">199,063<span></span>
</td>
<td class="nump">266,757<span></span>
</td>
<td class="nump">213,171<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_DeferredTaxesOtherMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">151,562<span></span>
</td>
<td class="nump">151,247<span></span>
</td>
<td class="nump">121,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=ifrs-full_TemporaryDifferenceMember', window );">Temporary difference on concession of intangible asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(460,177)<span></span>
</td>
<td class="num">(492,341)<span></span>
</td>
<td class="num">(524,495)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_CapitalizationBorrowingCostsMember', window );">Capitalization of borrowing costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(415,379)<span></span>
</td>
<td class="num">(374,512)<span></span>
</td>
<td class="num">(309,648)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_ProfitOnSupplyGovernmentEntitiesMember', window );">Profit on supply to governmental entities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(76,705)<span></span>
</td>
<td class="num">(92,365)<span></span>
</td>
<td class="num">(81,055)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_ConstructionMarginMember', window );">Construction margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(88,947)<span></span>
</td>
<td class="num">(91,790)<span></span>
</td>
<td class="num">(94,921)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_BorrowingCostsMember', window );">Borrowing costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">R$ (13,111)<span></span>
</td>
<td class="num">R$ (15,063)<span></span>
</td>
<td class="num">R$ (11,855)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfDeferredTaxesAndContributionsLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_TaxProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_TaxProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_ActuarialGainLossG1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_ActuarialGainLossG1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_PensionObligationsG1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_PensionObligationsG1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_DonationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_DonationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_CreditLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_CreditLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_DeferredTaxesOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_DeferredTaxesOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=ifrs-full_TemporaryDifferenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=ifrs-full_TemporaryDifferenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_CapitalizationBorrowingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_CapitalizationBorrowingCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_ProfitOnSupplyGovernmentEntitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_ProfitOnSupplyGovernmentEntitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_ConstructionMarginMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_ConstructionMarginMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_BorrowingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_BorrowingCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745646368">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>18. Deferred taxes and contributions (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">R$ 1,054,103<span></span>
</td>
<td class="nump">R$ 1,252,416<span></span>
</td>
<td class="nump">R$ 1,183,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">130,182<span></span>
</td>
<td class="nump">138,071<span></span>
</td>
<td class="num">(1,055,700)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax assets (liabilities), net</a></td>
<td class="num">(36,754)<span></span>
</td>
<td class="nump">186,345<span></span>
</td>
<td class="nump">R$ 128,242<span></span>
</td>
<td class="nump">R$ 209,478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_RealizedWithin12MonthsMember', window );">to be realized within 12 months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">221,999<span></span>
</td>
<td class="nump">314,725<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(51,520)<span></span>
</td>
<td class="num">(143,428)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_RealizedAfter1YearMember', window );">to be realized after one year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">832,104<span></span>
</td>
<td class="nump">937,691<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">R$ (1,039,337)<span></span>
</td>
<td class="num">R$ (922,643)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfDeferredTaxesAndContributionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
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<td>instant</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_RealizedWithin12MonthsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_RealizedAfter1YearMember</td>
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<td></td>
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<td></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6749759376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. Deferred taxes and contributions (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">R$ 1,252,416<span></span>
</td>
<td class="nump">R$ 1,183,942<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, beginning</a></td>
<td class="nump">138,071<span></span>
</td>
<td class="num">(1,055,700)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax assets, net, beginning</a></td>
<td class="nump">186,345<span></span>
</td>
<td class="nump">128,242<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="num">(198,313)<span></span>
</td>
<td class="nump">68,474<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxLiabilitiesChanges', window );">Deferred tax liabilities, changes</a></td>
<td class="num">(24,786)<span></span>
</td>
<td class="num">(10,371)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetsNetChanges', window );">Deferred tax assets, net, changes</a></td>
<td class="num">(223,099)<span></span>
</td>
<td class="nump">58,103<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="nump">1,054,103<span></span>
</td>
<td class="nump">1,252,416<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, ending</a></td>
<td class="nump">130,182<span></span>
</td>
<td class="nump">138,071<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax assets, net, ending</a></td>
<td class="num">(36,754)<span></span>
</td>
<td class="nump">186,345<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_TaxProvisionsMember', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">524,129<span></span>
</td>
<td class="nump">480,378<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="num">(41,266)<span></span>
</td>
<td class="nump">43,751<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="nump">482,863<span></span>
</td>
<td class="nump">524,129<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_ActuarialGainLossG1Member', window );">Actuarial gain/loss - G1 Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">85,044<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, beginning</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(33,726)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="num">(85,044)<span></span>
</td>
<td class="nump">85,044<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxLiabilitiesChanges', window );">Deferred tax liabilities, changes</a></td>
<td class="num">(36,538)<span></span>
</td>
<td class="nump">33,726<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">85,044<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, ending</a></td>
<td class="num">(36,538)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_PensionObligationsG1Member', window );">Pension obligations - G1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">167,922<span></span>
</td>
<td class="nump">256,808<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="num">(2,419)<span></span>
</td>
<td class="num">(88,886)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="nump">165,503<span></span>
</td>
<td class="nump">167,922<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_DonationsMember', window );">Donations of underlying asset on concession agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">57,317<span></span>
</td>
<td class="nump">53,206<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="num">(2,205)<span></span>
</td>
<td class="nump">4,111<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="nump">55,112<span></span>
</td>
<td class="nump">57,317<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_CreditLossesMember', window );">Credit losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">266,757<span></span>
</td>
<td class="nump">213,171<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="num">(67,694)<span></span>
</td>
<td class="nump">53,586<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="nump">199,063<span></span>
</td>
<td class="nump">266,757<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_DeferredTaxesOtherMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">151,247<span></span>
</td>
<td class="nump">121,550<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="nump">315<span></span>
</td>
<td class="nump">29,697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="nump">151,562<span></span>
</td>
<td class="nump">151,247<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=ifrs-full_TemporaryDifferenceMember', window );">Temporary difference on concession of intangible asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, beginning</a></td>
<td class="num">(492,341)<span></span>
</td>
<td class="num">(524,495)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxLiabilitiesChanges', window );">Deferred tax liabilities, changes</a></td>
<td class="nump">32,164<span></span>
</td>
<td class="nump">32,154<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, ending</a></td>
<td class="num">(460,177)<span></span>
</td>
<td class="num">(492,341)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_CapitalizationBorrowingCostsMember', window );">Capitalization of borrowing costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, beginning</a></td>
<td class="num">(374,512)<span></span>
</td>
<td class="num">(309,648)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxLiabilitiesChanges', window );">Deferred tax liabilities, changes</a></td>
<td class="num">(40,867)<span></span>
</td>
<td class="num">(64,864)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, ending</a></td>
<td class="num">(415,379)<span></span>
</td>
<td class="num">(374,512)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_ProfitOnSupplyGovernmentEntitiesMember', window );">Profit on supply to governmental entities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, beginning</a></td>
<td class="num">(92,365)<span></span>
</td>
<td class="num">(81,055)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxLiabilitiesChanges', window );">Deferred tax liabilities, changes</a></td>
<td class="nump">15,660<span></span>
</td>
<td class="num">(11,310)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, ending</a></td>
<td class="num">(76,705)<span></span>
</td>
<td class="num">(92,365)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_ConstructionMarginMember', window );">Construction margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, beginning</a></td>
<td class="num">(91,790)<span></span>
</td>
<td class="num">(94,921)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxLiabilitiesChanges', window );">Deferred tax liabilities, changes</a></td>
<td class="nump">2,843<span></span>
</td>
<td class="nump">3,131<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, ending</a></td>
<td class="num">(88,947)<span></span>
</td>
<td class="num">(91,790)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_BorrowingCostsMember', window );">Borrowing costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, beginning</a></td>
<td class="num">(15,063)<span></span>
</td>
<td class="num">(11,855)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxLiabilitiesChanges', window );">Deferred tax liabilities, changes</a></td>
<td class="nump">1,952<span></span>
</td>
<td class="num">(3,208)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities, ending</a></td>
<td class="num">(13,111)<span></span>
</td>
<td class="num">(15,063)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAxis=SBS_TaxLossesMember', window );">Tax losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems', window );"><strong>SummaryOfDeferredTaxesAndContributionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, beginning</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">58,829<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxAssetChanges', window );">Deferred tax asset, changes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(58,829)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets, ending</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxAssetChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxAssetChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxAssetsNetChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxAssetsNetChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxLiabilitiesChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxLiabilitiesChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfDeferredTaxesAndContributionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfDeferredTaxesAndContributionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_TaxProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_TaxProvisionsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_ActuarialGainLossG1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_ActuarialGainLossG1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_PensionObligationsG1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_PensionObligationsG1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_DonationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_DonationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_CreditLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_CreditLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_DeferredTaxesOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_DeferredTaxesOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=ifrs-full_TemporaryDifferenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=ifrs-full_TemporaryDifferenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_CapitalizationBorrowingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_CapitalizationBorrowingCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_ProfitOnSupplyGovernmentEntitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_ProfitOnSupplyGovernmentEntitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_ConstructionMarginMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_ConstructionMarginMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_BorrowingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_BorrowingCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAxis=SBS_TaxLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAxis=SBS_TaxLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<SEQUENCE>123
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6746797216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. Deferred taxes and contributions (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAndContributionsDetails3Abstract', window );"><strong>Deferred Taxes And Contributions Details 3</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax assets, net, beginning</a></td>
<td class="nump">R$ 186,345<span></span>
</td>
<td class="nump">R$ 128,242<span></span>
</td>
<td class="nump">R$ 209,478<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Net change in the year - corresponding entry to the income statement</a></td>
<td class="num">(101,517)<span></span>
</td>
<td class="num">(60,667)<span></span>
</td>
<td class="num">(50,024)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity', window );">Net change in the year - corresponding entry to valuation adjustments to equity (Note 20 (b))</a></td>
<td class="num">(121,582)<span></span>
</td>
<td class="nump">118,770<span></span>
</td>
<td class="num">(31,212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Total net change</a></td>
<td class="num">(223,099)<span></span>
</td>
<td class="nump">58,103<span></span>
</td>
<td class="num">(81,236)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax assets, net, ending</a></td>
<td class="num">R$ (36,754)<span></span>
</td>
<td class="nump">R$ 186,345<span></span>
</td>
<td class="nump">R$ 128,242<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAndContributionsDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAndContributionsDetails3Abstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesCorrespondingEntryToValuationAdjustmentsToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a deferred tax liability (asset). [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
</html>
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<SEQUENCE>124
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6761040128">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>18. Deferred taxes and contributions (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredTaxesAndContributionsDetails4Abstract', window );"><strong>Deferred Taxes And Contributions Details 4</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit before income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,503,614<span></span>
</td>
<td class="nump">R$ 4,129,054<span></span>
</td>
<td class="nump">R$ 587,529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Statutory rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Estimated expense at statutory rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,191,229)<span></span>
</td>
<td class="num">R$ (1,403,878)<span></span>
</td>
<td class="num">R$ (199,760)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense', window );">Tax benefit of interest on equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">245,444<span></span>
</td>
<td class="nump">245,637<span></span>
</td>
<td class="nump">56,172<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PermanentDifferencesProvisionLaw', window );">Permanent differences: Provision &#8211; Law 4,819/58</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(57,104)<span></span>
</td>
<td class="num">(63,039)<span></span>
</td>
<td class="num">(54,679)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PermanentDifferencesDonations', window );">Permanent differences: Donations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,413)<span></span>
</td>
<td class="num">(10,987)<span></span>
</td>
<td class="num">(3,153)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PermanentDifferencesGESPAgreement', window );">Permanent differences: GESP Agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">151,465<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OtherTaxDifferences', window );">Other differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,998<span></span>
</td>
<td class="nump">50,311<span></span>
</td>
<td class="num">(1,295)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncomeTaxAndSocialContribution', window );">Actual income tax and social contribution expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(984,304)<span></span>
</td>
<td class="num">(1,181,956)<span></span>
</td>
<td class="num">(51,250)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Current income tax and social contribution</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(882,787)<span></span>
</td>
<td class="num">(1,121,289)<span></span>
</td>
<td class="num">(1,226)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred income tax and social contribution</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (101,517)<span></span>
</td>
<td class="num">R$ (60,667)<span></span>
</td>
<td class="num">R$ (50,024)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28.00%<span></span>
</td>
<td class="nump">29.00%<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Permanent difference related to the provision for actuarial liability (Note 20 (b) (iii)).</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredTaxesAndContributionsDetails4Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredTaxesAndContributionsDetails4Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IncomeTaxAndSocialContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncomeTaxAndSocialContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OtherTaxDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OtherTaxDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PermanentDifferencesDonations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PermanentDifferencesDonations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PermanentDifferencesGESPAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PermanentDifferencesGESPAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PermanentDifferencesProvisionLaw">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PermanentDifferencesProvisionLaw</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce current tax expense. [Refer: Temporary differences [member]; Unused tax losses [member]; Unused tax credits [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<html>
<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6742346560">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>19. Provisions (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">R$ 1,422,588<span></span>
</td>
<td class="nump">R$ 1,541,558<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="num">(344,384)<span></span>
</td>
<td class="num">(368,483)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsNet', window );">Total</a></td>
<td class="nump">1,078,204<span></span>
</td>
<td class="nump">1,173,075<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Current</a></td>
<td class="nump">607,959<span></span>
</td>
<td class="nump">730,334<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisions', window );">Noncurrent</a></td>
<td class="nump">470,245<span></span>
</td>
<td class="nump">442,741<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember', window );">Customer claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">438,619<span></span>
</td>
<td class="nump">572,210<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="num">(56,301)<span></span>
</td>
<td class="num">(97,171)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsNet', window );">Total</a></td>
<td class="nump">382,318<span></span>
</td>
<td class="nump">475,039<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember', window );">Supplier claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">332,037<span></span>
</td>
<td class="nump">332,667<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="num">(259,608)<span></span>
</td>
<td class="num">(251,510)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsNet', window );">Total</a></td>
<td class="nump">72,429<span></span>
</td>
<td class="nump">81,157<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember', window );">Other civil claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">114,544<span></span>
</td>
<td class="nump">131,286<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="num">(16,227)<span></span>
</td>
<td class="num">(12,652)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsNet', window );">Total</a></td>
<td class="nump">98,317<span></span>
</td>
<td class="nump">118,364<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember', window );">Tax claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">77,100<span></span>
</td>
<td class="nump">69,898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="num">(5,507)<span></span>
</td>
<td class="num">(2,986)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsNet', window );">Total</a></td>
<td class="nump">71,593<span></span>
</td>
<td class="nump">66,912<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember', window );">Labor claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">299,842<span></span>
</td>
<td class="nump">285,413<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="num">(6,741)<span></span>
</td>
<td class="num">(3,202)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsNet', window );">Total</a></td>
<td class="nump">293,101<span></span>
</td>
<td class="nump">282,211<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember', window );">Environmental claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">160,446<span></span>
</td>
<td class="nump">150,084<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(962)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsNet', window );">Total</a></td>
<td class="nump">160,446<span></span>
</td>
<td class="nump">149,122<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CurrentProvisionsMember', window );">Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">607,959<span></span>
</td>
<td class="nump">730,334<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_NoncurrentProvisionsMember', window );">Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProvisionsGross', window );">Provisions</a></td>
<td class="nump">814,629<span></span>
</td>
<td class="nump">811,224<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Escrow deposits</a></td>
<td class="num">R$ (344,384)<span></span>
</td>
<td class="num">R$ (368,483)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProvisionsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProvisionsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProvisionsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProvisionsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CurrentProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_CurrentProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_NoncurrentProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_NoncurrentProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R115.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6750924176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Provisions (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">R$ 730,334<span></span>
</td>
<td class="nump">R$ 1,082,214<span></span>
</td>
<td class="nump">R$ 1,220,347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">128,447<span></span>
</td>
<td class="nump">245,403<span></span>
</td>
<td class="nump">171,132<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">148,336<span></span>
</td>
<td class="nump">199,117<span></span>
</td>
<td class="nump">186,765<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(250,862)<span></span>
</td>
<td class="num">(147,524)<span></span>
</td>
<td class="num">(116,535)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(120,792)<span></span>
</td>
<td class="num">(206,135)<span></span>
</td>
<td class="num">(379,495)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">607,959<span></span>
</td>
<td class="nump">730,334<span></span>
</td>
<td class="nump">1,082,214<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember', window );">Customer claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">572,210<span></span>
</td>
<td class="nump">561,061<span></span>
</td>
<td class="nump">638,637<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">26,642<span></span>
</td>
<td class="nump">109,540<span></span>
</td>
<td class="nump">34,868<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">44,805<span></span>
</td>
<td class="nump">95,459<span></span>
</td>
<td class="nump">96,735<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(138,466)<span></span>
</td>
<td class="num">(87,334)<span></span>
</td>
<td class="num">(92,203)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(66,572)<span></span>
</td>
<td class="num">(106,516)<span></span>
</td>
<td class="num">(116,976)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">438,619<span></span>
</td>
<td class="nump">572,210<span></span>
</td>
<td class="nump">561,061<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember', window );">Supplier claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">332,667<span></span>
</td>
<td class="nump">296,660<span></span>
</td>
<td class="nump">260,854<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">23,017<span></span>
</td>
<td class="nump">12,885<span></span>
</td>
<td class="nump">7,062<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">36,888<span></span>
</td>
<td class="nump">43,679<span></span>
</td>
<td class="nump">39,143<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(39,433)<span></span>
</td>
<td class="num">(20,018)<span></span>
</td>
<td class="num">(5,837)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(21,102)<span></span>
</td>
<td class="num">(539)<span></span>
</td>
<td class="num">(4,562)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">332,037<span></span>
</td>
<td class="nump">332,667<span></span>
</td>
<td class="nump">296,660<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember', window );">Other civil claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">131,286<span></span>
</td>
<td class="nump">124,833<span></span>
</td>
<td class="nump">126,403<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">13,517<span></span>
</td>
<td class="nump">20,638<span></span>
</td>
<td class="nump">13,022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">12,057<span></span>
</td>
<td class="nump">19,940<span></span>
</td>
<td class="nump">20,643<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(19,975)<span></span>
</td>
<td class="num">(8,080)<span></span>
</td>
<td class="num">(12,778)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(22,341)<span></span>
</td>
<td class="num">(26,045)<span></span>
</td>
<td class="num">(22,457)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">114,544<span></span>
</td>
<td class="nump">131,286<span></span>
</td>
<td class="nump">124,833<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember', window );">Tax claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">69,898<span></span>
</td>
<td class="nump">62,812<span></span>
</td>
<td class="nump">55,554<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">6,877<span></span>
</td>
<td class="nump">20,716<span></span>
</td>
<td class="nump">1,501<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">7,392<span></span>
</td>
<td class="nump">14,265<span></span>
</td>
<td class="nump">8,557<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(259)<span></span>
</td>
<td class="num">(4,621)<span></span>
</td>
<td class="num">(266)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(6,808)<span></span>
</td>
<td class="num">(23,274)<span></span>
</td>
<td class="num">(2,534)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">77,100<span></span>
</td>
<td class="nump">69,898<span></span>
</td>
<td class="nump">62,812<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember', window );">Labor claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">285,413<span></span>
</td>
<td class="nump">283,991<span></span>
</td>
<td class="nump">235,466<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">55,106<span></span>
</td>
<td class="nump">51,408<span></span>
</td>
<td class="nump">114,499<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">38,861<span></span>
</td>
<td class="nump">29,419<span></span>
</td>
<td class="nump">27,231<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(43,498)<span></span>
</td>
<td class="num">(37,072)<span></span>
</td>
<td class="num">(23,431)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(36,040)<span></span>
</td>
<td class="num">(42,333)<span></span>
</td>
<td class="num">(69,774)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">299,842<span></span>
</td>
<td class="nump">285,413<span></span>
</td>
<td class="nump">283,991<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember', window );">Environmental claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">150,084<span></span>
</td>
<td class="nump">83,520<span></span>
</td>
<td class="nump">226,404<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">32,377<span></span>
</td>
<td class="nump">68,485<span></span>
</td>
<td class="nump">17,072<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">16,156<span></span>
</td>
<td class="nump">23,508<span></span>
</td>
<td class="nump">16,247<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(24,585)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(8,081)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(13,586)<span></span>
</td>
<td class="num">(25,429)<span></span>
</td>
<td class="num">(168,122)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">160,446<span></span>
</td>
<td class="nump">150,084<span></span>
</td>
<td class="nump">83,520<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SubtotalClaimsMember', window );">Subtotal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="nump">1,541,558<span></span>
</td>
<td class="nump">1,412,877<span></span>
</td>
<td class="nump">1,543,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">157,536<span></span>
</td>
<td class="nump">283,672<span></span>
</td>
<td class="nump">188,024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="nump">156,159<span></span>
</td>
<td class="nump">226,270<span></span>
</td>
<td class="nump">208,556<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="num">(266,216)<span></span>
</td>
<td class="num">(157,125)<span></span>
</td>
<td class="num">(142,596)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="num">(166,449)<span></span>
</td>
<td class="num">(224,136)<span></span>
</td>
<td class="num">(384,425)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="nump">1,422,588<span></span>
</td>
<td class="nump">1,541,558<span></span>
</td>
<td class="nump">1,412,877<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EscrowDepositsMember', window );">Escrow deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, beginning</a></td>
<td class="num">(368,483)<span></span>
</td>
<td class="num">(330,663)<span></span>
</td>
<td class="num">(322,971)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="num">(29,089)<span></span>
</td>
<td class="num">(38,269)<span></span>
</td>
<td class="num">(16,892)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions', window );">Interest and inflation adjustment</a></td>
<td class="num">(7,823)<span></span>
</td>
<td class="num">(27,153)<span></span>
</td>
<td class="num">(21,791)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Use of the accrual</a></td>
<td class="nump">15,354<span></span>
</td>
<td class="nump">9,601<span></span>
</td>
<td class="nump">26,061<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedProvisionReversedOtherProvisions', window );">Amounts not used (reversal)</a></td>
<td class="nump">45,657<span></span>
</td>
<td class="nump">18,001<span></span>
</td>
<td class="nump">4,930<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provisions, ending</a></td>
<td class="num">R$ (344,384)<span></span>
</td>
<td class="num">R$ (368,483)<span></span>
</td>
<td class="num">R$ (330,663)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalProvisionsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional other provisions made. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalProvisionsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions through adjustments arising from the passage of time. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProvisionUsedOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount used (ie incurrent and charged against the provision) for other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProvisionUsedOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Provisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities of uncertain timing or the amount recognised when: (a) the entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable (ie more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Provisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnusedProvisionReversedOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount reversed for unused other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnusedProvisionReversedOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SubtotalClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_SubtotalClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EscrowDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_EscrowDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R116.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741722416">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>19. Provisions (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates', window );">Significant contingent liabilities</a></td>
<td class="nump">R$ 8,231,000<span></span>
</td>
<td class="nump">R$ 7,432,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember', window );">Customer claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates', window );">Significant contingent liabilities</a></td>
<td class="nump">219,900<span></span>
</td>
<td class="nump">306,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember', window );">Supplier claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates', window );">Significant contingent liabilities</a></td>
<td class="nump">1,430,600<span></span>
</td>
<td class="nump">1,422,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember', window );">Other civil claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates', window );">Significant contingent liabilities</a></td>
<td class="nump">733,100<span></span>
</td>
<td class="nump">709,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember', window );">Tax claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates', window );">Significant contingent liabilities</a></td>
<td class="nump">1,291,000<span></span>
</td>
<td class="nump">1,143,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember', window );">Labor claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates', window );">Significant contingent liabilities</a></td>
<td class="nump">677,400<span></span>
</td>
<td class="nump">533,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember', window );">Environmental claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates', window );">Significant contingent liabilities</a></td>
<td class="nump">R$ 3,879,000<span></span>
</td>
<td class="nump">R$ 3,317,600<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contingent liabilities incurred relating to the entity's interests in associates. [Refer: Associates [member]; Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_23_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContingentLiabilitiesIncurredInRelationToInterestsInAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_CustomerClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_SupplierClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_OtherCivilClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_TaxClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_LaborClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_EnvironmentalClaimsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6763984800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. Provisions (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LawsuitsFiledByCommercialCustomers', window );">Lawsuits filed by commercial customers</a></td>
<td class="text">1,070<span></span>
</td>
<td class="text">1,140<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff', window );">Lawsuits which customers claim a reduction in the sewage tariff</a></td>
<td class="text">680<span></span>
</td>
<td class="text">710<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LawsuitsWhichCustomersPleadReductionInTariff', window );">Lawsuits which customers plead reduction in tariff</a></td>
<td class="text">50<span></span>
</td>
<td class="text">50<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution', window );">Tax claims related to income tax and social contribution</a></td>
<td class="nump">R$ 52,192<span></span>
</td>
<td class="nump">R$ 50,023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TaxDeficiencyNoticeRelatedToSewageServices', window );">Tax deficiency notice related to sewage services</a></td>
<td class="nump">547,510<span></span>
</td>
<td class="nump">501,060<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable', window );">Offset requests for the extinction of IRPJ/CSLL payable</a></td>
<td class="nump">42,173<span></span>
</td>
<td class="nump">62,039<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RequestForAuthorizationToOffsetTaxes', window );">Request for an authorization to offset taxes</a></td>
<td class="nump">51,374<span></span>
</td>
<td class="nump">49,682<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod', window );">Tax adjustment rejected</a></td>
<td class="nump">11,862,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities', window );">Request to offset tax credits related to IRPJ and CSLL - contingent liabilities</a></td>
<td class="nump">8,296<span></span>
</td>
<td class="nump">8,010<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued', window );">Request to offset tax credits related to IRPJ and CSLL - accrued</a></td>
<td class="nump">1,415<span></span>
</td>
<td class="nump">1,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LawsuitsRelatedToTaxesAndFinesAccrued', window );">Lawsuits related to taxes and fines - accrued</a></td>
<td class="nump">40,123<span></span>
</td>
<td class="nump">39,495<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities', window );">Lawsuits related to taxes and fines - contingent liabilities</a></td>
<td class="nump">582,168<span></span>
</td>
<td class="nump">466,407<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IntangibleAssetsRelatedToMunicipalities', window );">Intangible assets related to the municipalities</a></td>
<td class="nump">28,417<span></span>
</td>
<td class="nump">28,273<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IndemnitiesReceivable', window );">Indemnities receivable</a></td>
<td class="nump">24,071<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities', window );">Increase in lawsuits deemed as contingent liabilities</a></td>
<td class="nump">561,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LegalAndAdministrativeAgreements', window );">Legal and administrative agreements</a></td>
<td class="nump">41,133<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LegalAndAdministrativeAgreementsRelatedToConstruction', window );">Legal and administrative agreements related to construction</a></td>
<td class="nump">19,077<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications', window );">Legal and administrative agreements related to environmental indemnifications</a></td>
<td class="nump">22,056<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EnvironmentalIndemnifications', window );">Environmental indemnifications</a></td>
<td class="nump">43,014<span></span>
</td>
<td class="nump">20,626<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GuaranteeInsuranceForEscrowDeposit', window );">Guarantee insurance for escrow deposit</a></td>
<td class="nump">101,192<span></span>
</td>
<td class="nump">134,377<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GuaranteeInsuranceForEscrowDepositRenewed', window );">Renewed guarantee insurance</a></td>
<td class="nump">500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_BrazilianFederalRevenueServiceMember', window );">Brazilian Federal Revenue Service</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod', window );">Tax adjustment rejected</a></td>
<td class="nump">56,118<span></span>
</td>
<td class="nump">8,659<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SBS_IRPJCSLLMember', window );">IRPJ/CSLL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfProvisionsLineItems', window );"><strong>SummaryOfProvisionsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod', window );">Tax adjustment rejected</a></td>
<td class="nump">R$ 11,164<span></span>
</td>
<td class="nump">R$ 698<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdjustmentsRequestRejectedForCurrentTaxOfPriorPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EnvironmentalIndemnifications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EnvironmentalIndemnifications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GuaranteeInsuranceForEscrowDeposit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GuaranteeInsuranceForEscrowDeposit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GuaranteeInsuranceForEscrowDepositRenewed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GuaranteeInsuranceForEscrowDepositRenewed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncreaseInLawsuitsDeemedAsContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IndemnitiesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IndemnitiesReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IntangibleAssetsRelatedToMunicipalities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IntangibleAssetsRelatedToMunicipalities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LawsuitsFiledByCommercialCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LawsuitsFiledByCommercialCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LawsuitsRelatedToTaxesAndFinesAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LawsuitsRelatedToTaxesAndFinesAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LawsuitsRelatedToTaxesAndFinesContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LawsuitsWhichCustomersClaimReductionInSewageTariff</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LawsuitsWhichCustomersPleadReductionInTariff">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LawsuitsWhichCustomersPleadReductionInTariff</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LegalAndAdministrativeAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LegalAndAdministrativeAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LegalAndAdministrativeAgreementsRelatedToConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LegalAndAdministrativeAgreementsRelatedToConstruction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LegalAndAdministrativeAgreementsRelatedToEnvironmentalIndemnifications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OffsetRequestsForExtinctionOfIPRJCSLLPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RequestForAuthorizationToOffsetTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RequestForAuthorizationToOffsetTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_RequestToOffsetTaxCreditsRelatedToIRPJAndCSLLContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TaxClaimsRelatedToIncomeTaxAndSocialContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TaxDeficiencyNoticeRelatedToSewageServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TaxDeficiencyNoticeRelatedToSewageServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_BrazilianFederalRevenueServiceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_BrazilianFederalRevenueServiceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SBS_IRPJCSLLMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SBS_IRPJCSLLMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R118.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751721952">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>20. Employees benefits (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of defined benefit obligations</a></td>
<td class="nump">R$ 2,319,841<span></span>
</td>
<td class="nump">R$ 2,465,721<span></span>
</td>
<td class="nump">R$ 2,252,204<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of the plan assets</a></td>
<td class="nump">1,931,380<span></span>
</td>
<td class="nump">1,712,551<span></span>
</td>
<td class="nump">1,586,930<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Net liabilities recognized for defined benefit obligations</a></td>
<td class="nump">388,461<span></span>
</td>
<td class="nump">753,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations', window );">Liability as per statement of financial position &#8211; pension obligations</a></td>
<td class="nump">2,932,338<span></span>
</td>
<td class="nump">3,265,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember', window );">Funded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of defined benefit obligations</a></td>
<td class="nump">2,319,841<span></span>
</td>
<td class="nump">2,465,721<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of the plan assets</a></td>
<td class="num">(1,931,380)<span></span>
</td>
<td class="num">(1,712,551)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Net liabilities recognized for defined benefit obligations</a></td>
<td class="nump">388,461<span></span>
</td>
<td class="nump">753,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of defined benefit obligations</a></td>
<td class="nump">2,543,877<span></span>
</td>
<td class="nump">2,512,080<span></span>
</td>
<td class="nump">R$ 2,166,942<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Net liabilities recognized for defined benefit obligations</a></td>
<td class="nump">R$ 2,543,877<span></span>
</td>
<td class="nump">R$ 2,512,080<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Defined Benefit The Company makes contributions to defined benefit plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;), a supplementary private pension closely-held entity. The regular contributions comprise the net administrative expenses and are recognized in the income statement for the period. Liabilities from defined benefit pension plan obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair value of the plan&#8217;s assets. The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent actuaries, using the projected unit credit method. The estimated future cash outflows is discounted to its present value, using the interest rates of Government bonds with maturities that approximate the maturity of the related liability. Defined Contribution The Company makes contributions to defined contribution plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held entity that provides postemployment benefits to its employees. A defined contribution plan is a pension plan according to which the Company makes fixed contributions to a separate entity. The Company has no obligation of making contributions if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_LiabilityAsPerStatementOfFinancialPositionPensionObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SurplusDeficitInPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value of the defined benefit obligation, less the fair value of the plan assets (if any). [Refer: Plan assets [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SurplusDeficitInPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6750187664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains/(losses) on obligations</a></td>
<td class="nump">R$ 357,046<span></span>
</td>
<td class="num">R$ (783,494)<span></span>
</td>
<td class="nump">R$ 203,967<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Gains/(losses) on financial assets</a></td>
<td class="nump">52,083<span></span>
</td>
<td class="nump">192,458<span></span>
</td>
<td class="num">(136,389)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Total gains/(losses)</a></td>
<td class="nump">409,129<span></span>
</td>
<td class="num">(591,036)<span></span>
</td>
<td class="nump">67,578<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredIncomeTaxAndSocialContributionPlan', window );">Deferred income tax and social contribution - G1 Plan</a></td>
<td class="num">(121,582)<span></span>
</td>
<td class="nump">118,770<span></span>
</td>
<td class="num">(31,212)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Valuation adjustments to equity</a></td>
<td class="nump">287,547<span></span>
</td>
<td class="num">(472,266)<span></span>
</td>
<td class="nump">36,366<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember', window );">Funded plan - G1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains/(losses) on obligations</a></td>
<td class="nump">305,511<span></span>
</td>
<td class="num">(541,783)<span></span>
</td>
<td class="nump">228,191<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Gains/(losses) on financial assets</a></td>
<td class="nump">52,083<span></span>
</td>
<td class="nump">192,458<span></span>
</td>
<td class="num">(136,389)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Total gains/(losses)</a></td>
<td class="nump">357,594<span></span>
</td>
<td class="num">(349,325)<span></span>
</td>
<td class="nump">91,802<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredIncomeTaxAndSocialContributionPlan', window );">Deferred income tax and social contribution - G1 Plan</a></td>
<td class="num">(121,582)<span></span>
</td>
<td class="nump">118,770<span></span>
</td>
<td class="num">(31,212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Valuation adjustments to equity</a></td>
<td class="nump">236,012<span></span>
</td>
<td class="num">(230,555)<span></span>
</td>
<td class="nump">60,590<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains/(losses) on obligations</a></td>
<td class="nump">51,535<span></span>
</td>
<td class="num">(241,711)<span></span>
</td>
<td class="num">(24,224)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Gains/(losses) on financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Total gains/(losses)</a></td>
<td class="nump">51,535<span></span>
</td>
<td class="num">(241,711)<span></span>
</td>
<td class="num">(24,224)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeferredIncomeTaxAndSocialContributionPlan', window );">Deferred income tax and social contribution - G1 Plan</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Valuation adjustments to equity</a></td>
<td class="nump">R$ 51,535<span></span>
</td>
<td class="num">R$ (241,711)<span></span>
</td>
<td class="num">R$ (24,224)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeferredIncomeTaxAndSocialContributionPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeferredIncomeTaxAndSocialContributionPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from the remeasurement of that net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from settlements. Settlements are transactions that eliminate all further legal or constructive obligations for part or all of the benefits provided under a defined benefit plan, other than a payment of benefits to, or on behalf of, employees that is set out in the terms of the plan and included in the actuarial assumptions. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income, before tax; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6747799376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EmployeesBenefitsDetails2Abstract', window );"><strong>Employees Benefits Details 2</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation, beginning of the year</a></td>
<td class="nump">R$ 2,465,721<span></span>
</td>
<td class="nump">R$ 2,252,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="nump">17,582<span></span>
</td>
<td class="nump">35,845<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="nump">260,409<span></span>
</td>
<td class="nump">285,227<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome', window );">Actuarial (gains)/losses recorded as other comprehensive income</a></td>
<td class="num">(305,511)<span></span>
</td>
<td class="nump">541,783<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect of the plan migration &#8211; early reduction/curtailment</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(334,152)<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="num">(118,360)<span></span>
</td>
<td class="num">(123,346)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation, end of the year</a></td>
<td class="nump">R$ 2,319,841<span></span>
</td>
<td class="nump">R$ 2,465,721<span></span>
</td>
<td class="nump">R$ 2,252,204<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ActuarialGainsLossesRecordedAsOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EmployeesBenefitsDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EmployeesBenefitsDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from past service cost. Past service cost is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction or withdrawal of, or changes to, a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan). [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
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<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741272320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EmployeesBenefitsDetails3Abstract', window );"><strong>Employees Benefits Details 3</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of the plan&#8217;s assets, beginning of the year</a></td>
<td class="nump">R$ 1,712,551<span></span>
</td>
<td class="nump">R$ 1,586,930<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Expected return on the plan assets</a></td>
<td class="nump">183,689<span></span>
</td>
<td class="nump">201,779<span></span>
</td>
<td class="nump">R$ 205,981<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany', window );">Expected Company&#8217;s contributions</a></td>
<td class="nump">48,742<span></span>
</td>
<td class="nump">23,046<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset', window );">Expected participants&#8217; contributions</a></td>
<td class="nump">52,675<span></span>
</td>
<td class="nump">23,525<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="num">(118,360)<span></span>
</td>
<td class="num">(123,347)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Actuarial gains/(losses) included in&#160;other comprehensive income (loss)</a></td>
<td class="nump">52,083<span></span>
</td>
<td class="nump">192,458<span></span>
</td>
<td class="num">(136,389)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Effect of the plan migration &#8211; early reduction/curtailment</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(191,840)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of the plan&#8217;s assets, end of the year</a></td>
<td class="nump">1,931,380<span></span>
</td>
<td class="nump">1,712,551<span></span>
</td>
<td class="nump">R$ 1,586,930<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">(Deficit)/Surplus</a></td>
<td class="nump">R$ 388,461<span></span>
</td>
<td class="nump">R$ 753,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EmployeesBenefitsDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EmployeesBenefitsDetails3Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EstimateOfContributionsExpectedToBePaidToPlanByCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PaymentFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from contributions to a defined benefit plan by plan participants. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SurplusDeficitInPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value of the defined benefit obligation, less the fair value of the plan assets (if any). [Refer: Plan assets [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SurplusDeficitInPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741453808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EmployeesBenefitsDetails4Abstract', window );"><strong>Employees Benefits Details 4</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CurrentServiceCostEmployeeBenefits', window );">Current service expenses</a></td>
<td class="num">R$ (35,093)<span></span>
</td>
<td class="nump">R$ 13,562<span></span>
</td>
<td class="nump">R$ 23,303<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InterestCostRateEmployeeBenefits', window );">Interest cost rate</a></td>
<td class="nump">260,409<span></span>
</td>
<td class="nump">285,227<span></span>
</td>
<td class="nump">287,334<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Expected return on the plan assets</a></td>
<td class="num">(183,689)<span></span>
</td>
<td class="num">(201,779)<span></span>
</td>
<td class="num">(205,981)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset', window );">Total expenses</a></td>
<td class="nump">R$ 41,627<span></span>
</td>
<td class="nump">R$ 97,011<span></span>
</td>
<td class="nump">R$ 104,656<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CurrentServiceCostEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CurrentServiceCostEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EmployeesBenefitsDetails4Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EmployeesBenefitsDetails4Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InterestCostRateEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InterestCostRateEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from contributions to a defined benefit plan. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R123.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741618176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 5)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2018 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EmployeesBenefitsDetails5Abstract', window );"><strong>Employees Benefits Details 5</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EstimateOfContributionExpectedToBePaidToPlan', window );">Current service cost</a></td>
<td class="nump">R$ 15,228<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Interest cost rates</a></td>
<td class="nump">213,201<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants', window );">Participants contributions</a></td>
<td class="num">(37,659)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_NetProfitabilityOnFinancialAssets', window );">Net profitability on financial assets</a></td>
<td class="num">(179,449)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesToBeRecognizedByEmployer', window );">Expense to be recognized by employer</a></td>
<td class="nump">R$ 11,321<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EmployeesBenefitsDetails5Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EmployeesBenefitsDetails5Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EstimateOfContributionExpectedToBePaidToPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EstimateOfContributionExpectedToBePaidToPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EstimateOfContributionsExpectedToBePaidToPlanByParticipants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesToBeRecognizedByEmployer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesToBeRecognizedByEmployer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_NetProfitabilityOnFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_NetProfitabilityOnFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimate of the expected contributions to be made to a defined benefit plan for the next annual reporting period. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 147<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_147_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 148<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_148_d_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>R124.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741741696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 6)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EmployeesBenefitsDetails6Abstract', window );"><strong>Employees Benefits Details 6</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">5.35%<span></span>
</td>
<td class="nump">5.74%<span></span>
</td>
<td class="nump">7.23%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation', window );">Inflation rate</a></td>
<td class="nump">3.96%<span></span>
</td>
<td class="nump">4.87%<span></span>
</td>
<td class="nump">6.49%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherMaterialActuarialAssumptions', window );">Expected rate of return on assets</a></td>
<td class="nump">9.52%<span></span>
</td>
<td class="nump">10.89%<span></span>
</td>
<td class="nump">14.19%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Future salary increase</a></td>
<td class="nump">6.04%<span></span>
</td>
<td class="nump">6.97%<span></span>
</td>
<td class="nump">8.62%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ActuarialAssumptionOfMortalityRates2', window );">Mortality table</a></td>
<td class="text">AT-2000<span></span>
</td>
<td class="text">AT-2000<span></span>
</td>
<td class="text">AT-2000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ActuarialAssumptionOfMortalityRates2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ActuarialAssumptionOfMortalityRates2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EmployeesBenefitsDetails6Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EmployeesBenefitsDetails6Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of inflation that is used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of salary increases used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Any other material assumption used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6744891120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 7)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SensitivityAnalysisAxis=SBS_LifeExpectationMember', window );">Life expectation | Increase of 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Increase of R$ 40,729<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SensitivityAnalysisAxis=SBS_LifeExpectationMember', window );">Life expectation | Decrease of 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Decrease of R$ 41,838<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember', window );">Funded plan | Discount rate | Increase of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Decrease of R$ 257,172<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember', window );">Funded plan | Discount rate | Decrease of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Increase of R$ 309,440<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember', window );">Funded plan | Wage increase rate | Increase of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Increase of R$ 33,484<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember', window );">Funded plan | Wage increase rate | Decrease of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Decrease of R$ 29,143<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ImpactOnPresentValueOfDefinedBenefitObligations</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncreaseDecreaseAxis=SBS_IncreaseOfYearMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Name:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SensitivityAnalysisAxis=SBS_WageIncreaseRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>137
<FILENAME>R126.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760543536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>20. Employees benefits (Details 8) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">R$ 1,611,138<span></span>
</td>
<td class="nump">R$ 1,383,694<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets', window );">Equities</a></td>
<td class="nump">199,362<span></span>
</td>
<td class="nump">196,188<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets', window );">Structured investments</a></td>
<td class="nump">113,363<span></span>
</td>
<td class="nump">126,303<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAssetsAmountContributedToFairValueOfPlanAssets', window );">Other</a></td>
<td class="nump">7,517<span></span>
</td>
<td class="nump">6,366<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of plan assets</a></td>
<td class="nump">1,931,380<span></span>
</td>
<td class="nump">1,712,551<span></span>
</td>
<td class="nump">R$ 1,586,930<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_NTNBMember', window );">NTNBs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">1,064,935<span></span>
</td>
<td class="nump">997,027<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_NTNCMember', window );">NTNCs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">146,495<span></span>
</td>
<td class="nump">141,405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_NTNFMember', window );">NTNFs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_GovernmentBondMember', window );">Government bonds in own portfolio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">1,211,430<span></span>
</td>
<td class="nump">1,144,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FixedIncomeFundQuotasMember', window );">Fixed income fund quotas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">260,352<span></span>
</td>
<td class="nump">95,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_PrivateCreditInvestmentFundQuotasMember', window );">Private credit investment fund quotas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">135,454<span></span>
</td>
<td class="nump">139,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_DebenturesMember', window );">Debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets', window );">Fixed income</a></td>
<td class="nump">3,902<span></span>
</td>
<td class="nump">3,940<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_StockInvestmentFundQuotasMember', window );">Stocks investment fund quotas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets', window );">Equities</a></td>
<td class="nump">195,459<span></span>
</td>
<td class="nump">180,721<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_SharesMember', window );">Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets', window );">Equities</a></td>
<td class="nump">3,903<span></span>
</td>
<td class="nump">15,467<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_EquityInvestmentFundQuotasMember', window );">Equity investment fund quotas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets', window );">Structured investments</a></td>
<td class="nump">86,193<span></span>
</td>
<td class="nump">76,680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_RealEstateInvestmentFundQuotasMember', window );">Real estate investment fund quotas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets', window );">Structured investments</a></td>
<td class="nump">27,170<span></span>
</td>
<td class="nump">18,428<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_MultimarketInvestmentFundQuotasMember', window );">Multimarket investment fund quotas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets', window );">Structured investments</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 31,195<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that instruments representing equity (rather than debt) constitute of the fair value of defined benefit plan assets. [Refer: Plan assets, at fair value; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 142<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_142_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityInstrumentsAmountContributedToFairValueOfPlanAssets</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that investment funds constitute of the fair value of defined benefit plan assets. [Refer: Plan assets, at fair value; Defined benefit plans [member]; Investment funds [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 142<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_142_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_InvestmentFundsAmountContributedToFairValueOfPlanAssets</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that other types of assets not separately disclosed constitute of the fair value of defined benefit plan assets. [Refer: Plan assets, at fair value; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 142<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_142&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that debt that has been structured to meet a particular investment objective constitutes of the fair value of defined benefit plan assets. [Refer: Plan assets, at fair value; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 142<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_142_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StructuredDebtAmountContributedToFairValueOfPlanAssets</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_NTNFMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_GovernmentBondMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_FixedIncomeFundQuotasMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6765092224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 9) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation, beginning of the year</a></td>
<td class="nump">R$ 2,319,841<span></span>
</td>
<td class="nump">R$ 2,465,721<span></span>
</td>
<td class="nump">R$ 2,252,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Current interest expense and service costs</a></td>
<td class="nump">213,201<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial (gains)/losses recorded as other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">287,547<span></span>
</td>
<td class="num">(472,266)<span></span>
</td>
<td class="nump">R$ 36,366<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(118,360)<span></span>
</td>
<td class="num">(123,346)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation, end of the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,319,841<span></span>
</td>
<td class="nump">2,465,721<span></span>
</td>
<td class="nump">2,252,204<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation, beginning of the year</a></td>
<td class="nump">R$ 2,543,877<span></span>
</td>
<td class="nump">2,512,080<span></span>
</td>
<td class="nump">2,166,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Current interest expense and service costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">262,873<span></span>
</td>
<td class="nump">282,117<span></span>
</td>
<td class="nump">248,054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial (gains)/losses recorded as other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(51,535)<span></span>
</td>
<td class="nump">241,711<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(179,541)<span></span>
</td>
<td class="num">(178,690)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation, end of the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,543,877<span></span>
</td>
<td class="nump">R$ 2,512,080<span></span>
</td>
<td class="nump">R$ 2,166,942<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimate of the expected contributions to be made to a defined benefit plan for the next annual reporting period. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 147<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_147_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 148<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_148_d_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6751620224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 10) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Current interest expense and service costs</a></td>
<td class="nump">R$ 213,201<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset', window );">Expense to be recognize</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 41,627<span></span>
</td>
<td class="nump">R$ 97,011<span></span>
</td>
<td class="nump">R$ 104,656<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">260,409<span></span>
</td>
<td class="nump">285,227<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Current interest expense and service costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">262,873<span></span>
</td>
<td class="nump">282,117<span></span>
</td>
<td class="nump">248,054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AmountReceivedFromGESP', window );">Amount received from GESP (undisputed amount)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(95,191)<span></span>
</td>
<td class="num">(96,709)<span></span>
</td>
<td class="num">(87,232)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset', window );">Expense to be recognize</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 167,682<span></span>
</td>
<td class="nump">R$ 185,408<span></span>
</td>
<td class="nump">R$ 160,822<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost rate</a></td>
<td class="nump">232,248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpenseToBeRecognizedByEmployer', window );">Expense to be recognize</a></td>
<td class="nump">R$ 232,248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AmountReceivedFromGESP">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AmountReceivedFromGESP</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpenseToBeRecognizedByEmployer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpenseToBeRecognizedByEmployer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from contributions to a defined benefit plan. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimate of the expected contributions to be made to a defined benefit plan for the next annual reporting period. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 147<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_147_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 148<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_148_d_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6672455296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 11)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">5.35%<span></span>
</td>
<td class="nump">5.74%<span></span>
</td>
<td class="nump">7.23%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation', window );">Inflation rate</a></td>
<td class="nump">3.96%<span></span>
</td>
<td class="nump">4.87%<span></span>
</td>
<td class="nump">6.49%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherMaterialActuarialAssumptions', window );">Future salary increase</a></td>
<td class="nump">9.52%<span></span>
</td>
<td class="nump">10.89%<span></span>
</td>
<td class="nump">14.19%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ActuarialAssumptionOfMortalityRates2', window );">Mortality table</a></td>
<td class="text">AT-2000<span></span>
</td>
<td class="text">AT-2000<span></span>
</td>
<td class="text">AT-2000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">5.30%<span></span>
</td>
<td class="nump">5.71%<span></span>
</td>
<td class="nump">7.25%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation', window );">Inflation rate</a></td>
<td class="nump">3.96%<span></span>
</td>
<td class="nump">4.87%<span></span>
</td>
<td class="nump">6.49%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherMaterialActuarialAssumptions', window );">Future salary increase</a></td>
<td class="nump">6.04%<span></span>
</td>
<td class="nump">6.97%<span></span>
</td>
<td class="nump">8.62%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ActuarialAssumptionOfMortalityRates2', window );">Mortality table</a></td>
<td class="text">AT-2000<span></span>
</td>
<td class="text">AT-2000<span></span>
</td>
<td class="text">AT-2000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ActuarialAssumptionOfMortalityRates2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ActuarialAssumptionOfMortalityRates2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of inflation that is used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherMaterialActuarialAssumptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Any other material assumption used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherMaterialActuarialAssumptions</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6743824768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details 12)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SensitivityAnalysisAxis=SBS_LifeExpectationMember', window );">Life expectation | Increase of 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Increase of R$ 73,736<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SensitivityAnalysisAxis=SBS_LifeExpectationMember', window );">Life expectation | Decrease of 1 year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Decrease of R$ 74,033<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan | Discount rate | Increase of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Decrease of R$ 227,083<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan | Discount rate | Decrease of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Increase of R$ 267,435<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan | Wage growth rate | Increase of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Increase of R$ 273,937<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan | Wage growth rate | Decrease of 1.0%</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ImpactOnPresentValueOfDefinedBenefitObligations', window );">Impact on present value of the defined benefit obligations</a></td>
<td class="text">Decrease of R$ 235,976<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ImpactOnPresentValueOfDefinedBenefitObligations</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SensitivityAnalysisAxis=SBS_LifeExpectationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncreaseDecreaseAxis=SBS_IncreaseOfYear1Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncreaseDecreaseAxis=SBS_DecreaseOfYear1Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SensitivityAnalysisAxis=SBS_DiscountRateMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_IncreaseOfOnePercentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_DecreaseOfOnePercentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SensitivityAnalysisAxis=SBS_WageGrowthRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SensitivityAnalysisAxis=SBS_WageGrowthRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>142
<FILENAME>R131.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752128592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. Employees benefits (Details Narrative)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1">36 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$) </div>
<div>Participants</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>BRL (R$) </div>
<div>Participants</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AverageGrossPayroll', window );">Average gross payroll</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.70%<span></span>
</td>
<td class="nump">7.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Net actuarial liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 388,461<span></span>
</td>
<td class="nump">R$ 753,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 388,461<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts', window );">Defined pension plan expense recorded in operating costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35,156<span></span>
</td>
<td class="nump">60,263<span></span>
</td>
<td class="nump">R$ 68,412<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DefinedPensionPlanExpenseRecordedInSellingExpense', window );">Defined pension plan expense recorded in selling expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,864<span></span>
</td>
<td class="nump">7,982<span></span>
</td>
<td class="nump">8,838<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense', window );">Defined pension plan expense recorded in administrative expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">619<span></span>
</td>
<td class="nump">24,557<span></span>
</td>
<td class="nump">22,902<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DefinedPensionPlanExpenseCapitalizedInAssets', window );">Defined pension plan expense capitalized in assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 3,988<span></span>
</td>
<td class="nump">R$ 4,209<span></span>
</td>
<td class="nump">4,504<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits', window );">Number of active participants | Participants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,317<span></span>
</td>
<td class="nump">4,547<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits', window );">Number of inactive participants | Participants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,978<span></span>
</td>
<td class="nump">6,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Debentures issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 3,899<span></span>
</td>
<td class="nump">R$ 3,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,899<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AssetsConsolidatedProfitablilty', window );">Asset's consolidated profitablilty</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.02%<span></span>
</td>
<td class="nump">15.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AssetsProfitabilityActuarialTarget', window );">Asset's profitability actuarial target</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.68%<span></span>
</td>
<td class="nump">12.44%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReturnOfIbovespa', window );">Return of Ibovespa</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26.86%<span></span>
</td>
<td class="nump">38.94%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset', window );">Contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 19,220<span></span>
</td>
<td class="nump">R$ 10,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset', window );">Contribution - participants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52,675<span></span>
</td>
<td class="nump">23,525<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,319,841<span></span>
</td>
<td class="nump">2,465,721<span></span>
</td>
<td class="nump">2,252,204<span></span>
</td>
<td class="nump">2,319,841<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DefinedBenefitObligationOperatingCosts', window );">Defined benefit obligation, operating costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,034<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DefinedBenefitObligationInSellingExpense', window );">Defined benefit obligation in selling expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,744<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,744<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DefinedBenefitObligationInAdministrativeExpense', window );">Defined benefit obligation in administrative expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,245<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SalariesPayrollChargesAndSocialContributionsPayable', window );">Salaries, payroll charges and social contributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">94,352<span></span>
</td>
<td class="nump">83,687<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 94,352<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CapitalizedInAssets', window );">Capitalized in assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,197<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_MigrationProcessNonrecurringContribution', window );">Migration process, non-recurring contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,891<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_MigrationProcessPreviousBalance', window );">Migration process, previous balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 7,214<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SabesprevMaisMember', window );">Sabesprev Mais</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ActiveParticipantsOfPlan', window );">Active participants of Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">9,328<span></span>
</td>
<td class="text">9,453<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_G0Member', window );">G0</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ActiveParticipantsOfPlan', window );">Active participants of Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">13<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_BeneficiariesRetireesAndSurvivors', window );">Beneficiaries, retirees and survivors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2,294<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BenefitsPaidOrPayable', window );">Benefits payable</a></td>
<td class="nump">R$ 186,991<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_G1Member', window );">G1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset', window );">Contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 48,742<span></span>
</td>
<td class="nump">R$ 24,288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset', window );">Contribution - participants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52,047<span></span>
</td>
<td class="nump">21,895<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ActuarialDeficit', window );">Actuarial deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35,931<span></span>
</td>
<td class="nump">38,668<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BenefitsPaidOrPayable', window );">Benefits payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">165,307<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEmployeeBenefitsLineItems', window );"><strong>SummaryOfEmployeeBenefitsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Net actuarial liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,543,877<span></span>
</td>
<td class="nump">2,512,080<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,543,877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Defined benefit obligation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,543,877<span></span>
</td>
<td class="nump">R$ 2,512,080<span></span>
</td>
<td class="nump">R$ 2,166,942<span></span>
</td>
<td class="nump">R$ 2,543,877<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ActiveParticipantsOfPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ActiveParticipantsOfPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ActuarialDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ActuarialDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AssetsConsolidatedProfitablilty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AssetsConsolidatedProfitablilty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AssetsProfitabilityActuarialTarget">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AssetsProfitabilityActuarialTarget</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AverageGrossPayroll">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AverageGrossPayroll</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_BeneficiariesRetireesAndSurvivors">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_BeneficiariesRetireesAndSurvivors</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CapitalizedInAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CapitalizedInAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DefinedBenefitObligationInAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DefinedBenefitObligationInAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DefinedBenefitObligationInSellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DefinedBenefitObligationInSellingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DefinedBenefitObligationOperatingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DefinedBenefitObligationOperatingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DefinedPensionPlanExpenseCapitalizedInAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DefinedPensionPlanExpenseCapitalizedInAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DefinedPensionPlanExpenseRecordedInAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DefinedPensionPlanExpenseRecordedInOperatingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DefinedPensionPlanExpenseRecordedInSellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DefinedPensionPlanExpenseRecordedInSellingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_MigrationProcessNonrecurringContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_MigrationProcessNonrecurringContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_MigrationProcessPreviousBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_MigrationProcessPreviousBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_NumberOfParticipantsOfRetirementBenefitPlanNotReceivingBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReturnOfIbovespa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReturnOfIbovespa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SalariesPayrollChargesAndSocialContributionsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SalariesPayrollChargesAndSocialContributionsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BenefitsPaidOrPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of benefits paid or payable for retirement benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_v&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BenefitsPaidOrPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in net defined benefit liability (asset) resulting from contributions to a defined benefit plan by the employer. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from contributions to a defined benefit plan by plan participants. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContributionsToPlanByPlanParticipantsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotesAndDebenturesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of notes and debentures issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotesAndDebenturesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of participants in a retirement benefit plan receiving benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SurplusDeficitInPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value of the defined benefit obligation, less the fair value of the plan assets (if any). [Refer: Plan assets [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SurplusDeficitInPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SabesprevMaisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_SabesprevMaisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_G0Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_G0Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_G1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=SBS_G1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R132.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741532288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>21. Services payable (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ServicesPayableDetailsNarrativeAbstract', window );"><strong>Services Payable Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ServicesPayable', window );">Services payable</a></td>
<td class="nump">R$ 408,275<span></span>
</td>
<td class="nump">R$ 460,054<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ServicesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ServicesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ServicesPayableDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ServicesPayableDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R133.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741934944">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>22. Equity (Details) - shares<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">683,509,869<span></span>
</td>
<td class="nump">683,509,869<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PercentageOfSharesHeld', window );">Percentage of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.0000<span></span>
</td>
<td class="nump">1.0000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_StateDepartmentOfFinanceMember', window );">State Department of Finance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">343,524,285<span></span>
</td>
<td class="nump">343,524,285<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PercentageOfSharesHeld', window );">Percentage of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">.5026<span></span>
</td>
<td class="nump">.5026<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember', window );">Companhia Brasileira de Liquidacao e Custodia</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">201,026,895<span></span>
</td>
<td class="nump">206,955,305<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PercentageOfSharesHeld', window );">Percentage of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">.2941<span></span>
</td>
<td class="nump">.3028<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_BankOfNewYorkADRDepartmentMember', window );">The Bank of New York ADR Department</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">136,790,413<span></span>
</td>
<td class="nump">132,401,813<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PercentageOfSharesHeld', window );">Percentage of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">.2001<span></span>
</td>
<td class="nump">.1937<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_OtherEntityEquitytMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,168,276<span></span>
</td>
<td class="nump">628,466<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PercentageOfSharesHeld', window );">Percentage of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">.0032<span></span>
</td>
<td class="nump">.0009<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">custodians</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Each ADR corresponds to 1 share.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PercentageOfSharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PercentageOfSharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEquityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEquityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_StateDepartmentOfFinanceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_StateDepartmentOfFinanceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_CompanhiaBrasileiraDeLiquidacaoECustodiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_BankOfNewYorkADRDepartmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_BankOfNewYorkADRDepartmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_OtherEntityEquitytMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis=SBS_OtherEntityEquitytMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
<FILENAME>R134.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741510432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Equity (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityDetails1Abstract', window );"><strong>Equity Details 1</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">R$ 2,519,310<span></span>
</td>
<td class="nump">R$ 2,947,098<span></span>
</td>
<td class="nump">R$ 536,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatutoryReserve', window );">(-) Legal reserve - 5%</a></td>
<td class="nump">125,965<span></span>
</td>
<td class="nump">147,355<span></span>
</td>
<td class="nump">26,814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ProfitForTheYearNetOfLegalReserve', window );">Distribution of earnings</a></td>
<td class="nump">2,393,345<span></span>
</td>
<td class="nump">2,799,743<span></span>
</td>
<td class="nump">509,465<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_MinimumMandatoryDividend', window );">Minimum mandatory dividend &#8211; 25% (R$0.87539, R$1.0240 and R$0.1863 as of December 31, 2017, 2016 and 2015 per share and per ADS)</a></td>
<td class="nump">R$ 598,336<span></span>
</td>
<td class="nump">R$ 699,936<span></span>
</td>
<td class="nump">R$ 127,366<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EquityDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EquityDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_MinimumMandatoryDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_MinimumMandatoryDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ProfitForTheYearNetOfLegalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ProfitForTheYearNetOfLegalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatutoryReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves created based on legal requirements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatutoryReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>146
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6634799184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Equity (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityDetails2Abstract', window );"><strong>Equity Details 2</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit for the year</a></td>
<td class="nump">R$ 2,519,310<span></span>
</td>
<td class="nump">R$ 2,947,098<span></span>
</td>
<td class="nump">R$ 536,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatutoryReserve', window );">Legal reserve</a></td>
<td class="nump">125,965<span></span>
</td>
<td class="nump">147,355<span></span>
</td>
<td class="nump">26,814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_MinimumMandatoryDividend', window );">Minimum mandatory dividends</a></td>
<td class="nump">598,336<span></span>
</td>
<td class="nump">699,936<span></span>
</td>
<td class="nump">127,366<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdditionalProposedDividends', window );">Additional proposed dividends</a></td>
<td class="nump">105,543<span></span>
</td>
<td class="nump">123,557<span></span>
</td>
<td class="nump">22,527<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentReserveRecorded', window );">Investment reserve recorded in 2017</a></td>
<td class="nump">R$ 1,689,466<span></span>
</td>
<td class="nump">R$ 1,976,250<span></span>
</td>
<td class="nump">R$ 359,572<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdditionalProposedDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdditionalProposedDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EquityDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EquityDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InvestmentReserveRecorded">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InvestmentReserveRecorded</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_MinimumMandatoryDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_MinimumMandatoryDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatutoryReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves created based on legal requirements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatutoryReserve</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6752742352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Equity (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss, beginning</a></td>
<td class="num">R$ (825,648)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains/(losses) for the year</a></td>
<td class="num">(287,547)<span></span>
</td>
<td class="nump">R$ 472,266<span></span>
</td>
<td class="num">R$ (36,366)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss, ending</a></td>
<td class="num">(538,101)<span></span>
</td>
<td class="num">(825,648)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember', window );">Funded plan - G1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss, beginning</a></td>
<td class="num">(165,085)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains/(losses) for the year</a></td>
<td class="nump">236,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss, ending</a></td>
<td class="nump">70,927<span></span>
</td>
<td class="num">(165,085)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember', window );">Unfunded plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfEquityLineItems', window );"><strong>SummaryOfEquityLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss, beginning</a></td>
<td class="num">(660,563)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial gains/(losses) for the year</a></td>
<td class="nump">51,535<span></span>
</td>
<td class="num">(241,711)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive loss, ending</a></td>
<td class="num">R$ (609,028)<span></span>
</td>
<td class="num">R$ (660,563)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfEquityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfEquityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccumulatedOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccumulatedOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_FundedPlanMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SBS_UnfundedPlanMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>148
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6759773168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. Equity (Details Narrative) - BRL (R$)<br> R$ / shares in Units, R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityDetailsNarrativeAbstract', window );"><strong>Equity Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AuthorizedCapital', window );">Authorized capital</a></td>
<td class="nump">R$ 15,000,000<span></span>
</td>
<td class="nump">R$ 15,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_MinimumMandatoryDividendPerShareAndPerADS', window );">Minimum mandatory dividend per share and per ADS</a></td>
<td class="nump">R$ .87539<span></span>
</td>
<td class="nump">R$ 1.0240<span></span>
</td>
<td class="nump">R$ .1863<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_AdditionalProposedDividends', window );">Additional proposed dividends</a></td>
<td class="nump">R$ 105,543<span></span>
</td>
<td class="nump">R$ 123,557<span></span>
</td>
<td class="nump">R$ 22,527<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities', window );">Withholding income tax recognized in current liabilities</a></td>
<td class="nump">52,004<span></span>
</td>
<td class="nump">60,838<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Interest on capital balance payable</a></td>
<td class="nump">598,612<span></span>
</td>
<td class="nump">700,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DeclaredDividendPayables', window );">Interest on capital balance payable declared</a></td>
<td class="nump">598,336<span></span>
</td>
<td class="nump">699,936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DividendsWitheldIncomeTax', window );">Interest on capital balance payable witheld income tax</a></td>
<td class="nump">276<span></span>
</td>
<td class="nump">98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentReserve', window );">Investment reserve</a></td>
<td class="nump">6,939,296<span></span>
</td>
<td class="nump">R$ 5,249,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount', window );">Reallocation of retained earnings to investment reserve account</a></td>
<td class="nump">1,689,466<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SubscribedAndPaidincapital', window );">Subscribed and paid-in-capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">683,509,869<span></span>
</td>
<td class="nump">683,509,869<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SurplusMinimumMandatory', window );">Surplus minimum mandatory</a></td>
<td class="nump">62,719<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsOperatingActivities', window );">Dividends</a></td>
<td class="nump">R$ 703,879<span></span>
</td>
<td class="nump">R$ 823,493<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividend per common share</a></td>
<td class="nump">R$ 1.0298<span></span>
</td>
<td class="nump">R$ 1.2048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AdditionalProposedDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AdditionalProposedDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_AuthorizedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_AuthorizedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DeclaredDividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DeclaredDividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DividendsWitheldIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DividendsWitheldIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DividendsWithholdingIncomeTaxRecognizedInCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EquityDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EquityDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InvestmentReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InvestmentReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_MinimumMandatoryDividendPerShareAndPerADS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_MinimumMandatoryDividendPerShareAndPerADS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reallocation of retained earnings to investment reserve account</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ReallocationOfRetainedEarningsToInvestmentReserveAccount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SubscribedAndPaidincapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SubscribedAndPaidincapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SurplusMinimumMandatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SurplusMinimumMandatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2017-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=34&amp;date=2017-03-01&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>149
<FILENAME>R138.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741328528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. Earnings per share (Details) - BRL (R$)<br> R$ / shares in Units, R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EarningsPerShareDetailsAbstract', window );"><strong>Earnings Per Share Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Equity attributable to Company's owners</a></td>
<td class="nump">R$ 2,519,310<span></span>
</td>
<td class="nump">R$ 2,947,098<span></span>
</td>
<td class="nump">R$ 536,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares</a></td>
<td class="nump">683,509,869<span></span>
</td>
<td class="nump">683,509,869<span></span>
</td>
<td class="nump">683,509,869<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted earnings per share (reais per share)</a></td>
<td class="nump">R$ 3.69<span></span>
</td>
<td class="nump">R$ 4.31<span></span>
</td>
<td class="nump">R$ 0.78<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EarningsPerShareDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EarningsPerShareDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>150
<FILENAME>R139.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6765122944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Operating segment information (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingSegmentInformationLineItems', window );"><strong>SummaryOfOperatingSegmentInformationLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Gross operating revenue</a></td>
<td class="nump">R$ 15,374,623<span></span>
</td>
<td class="nump">R$ 14,855,109<span></span>
</td>
<td class="nump">R$ 12,283,541<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GrossSalesDeductions', window );">Gross sales deductions</a></td>
<td class="num">(766,390)<span></span>
</td>
<td class="num">(756,901)<span></span>
</td>
<td class="num">(571,972)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">14,608,233<span></span>
</td>
<td class="nump">14,098,208<span></span>
</td>
<td class="nump">11,711,569<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CostsSellingAndAdministrativeExpenses', window );">Costs, selling and administrative expenses</a></td>
<td class="num">(10,646,646)<span></span>
</td>
<td class="num">(10,678,063)<span></span>
</td>
<td class="num">(8,813,930)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting', window );">Income from operations before other operating expenses, net and equity accounting</a></td>
<td class="nump">3,961,587<span></span>
</td>
<td class="nump">3,420,145<span></span>
</td>
<td class="nump">2,897,639<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income / (expenses), net</a></td>
<td class="num">(5,679)<span></span>
</td>
<td class="nump">4,722<span></span>
</td>
<td class="nump">143,755<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EquityInResultsOfInvestmentsInAffiliaties', window );">Equity accounting</a></td>
<td class="nump">5,760<span></span>
</td>
<td class="nump">4,740<span></span>
</td>
<td class="nump">2,597<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinanceIncomeExpenseNet', window );">Financial result, net</a></td>
<td class="num">(458,054)<span></span>
</td>
<td class="nump">699,447<span></span>
</td>
<td class="num">(2,456,462)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income from operations before taxes</a></td>
<td class="nump">3,503,614<span></span>
</td>
<td class="nump">4,129,054<span></span>
</td>
<td class="nump">587,529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">1,301,897<span></span>
</td>
<td class="nump">1,146,626<span></span>
</td>
<td class="nump">1,074,032<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=SBS_SanitationMember', window );">Sanitation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingSegmentInformationLineItems', window );"><strong>SummaryOfOperatingSegmentInformationLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Gross operating revenue</a></td>
<td class="nump">12,223,746<span></span>
</td>
<td class="nump">11,122,232<span></span>
</td>
<td class="nump">8,946,825<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GrossSalesDeductions', window );">Gross sales deductions</a></td>
<td class="num">(766,390)<span></span>
</td>
<td class="num">(756,901)<span></span>
</td>
<td class="num">(571,972)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">11,457,356<span></span>
</td>
<td class="nump">10,365,331<span></span>
</td>
<td class="nump">8,374,853<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CostsSellingAndAdministrativeExpenses', window );">Costs, selling and administrative expenses</a></td>
<td class="num">(7,566,104)<span></span>
</td>
<td class="num">(7,026,699)<span></span>
</td>
<td class="num">(5,550,122)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting', window );">Income from operations before other operating expenses, net and equity accounting</a></td>
<td class="nump">3,891,252<span></span>
</td>
<td class="nump">3,338,632<span></span>
</td>
<td class="nump">2,824,731<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">1,301,897<span></span>
</td>
<td class="nump">1,146,626<span></span>
</td>
<td class="nump">1,074,032<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=SBS_ReconciliationMember', window );">Reconciliation to the financial statements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingSegmentInformationLineItems', window );"><strong>SummaryOfOperatingSegmentInformationLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Gross operating revenue</a></td>
<td class="nump">3,150,877<span></span>
</td>
<td class="nump">3,732,877<span></span>
</td>
<td class="nump">3,336,716<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_GrossSalesDeductions', window );">Gross sales deductions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">3,150,877<span></span>
</td>
<td class="nump">3,732,877<span></span>
</td>
<td class="nump">3,336,716<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_CostsSellingAndAdministrativeExpenses', window );">Costs, selling and administrative expenses</a></td>
<td class="num">(3,080,542)<span></span>
</td>
<td class="num">(3,651,364)<span></span>
</td>
<td class="num">(3,263,808)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting', window );">Income from operations before other operating expenses, net and equity accounting</a></td>
<td class="nump">70,335<span></span>
</td>
<td class="nump">81,513<span></span>
</td>
<td class="nump">72,908<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_CostsSellingAndAdministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_CostsSellingAndAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EquityInResultsOfInvestmentsInAffiliaties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EquityInResultsOfInvestmentsInAffiliaties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinanceIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinanceIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_GrossSalesDeductions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_GrossSalesDeductions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_IncomeFromOperationsBeforeOtherOperatingExpensesNetAndEquityAccounting</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfOperatingSegmentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfOperatingSegmentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAndOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAndOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=SBS_SanitationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=SBS_SanitationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=SBS_ReconciliationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=SBS_ReconciliationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>151
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6760232736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. Operating segment information (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingSegmentInformationDetails1Abstract', window );"><strong>Operating Segment Information Details 1</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset', window );">Gross revenue from construction recognized under IFRIC 12</a></td>
<td class="nump">R$ 3,150,877<span></span>
</td>
<td class="nump">R$ 3,732,877<span></span>
</td>
<td class="nump">R$ 336,716<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ConstructionCostIncurred', window );">Construction costs recognized under IFRIC 12</a></td>
<td class="num">(3,080,542)<span></span>
</td>
<td class="num">(3,651,364)<span></span>
</td>
<td class="num">(3,263,808)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011', window );">Construction margin</a></td>
<td class="num">R$ (70,335)<span></span>
</td>
<td class="num">R$ (81,513)<span></span>
</td>
<td class="num">R$ (72,908)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ConstructionCostIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ConstructionCostIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OperatingSegmentInformationDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OperatingSegmentInformationDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) recognised on exchanging construction services for an intangible asset in service concession arrangements. [Refer: Service concession arrangements [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name SIC<br> -Number 29<br> -IssueDate 2017-01-01<br> -Paragraph 6A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=SIC&amp;num=29&amp;date=2017-03-01&amp;anchor=para_6A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue recognised when construction services are exchanged for an intangible asset in service concession arrangements. [Refer: Service concession arrangements [member]; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name SIC<br> -Number 29<br> -IssueDate 2017-01-01<br> -Paragraph 6A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=SIC&amp;num=29&amp;date=2017-03-01&amp;anchor=para_6A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueRecognisedOnExchangingConstructionServicesForIntangibleAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>152
<FILENAME>R141.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6750464784">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>25. Insurance (Details)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">R$ 3,140,279<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_SpecifiedRiskMember', window );">Specified risks - fire</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">2,007,219<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_EngineeringRiskMember', window );">Engineering risk</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">1,043,368<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_GuaranteeInsuranceEscrowDepositMember', window );">Guarantee insurance for escrow deposit</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_TraditionalGuaranteeInsuranceMember', window );">Traditional guarantee insurance</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityDirectorsAndOfficersMember', window );">Civil liability- DO (Directors and Officers)</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityWorksMember', window );">Civil liability- works</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">85,530<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_DomesticAndInternationalTransportationMember', window );">Domestic and international transportation</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">448<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityOperationsMember', window );">Civil liability - operations</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">3,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_OtherInsuranceCoverageMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfInsuranceLineItems', window );"><strong>SummaryOfInsuranceLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InsutanceCoverage', window );">Coverage</a></td>
<td class="nump">R$ 14<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InsutanceCoverage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InsutanceCoverage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfInsuranceLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfInsuranceLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_SpecifiedRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_SpecifiedRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_EngineeringRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_EngineeringRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_GuaranteeInsuranceEscrowDepositMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_GuaranteeInsuranceEscrowDepositMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_TraditionalGuaranteeInsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_TraditionalGuaranteeInsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityDirectorsAndOfficersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityDirectorsAndOfficersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityWorksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityWorksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_DomesticAndInternationalTransportationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_DomesticAndInternationalTransportationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityOperationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_CivilLiabilityOperationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInsuranceContractsAxis=SBS_OtherInsuranceCoverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInsuranceContractsAxis=SBS_OtherInsuranceCoverageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R142.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6745693600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. Operating revenue (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2017</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingRevenueLineItems', window );"><strong>SummaryOfOperatingRevenueLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">R$ 14,608,233<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 14,098,208<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 11,711,569<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueAxis=SBS_SanitationSaoPaoloMember', window );">Metropolitan region of Sao Paulo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingRevenueLineItems', window );"><strong>SummaryOfOperatingRevenueLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">8,636,926<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,749,694<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,021,949<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueAxis=SBS_RegionalSystemsMember', window );">Regional Systems</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingRevenueLineItems', window );"><strong>SummaryOfOperatingRevenueLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">3,586,820<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,372,538<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,924,876<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueAxis=SBS_SanitationServicesMember', window );">Sanitation services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingRevenueLineItems', window );"><strong>SummaryOfOperatingRevenueLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">R$ 12,223,746<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 11,122,232<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 8,946,825<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes the amount of R$ 8,771 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfOperatingRevenueLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Name:</strong></td>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741691376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. Operating revenue (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OperatingRevenueDetails1Abstract', window );"><strong>Operating Revenue Details 1</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SanitationServicesRevenue', window );">Sanitation services</a></td>
<td class="nump">R$ 12,223,746<span></span>
</td>
<td class="nump">R$ 11,122,232<span></span>
</td>
<td class="nump">R$ 8,946,825<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RevenueFromConstruction', window );">Construction revenue</a></td>
<td class="nump">3,150,877<span></span>
</td>
<td class="nump">3,732,877<span></span>
</td>
<td class="nump">3,336,716<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SalesTaxOnRevenue', window );">Sales Tax</a></td>
<td class="num">(757,619)<span></span>
</td>
<td class="num">(756,901)<span></span>
</td>
<td class="num">(571,972)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_RegulationControlAndOversightFee', window );">Regulation, Control and Oversight Fee (TRCF)</a></td>
<td class="num">(8,771)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net operating revenue</a></td>
<td class="nump">R$ 14,608,233<span></span>
</td>
<td class="nump">R$ 14,098,208<span></span>
</td>
<td class="nump">R$ 11,711,569<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">SBS_RevenueFromConstruction</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SanitationServicesRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6747526688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. Operating costs and expenses (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">R$ (8,778,963)<span></span>
</td>
<td class="num">R$ (9,013,120)<span></span>
</td>
<td class="num">R$ (8,260,763)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(768,693)<span></span>
</td>
<td class="num">(730,047)<span></span>
</td>
<td class="num">(598,125)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(1,098,990)<span></span>
</td>
<td class="num">(934,896)<span></span>
</td>
<td class="nump">44,958<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(10,646,646)<span></span>
</td>
<td class="num">(10,678,063)<span></span>
</td>
<td class="num">(8,813,930)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_SalariesPayrollChargesAndBenefitsMember', window );">Salaries, payroll charges and benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(1,841,571)<span></span>
</td>
<td class="num">(1,718,199)<span></span>
</td>
<td class="num">(1,503,383)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(305,440)<span></span>
</td>
<td class="num">(271,690)<span></span>
</td>
<td class="num">(237,848)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(229,752)<span></span>
</td>
<td class="num">(194,357)<span></span>
</td>
<td class="num">(182,215)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(2,376,763)<span></span>
</td>
<td class="num">(2,184,246)<span></span>
</td>
<td class="num">(1,923,446)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_PensionObligationsMember', window );">Pension obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(48,381)<span></span>
</td>
<td class="nump">131,469<span></span>
</td>
<td class="num">(75,247)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(7,296)<span></span>
</td>
<td class="nump">17,941<span></span>
</td>
<td class="num">(9,761)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(171,830)<span></span>
</td>
<td class="num">(136,358)<span></span>
</td>
<td class="num">(185,206)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(227,507)<span></span>
</td>
<td class="nump">13,052<span></span>
</td>
<td class="num">(270,214)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_GESPReimbursementBenefitsPaidMember', window );">GESP Reimbursement &#150; benefits paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">696,283<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">696,283<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_ConstructionCostsMember', window );">Construction costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(3,080,542)<span></span>
</td>
<td class="num">(3,651,364)<span></span>
</td>
<td class="num">(3,263,808)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(3,080,542)<span></span>
</td>
<td class="num">(3,651,364)<span></span>
</td>
<td class="num">(3,263,808)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_GeneralSuppliesMember', window );">General supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(163,712)<span></span>
</td>
<td class="num">(173,224)<span></span>
</td>
<td class="num">(172,561)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(4,451)<span></span>
</td>
<td class="num">(3,585)<span></span>
</td>
<td class="num">(3,692)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(5,675)<span></span>
</td>
<td class="num">(2,585)<span></span>
</td>
<td class="num">(2,340)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(173,838)<span></span>
</td>
<td class="num">(179,394)<span></span>
</td>
<td class="num">(178,593)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_TreatmentSuppliesMember', window );">Treatment supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(287,592)<span></span>
</td>
<td class="num">(279,150)<span></span>
</td>
<td class="num">(269,294)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(287,592)<span></span>
</td>
<td class="num">(279,150)<span></span>
</td>
<td class="num">(269,294)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_OutsideServicesMember', window );">Outside services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(857,063)<span></span>
</td>
<td class="num">(845,334)<span></span>
</td>
<td class="num">(791,156)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(258,287)<span></span>
</td>
<td class="num">(278,565)<span></span>
</td>
<td class="num">(247,687)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(183,746)<span></span>
</td>
<td class="num">(154,926)<span></span>
</td>
<td class="num">(123,802)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(1,299,096)<span></span>
</td>
<td class="num">(1,278,825)<span></span>
</td>
<td class="num">(1,162,645)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_ElectricityMember', window );">Electricity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(794,352)<span></span>
</td>
<td class="num">(932,435)<span></span>
</td>
<td class="num">(815,164)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(762)<span></span>
</td>
<td class="num">(751)<span></span>
</td>
<td class="num">(770)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(965)<span></span>
</td>
<td class="num">(1,848)<span></span>
</td>
<td class="num">(1,596)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(796,079)<span></span>
</td>
<td class="num">(935,034)<span></span>
</td>
<td class="num">(817,530)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_GeneralExpensesMember', window );">General expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(531,985)<span></span>
</td>
<td class="num">(471,965)<span></span>
</td>
<td class="num">(369,213)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(94,112)<span></span>
</td>
<td class="num">(93,180)<span></span>
</td>
<td class="num">(86,064)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(302,113)<span></span>
</td>
<td class="num">(289,862)<span></span>
</td>
<td class="num">(11,467)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(928,210)<span></span>
</td>
<td class="num">(855,007)<span></span>
</td>
<td class="num">(466,744)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_DepreciationAndAmortizationMember', window );">Depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of services</a></td>
<td class="num">(1,173,765)<span></span>
</td>
<td class="num">(1,072,918)<span></span>
</td>
<td class="num">(1,000,937)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(15,664)<span></span>
</td>
<td class="num">(9,729)<span></span>
</td>
<td class="num">(9,883)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(112,468)<span></span>
</td>
<td class="num">(63,979)<span></span>
</td>
<td class="num">(63,212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(1,301,897)<span></span>
</td>
<td class="num">(1,146,626)<span></span>
</td>
<td class="num">(1,074,032)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_TaxExpenseMember', window );">Tax expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative income (expenses)</a></td>
<td class="num">(92,441)<span></span>
</td>
<td class="num">(90,981)<span></span>
</td>
<td class="num">(81,487)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">(92,441)<span></span>
</td>
<td class="num">(90,981)<span></span>
</td>
<td class="num">(81,487)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ExpensesByNatureAxis=SBS_BadDebtExpenseNetMember', window );">Bad debt expense, net of recoveries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems', window );"><strong>SummaryOfOperatingCostsAndExpensesLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(82,681)<span></span>
</td>
<td class="num">(90,488)<span></span>
</td>
<td class="num">(2,420)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="num">R$ (82,681)<span></span>
</td>
<td class="num">R$ (90,488)<span></span>
</td>
<td class="num">R$ (2,420)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfOperatingCostsAndExpensesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfOperatingCostsAndExpensesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses aggregated according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and not reallocated among functions within the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_SalariesPayrollChargesAndBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_SalariesPayrollChargesAndBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_PensionObligationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_PensionObligationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_GESPReimbursementBenefitsPaidMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_GESPReimbursementBenefitsPaidMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_ConstructionCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_ConstructionCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_GeneralSuppliesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_GeneralSuppliesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_TreatmentSuppliesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_TreatmentSuppliesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_OutsideServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_OutsideServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_ElectricityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_ElectricityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_GeneralExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_GeneralExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_DepreciationAndAmortizationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_DepreciationAndAmortizationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_TaxExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_TaxExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ExpensesByNatureAxis=SBS_BadDebtExpenseNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ExpensesByNatureAxis=SBS_BadDebtExpenseNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R145.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6746973904">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>28. Financial Income (Expenses) (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (688,280)<span></span>
</td>
<td class="num">R$ (839,891)<span></span>
</td>
<td class="num">R$ (859,732)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">326,244<span></span>
</td>
<td class="nump">448,710<span></span>
</td>
<td class="nump">395,234<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges', window );">Financial income (expenses), net before exchange rate changes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(362,036)<span></span>
</td>
<td class="num">(391,181)<span></span>
</td>
<td class="num">(464,498)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Exchange rate changes, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(96,018)<span></span>
</td>
<td class="nump">1,090,628<span></span>
</td>
<td class="num">(1,991,964)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinanceIncomeExpenseNet', window );">Financial income (expenses), net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(458,054)<span></span>
</td>
<td class="nump">699,447<span></span>
</td>
<td class="num">(2,456,462)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_InteretAndChargesLocalCurrencyMember', window );">Interest and charges on borrowings and financing - local currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(289,780)<span></span>
</td>
<td class="num">(317,379)<span></span>
</td>
<td class="num">(326,315)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_InteretAndChargesForeignCurrencyMember', window );">Interest and charges on borrowings and financing - foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(119,100)<span></span>
</td>
<td class="num">(113,268)<span></span>
</td>
<td class="num">(127,352)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherFinancialExpensesMember', window );">Other financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(97,533)<span></span>
</td>
<td class="num">(86,372)<span></span>
</td>
<td class="num">(149,902)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_IncomeTaxOverInternationalRemittanceMember', window );">Income tax over international remittance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(17,901)<span></span>
</td>
<td class="num">(18,823)<span></span>
</td>
<td class="num">(20,389)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentLoansAndFinancingMember', window );">Inflation adjustment on borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(62,787)<span></span>
</td>
<td class="num">(121,036)<span></span>
</td>
<td class="num">(171,735)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentOnDeficitMember', window );">Inflation adjustment on Sabesprev Mais deficit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(891)<span></span>
</td>
<td class="num">(1,529)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherInflationAdjustmentsMember', window );">Other inflation adjustments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(50,941)<span></span>
</td>
<td class="num">(48,634)<span></span>
</td>
<td class="num">(20,594)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_InterestInflationAdjustmentsOnProvisionsMember', window );">Interest and inflation adjustments on provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">(50,238)<span></span>
</td>
<td class="num">(133,488)<span></span>
</td>
<td class="num">(41,916)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentGainsMember', window );">Inflation adjustment gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">89,010<span></span>
</td>
<td class="nump">152,154<span></span>
</td>
<td class="nump">166,887<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_IncomeShorttermInvestmentsMember', window );">Income on short-term investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">195,992<span></span>
</td>
<td class="nump">209,376<span></span>
</td>
<td class="nump">170,551<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_FinancialInterestIncomeMember', window );">Interest income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="nump">57,166<span></span>
</td>
<td class="nump">99,068<span></span>
</td>
<td class="nump">44,358<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_COFINSAndPasepMember', window );">Cofins and Pasep</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(16,366)<span></span>
</td>
<td class="num">(23,535)<span></span>
</td>
<td class="num">(7,947)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherFinancialIncomeMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">442<span></span>
</td>
<td class="nump">11,647<span></span>
</td>
<td class="nump">21,385<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_ExchangeRateChangesBorrowingFinancingMember', window );">Exchange rate changes on borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Exchange rate changes, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="num">(96,300)<span></span>
</td>
<td class="nump">1,090,466<span></span>
</td>
<td class="num">(1,992,019)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherExchangeRateChangesMember', window );">Other exchange rate changes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Exchange rate changes, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(54)<span></span>
</td>
<td class="num">(209)<span></span>
</td>
<td class="num">(720)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinancialIncomeExpenseAxis=SBS_ExchangeGainsMember', window );">Exchange gains</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfFinancialIncomeExpenseLineItems', window );"><strong>SummaryOfFinancialIncomeExpenseLineItems [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Exchange rate changes, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 336<span></span>
</td>
<td class="nump">R$ 371<span></span>
</td>
<td class="nump">R$ 775<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Interest expenses on loans and financing in local currency decreased mainly as a result of the variation of floating interest rates that remunerate these agreements. The main variations were in the average CDI and TJLP, of 9.9% and 7.0%, respectively, in 2017 (14.0% and 7.5%, respectively, in 2016).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The variation in other financial expenses is mainly a result of the increase in expenses with the present value adjustment of long-term liabilities and funding costs related to loans and financing. In 2016, other financial expenses decreased, especially due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiete - CAB - SPAT.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The monetary variation derives mainly from the lower variation of the IPCA in 2017, versus 2016 (2.95% and 6.29%, respectively). The exposures to this rate are shown in Note 5.1 (d). In 2016, the inflation adjustment derives mainly from the lower variation of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Expenses mainly related to inflation adjustments related to the commitments required by public-private partnerships, program contracts commitments and agreements. In 2016, the increase was essentially due to the restatement of liabilities related to the commitments required by public-private partnerships and leases.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">The decrease arises from the decline in the rate practiced by the Court, from 7.39% in 2016 to 1.94% in 2017. In 2016, the variation was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the estimated probability of loss, arising from decisions that were unfavorable to the Company.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">The monetary variation gains decrease due to the lower restatement of the agreement entered into with the Sao Paulo State Government (GESP) in 2017 and the reduction in the National Consumer Price Index (INPC), used to restate escrow deposits.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">The decrease is a result of the decrease in the CDI rate, of 13.75% p.a. in 2016 and 6.89% p.a. in 2017. In 2016, the increase is due to the higher average balance of investments compared to 2015.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">The R$ 39,567 decrease in interest income arises mainly from the recognition of present value adjustment on new installment payment agreements entered into with customers in 2017. In 2016, the R$54,710 increase in interest income is essentially due to lower interest on installment agreements in 2015.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top">The change in expenses mainly reflects the appreciation of the U.S. dollar and the Yen against the Real in 2017 (1.5% and 5.3%, respectively), compared to the depreciation presented in 2016 (16.5% and 13.9%, respectively). In 2016, the change in expenses mainly reflects the depreciation of the U.S. dollar against the real in 2016 (16.5% and 13.9%, respectively), compared to the appreciation presented in 2015 (47.0% and 45.9%, respectively).</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinanceIncomeExpenseNet">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinanceIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpensesNetBeforeExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfFinancialIncomeExpenseLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfFinancialIncomeExpenseLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2017-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2017-03-01&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_InteretAndChargesLocalCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_InteretAndChargesLocalCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_InteretAndChargesForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_InteretAndChargesForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherFinancialExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_OtherFinancialExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_IncomeTaxOverInternationalRemittanceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_IncomeTaxOverInternationalRemittanceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentLoansAndFinancingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentLoansAndFinancingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentOnDeficitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentOnDeficitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherInflationAdjustmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_OtherInflationAdjustmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_InterestInflationAdjustmentsOnProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_InterestInflationAdjustmentsOnProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentGainsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_InflationAdjustmentGainsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_IncomeShorttermInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_IncomeShorttermInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_FinancialInterestIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_FinancialInterestIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_COFINSAndPasepMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_COFINSAndPasepMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherFinancialIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_OtherFinancialIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_ExchangeRateChangesBorrowingFinancingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_ExchangeRateChangesBorrowingFinancingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_OtherExchangeRateChangesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_OtherExchangeRateChangesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinancialIncomeExpenseAxis=SBS_ExchangeGainsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinancialIncomeExpenseAxis=SBS_ExchangeGainsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>157
<FILENAME>R146.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6744077456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. Other operating income (expenses), net (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OtherOperatingIncomeExpensesNetDetailsAbstract', window );"><strong>Other Operating Income Expenses Net Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income, net</a></td>
<td class="num">R$ (5,679)<span></span>
</td>
<td class="nump">R$ 4,722<span></span>
</td>
<td class="nump">R$ 143,755<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="num">(81,089)<span></span>
</td>
<td class="num">(57,848)<span></span>
</td>
<td class="num">(47,085)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income (expenses), net</a></td>
<td class="num">R$ (5,679)<span></span>
</td>
<td class="nump">R$ 4,722<span></span>
</td>
<td class="nump">R$ 143,755<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OtherOperatingIncomeExpensesNetDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OtherOperatingIncomeExpensesNetDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating expenses. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R147.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6744928192">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>30. Commitments (Details)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCommitmentsLineItems', window );"><strong>SummaryOfCommitmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesExpenses', window );">Contractual obligations, Expenses</a></td>
<td class="nump">R$ 4,209,459<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesInvestments', window );">Contractual obligations, Investments</a></td>
<td class="nump">10,902,644<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Contractual obligations, Total</a></td>
<td class="nump">15,112,103<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_OneYearMember', window );">1 year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCommitmentsLineItems', window );"><strong>SummaryOfCommitmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesExpenses', window );">Contractual obligations, Expenses</a></td>
<td class="nump">1,459,864<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesInvestments', window );">Contractual obligations, Investments</a></td>
<td class="nump">1,779,320<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Contractual obligations, Total</a></td>
<td class="nump">3,239,184<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_OneToThreeYearsMember', window );">1-3 years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCommitmentsLineItems', window );"><strong>SummaryOfCommitmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesExpenses', window );">Contractual obligations, Expenses</a></td>
<td class="nump">1,151,641<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesInvestments', window );">Contractual obligations, Investments</a></td>
<td class="nump">2,121,493<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Contractual obligations, Total</a></td>
<td class="nump">3,273,134<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_ThreeToFiveYearsMember', window );">3-5 years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCommitmentsLineItems', window );"><strong>SummaryOfCommitmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesExpenses', window );">Contractual obligations, Expenses</a></td>
<td class="nump">381,119<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesInvestments', window );">Contractual obligations, Investments</a></td>
<td class="nump">1,031,762<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Contractual obligations, Total</a></td>
<td class="nump">1,412,881<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SBS_MoreThanFiveYearsMember', window );">More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SummaryOfCommitmentsLineItems', window );"><strong>SummaryOfCommitmentsLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesExpenses', window );">Contractual obligations, Expenses</a></td>
<td class="nump">1,216,835<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractLiabilitiesInvestments', window );">Contractual obligations, Investments</a></td>
<td class="nump">5,970,069<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Contractual obligations, Total</a></td>
<td class="nump">R$ 7,186,904<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ContractLiabilitiesExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ContractLiabilitiesExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ContractLiabilitiesInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ContractLiabilitiesInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SummaryOfCommitmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SummaryOfCommitmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an entity&#8217;s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 15<br> -IssueDate 2017-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2017-03-01&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_OneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_OneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_OneToThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_OneToThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_ThreeToFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_ThreeToFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_MoreThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_MoreThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>159
<FILENAME>R148.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6744808736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. Supplemental cash flow information (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_SupplementalCashFlowInformationDetailsAbstract', window );"><strong>Supplemental Cash Flow Information Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Total additions to intangible assets (Note 14 (b))</a></td>
<td class="nump">R$ 3,490,298<span></span>
</td>
<td class="nump">R$ 3,855,831<span></span>
</td>
<td class="nump">R$ 3,604,442<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ItemsNotAffectingCash', window );">Items not affecting cash (see breakdown below)</a></td>
<td class="num">(1,532,518)<span></span>
</td>
<td class="num">(1,747,664)<span></span>
</td>
<td class="num">(1,207,090)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Total additions to intangible assets as per statement of cash flows</a></td>
<td class="nump">1,957,780<span></span>
</td>
<td class="nump">2,108,167<span></span>
</td>
<td class="nump">2,397,352<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract', window );"><strong>Investments and financing operations affecting intangible assets but not cash:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Interest capitalized in the year</a></td>
<td class="nump">649,048<span></span>
</td>
<td class="nump">700,743<span></span>
</td>
<td class="nump">466,544<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractorsPayable', window );">Contractors payable</a></td>
<td class="nump">213,340<span></span>
</td>
<td class="nump">57,431<span></span>
</td>
<td class="num">(57,041)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ContractCommitments', window );">Program contract commitments</a></td>
<td class="nump">95,126<span></span>
</td>
<td class="nump">4,262<span></span>
</td>
<td class="nump">136,543<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_PublicPrivatePartnershipSaoLourenco', window );">Public Private Partnership - Sao Lourenco PPP</a></td>
<td class="nump">501,591<span></span>
</td>
<td class="nump">893,181<span></span>
</td>
<td class="nump">548,978<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_Leases', window );">Leases</a></td>
<td class="nump">3,078<span></span>
</td>
<td class="nump">10,534<span></span>
</td>
<td class="nump">36,877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011', window );">Construction margin</a></td>
<td class="num">(70,335)<span></span>
</td>
<td class="num">(81,513)<span></span>
</td>
<td class="num">(72,908)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_OtherInvestmentsAndFinancingOperations', window );">Other</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,281<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_ItemsNotAffectingCash', window );">Total</a></td>
<td class="nump">R$ 1,532,518<span></span>
</td>
<td class="nump">R$ 1,747,664<span></span>
</td>
<td class="nump">R$ 1,207,090<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ContractCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ContractCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ContractorsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ContractorsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_InvestmentsAndFinancingOperationsAffectingIntangibleAssetsButNotCashAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_ItemsNotAffectingCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_ItemsNotAffectingCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_Leases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_Leases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_OtherInvestmentsAndFinancingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_OtherInvestmentsAndFinancingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_PublicPrivatePartnershipSaoLourenco">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_PublicPrivatePartnershipSaoLourenco</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_SupplementalCashFlowInformationDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_SupplementalCashFlowInformationDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2017-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=23&amp;date=2017-03-01&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) recognised on exchanging construction services for an intangible asset in service concession arrangements. [Refer: Service concession arrangements [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name SIC<br> -Number 29<br> -IssueDate 2017-01-01<br> -Paragraph 6A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=SIC&amp;num=29&amp;date=2017-03-01&amp;anchor=para_6A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossRecognisedOnExchangingConstructionServicesForIntangibleAsset2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>160
<FILENAME>R149.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6754521856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>32. Events after the reporting period (Details)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_EventsAfterReportingPeriodDetailsAbstract', window );"><strong>Events After Reporting Period Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinalRegulatoryRemunerationBase', window );">Final Regulatory Remuneration Base</a></td>
<td class="nump">R$ 38,400,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_WeightedAverageCostOfCapital', window );">WACC</a></td>
<td class="nump">8.11%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FactorX', window );">Factor X</a></td>
<td class="nump">0.9287%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_FinalMaximumAverageTariff', window );">P0</a></td>
<td class="text">R$ 3.8207/m3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_TariffRepositioningIndex', window );">Tariff Repositioning Index (IRT)</a></td>
<td class="nump">4.7744%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_EventsAfterReportingPeriodDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_EventsAfterReportingPeriodDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FactorX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FactorX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinalMaximumAverageTariff">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinalMaximumAverageTariff</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_FinalRegulatoryRemunerationBase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_FinalRegulatoryRemunerationBase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_TariffRepositioningIndex">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_TariffRepositioningIndex</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_WeightedAverageCostOfCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_WeightedAverageCostOfCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R150.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738919328">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>32. Events after the reporting period (Details Narrative) - 22nd Issue Debentures<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Feb. 19, 2018 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfEventsAfterReportingPeriodLineItems', window );"><strong>DisclosureOfEventsAfterReportingPeriodLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UnsecuredNonconvertibleDebentures', window );">Unsecured non-convertible debentures</a></td>
<td class="nump">R$ 750,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=SBS_IssueDebentures22Member', window );">First series</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfEventsAfterReportingPeriodLineItems', window );"><strong>DisclosureOfEventsAfterReportingPeriodLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UnsecuredNonconvertibleDebentures', window );">Unsecured non-convertible debentures</a></td>
<td class="nump">100,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=SBS_IssueDebentures22Member', window );">Second series</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfEventsAfterReportingPeriodLineItems', window );"><strong>DisclosureOfEventsAfterReportingPeriodLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UnsecuredNonconvertibleDebentures', window );">Unsecured non-convertible debentures</a></td>
<td class="nump">400,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=SBS_IssueDebentures22Member', window );">Third series</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_DisclosureOfEventsAfterReportingPeriodLineItems', window );"><strong>DisclosureOfEventsAfterReportingPeriodLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SBS_UnsecuredNonconvertibleDebentures', window );">Unsecured non-convertible debentures</a></td>
<td class="nump">R$ 250,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_DisclosureOfEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_DisclosureOfEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SBS_UnsecuredNonconvertibleDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unsecured nonconvertible debentures</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SBS_UnsecuredNonconvertibleDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SBS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=SBS_IssueDebentures22Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=SBS_IssueDebentures22Member</td>
</tr>
<tr>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_FirstSeriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_FirstSeriesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_SecondSeriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_SecondSeriesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SBS_ThirdSeriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SBS_ThirdSeriesMember</td>
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<tr>
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<TYPE>EXCEL
<SEQUENCE>162
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
